Thursday, May 13, 2010

A Sure Fire Way To Destroy Your Business. -- Day 4 of 365


So --- here's day 4 of some "Real People. Real Business. Real Life." business-growth blogging.

A Sure Fire Way To Destroy Your Business.

When you're a big business, with a big budget, and and a lot of resources --- you can afford to do things a certain way.  Wal-Mart, GE, Ford, Coca-Cola... Etc.

But when you are small, you have to operate.... (drum roll please) ....

LIKE YOU ARE SMALL.

You cannot spend money you don't have.  You cannot employ tactics that are beyond your means to execute.  You cannot follow strategies that are too big for your britches.

Time and time (and time) again, I run into small businesses that are trying to do things the way they see the big boys do it.  Here are the 3 most common examples I encounter:
  • Engage in institutional brand advertising (what most of are used to seeing most).
  • Try to beat the competition on a low pricing strategy (like Wal-Mart).
  • Try to create the illusion of deep pockets with a slick looking whatever-it-is like the big boys have (website, storefront, vehicle, etc).
Small businesses have to understand that they aren't big.  Being small creates certain limitations, but it also has some awesome benefits.

Big businesses are like giant oil tankers.  They are hard to maneuver, slow to change course, and when something goes wrong, it creates a huge mess.  Small businesses are like wave runners.  They can zip back and forth in the water, change course at a whim, go into corners of the bay that a big 'ol  tanker can't even get close to...

If you are a wave-runner sized business,
don't try to do oil-tanker sized things.

Take advantage of your strengths and enjoy being small!  Do highly targeted, direct-response marketing that you only engage in if it proves profitable.  Don't compete strictly on price; create other ways to add value and become a higher ticket "private label" brand.  Set your ego aside, do only what is necessary and what works and don't extend yourself beyond your actual means.

TAKEAWAY:  Your a small business.  Accept it.  Start looking for the advantages that gives you, instead of staying focused on the disadvantages you think are holding you back.

ACTION STEP:  Create a list of 10 things your big-time competitors can't do, simple due to their size.  Pick the best one that has serious potential to help your business.  Go do it.

To Your Enduring Success!

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