Small businesses often view themselves as the underdogs in their industry when comparing themselves to their large corporate competitor; however, there are plenty of qualities that in many ways make them the preferable choice for clients and prospects. Below are a few assets that Payroll Tax Management, Inc. has found to be desirable features of working with small businesses:
Quick to Change
Close to the Customer
In an industry that deals with sensitive matters like the payroll tax business, it is important to create personal relationships with both clients and prospects to build trust and to show that their company is more about the people rather than the business. Larger companies find it harder to form personal relationships with their clients because they often have various departments, levels and sometimes established processes that can make it difficult to regularly interact with a client. Smaller businesses, however, are known for their great customer service and ability to create personal relationships with their clients. This makes it is easier for clients to view your company on a more personal level, making long-term client relationships easier and more lucrative.
While larger companies have the resources to heavily train their employees, a small business can interact with their employees more because of a lean hierarchy system, which leads to better employee relationships. When a company is more personally invested in their employees, it instills more loyalty and a higher retention rate. This doesn’t mean that a smaller company can skimp on employee training, however. A smaller company can rely on internet or in-house training with upper management if they cannot afford and outside consultant.
Collaborate With Other Businesses
Your business alone may have some limitations, but if you and other related small businesses combine your resources, you can jointly compete better with the big business. In the B2B world, take advantage of the relationships you have with ancillary partners. This includes cross promoting products and promotions your partners may be advertising. If you support your partners it will make them more willing to show your advertisements the same support. You can also have a “Partners’ Links” page on your website that showcases your partners and links to their company websites. Be sure to communicate this with them beforehand so that you can ask if they will reciprocate and have mutual links on their websites as well.
Forget what you previously thought about larger companies have an advantage over the smaller businesses. As you can see, in many ways they have a much greater advantage over the competition.
What qualities does your business have that makes you better than the competition? Share with us below!