How Can a Small Business Gain a Competitive Advantage?
What makes you different from your competition is your “differentiator.” This is a characteristic that separates you from your competition and gives your market/target audience a perceived advantage. To do so, it should meet three important
- It must be something that is true.
- It must meet a need and be important to your potential market
- Your business must be able to demonstrate that it can do it.
How do you gain the advantage? Hiring a business consultant can put you on the right track. No matter what stage of business you are in, a consultant can move you from point A to Z, and in the process offer you the tools and perspective your small business needs. A business consultant’s advice goes a long way. Here are a few examples:
- Specializing in an industry is a value to any client and can give the small business a competitive edge. The benefits are obvious, the client gains by virtue of specialized service and insight.
- Offering a particular service is even more successful if you're reaching out to a niche audience that is hard to find. Keep in mind that offering something unique can eventually become mainstream if that unique item or service becomes very popular.
- Focus on understanding your target audience is essential to being successful. Setting clear goals and processes to measure success towards your target will enable you to prove that your model works.
- Focusing on solving specific business challenges that are easily recognized, but tough to solve when you don't have specialized skills/experience.