It’s a “big fish eat small fish” world. Guys with power, connections and deep pocket always look to destroy or swallow up small companies or insignificant people. They are blessed with infrastructure and resources small firms can only dream of and this unfortunately tilts the competition hugely in favor of those big guys.
Does that mean small firms should forget about competing? Just fly below the radar to escape attention and getting hurt and consequently extinct?
Absolutely not! History is full of examples where small companies have successfully beaten and replaced big giants and there is no reason why a small construction firm or individual contractor – be it a certified electrical contractor, some skilled plastering contractor or something else – must not dream big.
Here we are presenting you with 5 ways to compete with giants of the industry:
1) Be nimble, flexible and effective:
There are two major advantages start-ups will always have over big companies: Flexibility and quick decision making.
The bigger a company is the more layers a process has to go through. Almost all the major firms follow a set standard of procedure that just can’t be bypassed and this slow methodical bureaucratic way of working make decision making rigid and slow.
And this is the Achilles heels you – a small firm or a freelancer – must target and exploit. You are small, lean and mean and so can adapt quickly to needs and demands of your client and that too at a fraction of cost a big guy would charge.
2) Identify and focus on your strength:
You need to recognize and build up on your area of expertise – the stuff you are the best at. Big guys can afford to experiment (and fail) by multiplying and diversifying their services. You can’t.
They have deep pockets to overcome the loss. You don’t. So don’t get too ambitious too early and overreach yourself. Instead focus on developing excellence in your main line of service. Put all your energy on being the “best in what you are good at,” and this may be just what you need to outshine your competition however challenging they are.
3) Shoot for the Bull’s-eye:
Once you figure out what your strengths are, it’s time to understand who your customers are and how you can get them to take your services. Tell them why and how you (and only you) can provide a service better than anyone else in the business. The point is to focus solely on your strength and not on competitors. Just develop a sound business strategy that can get you the best possible result.
4) Tap the untapped market:
Everyone has tendency to hit on the sexiest girl around leaving the pretty ones up for grabs. The same rule applies even in the construction market where all the companies are competing for a small pie of rich and extravagant customers. This leaves you with untapped market and under-served customers who are far more in number than extravagant ones. Just do your homework and you might discover diamonds in the rough.
5) Think Global and Act Local:
Follow latest trends and technologies in the industry and you never know who you impress with your futuristic insight of the industry. It shows to the clients that you are sincere, visionary, in for the long haul, and above all credible. Taking your global industry knowledge to solve the problems of the local customers and regional market will make you a runaway success you always dreamt of.
Whether you are a certified painting contractor working independently, or owner of the startup dealing with scaffolding services, you must recognize and believe that you can compete with larger competitors. Just find areas you are good at and can compete in and make concerted efforts to deliver the best services available.