Is Your Market Ready For An Earthquake?
"Change is the only constant." - Heraclitus
Hundreds of once-dominating companies have come crashing down in recent years, like the skyscrapers that lay in rubble after a major quake. Respect the power of a market earthquake… it’s incredibly strong, and it happens more often than people realize.
Of course, not every business gets reduced to a pile of debris on the sidewalk after a market shakeup. The strong will adapt and continue to keep clients happy through all the changes.
New tech? They’re ready.
New marketing rules? Their team is on it.
New demand? They'll adapt and rebrand themselves.
Competition is cutthroat, and chances are great that a “new” company won’t have the same resources that the existing businesses have. So how does a small-business survive in this environment, especially if it's young?
Is it possible?
The short answer: Yes. But it may require you to adjust your thinking a little. Small-businesses have advantages today that were unavailable just a few years ago. The challenge for young entrepreneurs is to shift their strategy from reactive to proactive. In other words, what if instead of preparing for every earthquake, your business was CREATING EARTHQUAKES?
Smaller companies may be able to navigate the landscape faster and, quite honestly, better than their bigger, more established competitors. Some of the benefits to a smaller operation include:
Personalization - A CEO that can serve clients directly is a HUGE benefit that should not go overlooked. You can offer that "family" feeling that other large corps can't, and that can be a big deal to customers.
Adaptability - Having limited partners can result in faster decisions, which is particularly important if you're trying to keep up with competition. Businesses with a board of directors and shareholders may spend months accomplishing the same results it takes smaller partnerships weeks or even days to pull off.
Near-Instant Response Time - Customer service needs can often be met by small businesses in minutes, and often they come directly from the higher-ups. A large conglomerate may send clients to a "representative", which often times will correct the issue but does little to strengthen the relationship.
Specialization - This can be a pro and a con, although the pros are very strong. Solopreneurs have greater success when they focus their attention on solving a specialized problem. Reputation for being an expert is priceless currency in today's economy.
Maybe your small business won't cause an earthquake right away... but you can certainly create some tremors.
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