Boss Lady

How to protect your company from the risks posed by big business

on


The business world is tough, even if you’ve been in it for a long time. And starting your own business isn’t easy. If there’s one threat that’s constant to just about every kind of business, it’s competition. In most cases, for a startup, it will be competition that’s significantly bigger. With the resources to put you out of business, whether it’s intentionally or just by existing. But you’re not defenceless against them. Here’s how you protect your company from the risks posed by big business.

Standing out

If you’re getting into a market only to offer the same thing that existing, bigger competitors are offering, you’re going to have a hard time. Instead, you need to think about to make your business more unique. This means using tools to help you scout the competition. You need to find what they’re providing and what message they’re sending. You need to decide what works and what hasn’t worked for them. From that, you learn, but you learn in order to build your own unique appeal to customers. You need to be different if you want to get noticed at all.

Securing your idea

Of course, one of the problems of standing out is that it’s not just customers who are going to notice you. Even the biggest of your competitors might have an eye on what you offer. Or it could be that an up-and-coming someone notices your idea. Either way, you need to protect your idea if you don’t want someone stealing your market. Look at resources like secureyourtrademark.com to find out to protect the key parts of your brand. You can also look into protecting the products and the very methods you use to do business.

Protecting your customers

It might not be your idea or your brand that they want to take from you. It might just be your customers. Fighting over customers is a regular part of any market. You should expect the bigger competitors to come knocking eventually. So, how do you keep those hard-earned customers? It’s all about building connection and loyalty. About staying in touch with them and adding a personal touch. You can also use your customers as your very own espionage service, as thebalance.com suggests. Ask them to get in touch with you when a competitor contacts them. Not only can you learn about what moves they’re making. You can learn what they’re offering so you have a better chance of competing.

Be trustworthy

Small businesses do have certain stigma against them. So, too, do big businesses. In particular, they have the stigma that they’re soulless and care only about money. That the corporate structure eliminates everything but greed. A business like that can’t be trusted, many will assume. So who can be? This is your opportunity to step up and be honest with customers. Solicit feedback publicly. Get involved in social responsibility. Admit to your mistakes and take bad PR on the chin.

Whether they mean to or not, big businesses will always carry with them a significant risk to you. The tips above are what is going to help you stay afloat against those stormy weathers. We hope they’re of some help.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

Recommended for you