Sustaining a competitive advantage in today’s business landscape is a continuous challenge that requires strategic planning and execution.
Here are five ways to maintain a competitive advantage, no matter how many drops, twists, and turns the ownership roller coaster takes:
1. Look for High-Level Opportunities
Strategically aligning with well-known brands and organizations can expand your market share and open up opportunities for increased cash flows. For instance, I spend a significant amount of time calling on international small business groups and associations where at least 30 percent of their membership comprises existing business owners generating $750,000 or more in revenue. By mapping out several ways Effició can partner with them, rather than just being a member, we create mutually beneficial relationships. Focus on partnerships where your solutions can genuinely benefit their organization and audience.
2. Make Yourself and Your Team Available
Accessibility is key to building trust and credibility with your target audience. At Effició, we provide complimentary resources, a call-in advisory service, an online network for business questions, and live events that offer access to our expertise. While structured training and strategic planning services cannot always be free, developing ways to make your business more accessible is crucial. Ensure your target market knows they can contact you without the pressure of paying for every interaction.
3. Connect with Other Experts
Business owners have unique needs that require tailored solutions. By connecting with other experts, you can provide an enhanced learning experience for your customers. These partnerships not only benefit your clients but also help you and your partners grow as business professionals. Maintain a clear focus on your culture, brand, and strategies when forming these connections.
4. Align with Established Agencies in Your Community
Collaborating with local community colleges, universities, organizations, and non-profits can build your credibility and establish you as a key expert resource. Teaching a class or leading a seminar for local organizations differs from securing speaking engagements aimed at client acquisition. Examples of agencies to consider include the Small Business Administration, SCORE, Small Business Development Centers, local government offices, economic development offices, business leagues, and community colleges. Don’t hesitate to travel to smaller communities outside your area that may benefit from your expertise.
5. Maintain Reasonable Prices While Ensuring Value
It’s essential to balance affordability with value. Understand your target market and support them by ensuring your prices reflect their financial capacity. If sales are struggling, consider offering discounts on key products or services for an extended period. Coupling this with the strategies mentioned above can help retain clients, maintain cash flow, and keep your business steady through turbulent times. This diligent and strategic approach will likely open up new opportunities.
Now is not the time to doubt or give up. It is time to work together and stay in business. Let’s support each other and continue to grow.
Join us for our Infrastructure First Roundtable to dig into the strategies that drive sustainable growth. Discover how focusing on infrastructure can help you get to the CORE of your business and set you up for long-term success. Reserve your spot now!
