June 29, 2010 - 1:31PM
Even if you operate on the back of a broadband connection, you can still take on the big fish.
Statistics are a stark reminder of just how hard it is to keep a business afloat.
Forty-two per cent fail in the first four years, according to the Australian Bureau of Statistics. So, for a small business, competing with the big fish may seem like mission impossible.
But underdog status has its virtues. For one thing, fair go-fixated Aussies love underdogs. For another, in accordance with Hollywood scripts, upstarts do over-deliver - look no farther than the feats of New Zealand's world cup "All Whites" and Ghana's "Black Stars".
If you think that the two teams just got lucky, take a look at a selection of nitty-gritty tips on how to raise your game. Even if you run your business from a box room on the back of a broadband connection, with rigour and guile you could still make a splash, and become a "challenger brand".
So, read on, have a go. And never forget how lucky you are to be free from all those big company expenses: comfy office chairs, bonuses, pensions, plus - worst of all - salaries for staff who refuse to retire but effectively quit long ago.
How to punch above your weight: six secrets
1. Focus on focus
According to the director of new ventures incubator Pollenizer, Mick Liubinskas, to compete with big business you must tackle one area: the threat of dilution. In his view, the secret of building a business with heft is focus. A giant rival may beat you on scope, but, if you focus, it cannot match your ability to get things done.
Keep products simple. A lean and focused operation puts you in a position to thrive. According to Liubinskas, a plus of a focused approach is that you become easier to buy.
2. Come clean
Irrespective of any hopes you harbour about being bought out, resist the temptation to exaggerate your size. Be honest, says strategist Barry Maher, because Milly's Carpet Cleaning can be just as effective as a conglomerate claiming to be "agile, personal, friendly, service-oriented": classic small business traits. According to Maher, you can tackle whatever job comes up if you have a network of associates ready to act fast and flexibly address clients' needs.
Lower overheads help keep prices down.
3. Get a go-to guy
Forget about trying to generate mass publicity the way giants do.
Instead, Maher suggests, think local. Enlist the face of your firm to act as the neighbourhood go-to guy or gal for the press. Build local prominence on search engines and in social media.
4. Practise rapid reaction
However prominent you get, you must act fast. According to business coach Robert Gerrish, the ability to get on the case without bureaucratic obstruction is a key edge. Use it, Gerrish urges. Follow through. Do not let emails fester, as corporations do. "We can be responsive and we can be personal and jump on things that we feel are priorities," he says.
5. Express and experiment
Image now is about much more than clothes, Gerrish says, adding that your website must express your identity. Go for depth and integrity.
In the 'about us' section, where many businesses plonk stock shots of a spectrum of smiling models, describe your people and history. Be a "real" company instead of a big one, and innovate. Try new tools.
Gerrish highlights the presentational impact that an iPad can make.
6. Log off
Reduce your reliance on the internet. Instead of playing five or six rounds of email tennis, pick up the phone, Gerrish says. Suggest meeting for coffee, he adds, stressing the need to be touchy-feely, which banks have grasped. After focusing on online branding, banks are opening more strip shop branches, it seems. The reason: customers want old-school conversations - a good yak.
Source: theage.com.au
