Big Stra•te•gy (big strat’-e-je) n. A way of competing that allows small companies to beat much larger, and seemingly more formidable, rivals; a way to appear larger than you really are.
As a small business, you naturally have the ability to be more agile than much larger companies– and you can use that agility to beat them at every turn. To pick off the choicest customers because of your intensity and focus. To be their worst nightmare.
But its tempting for a business owner to look up to these larger rivals and begin to copy their moves, to offer more product or service lines or to go after a broader set of markets. The thinking is that industry leaders are leaders for a reason . . . so let’s do some of what they’re doing.
But you reduce your chances of success when you match your rival’s competitive moves. You become lumped into group or category of companies and force the customer, who sees no real differentiation in your company, to base their decisions on price and then financial strength. And, to a customer, size equals strength and the small business oftentimes loses or must reduce their price to win.
The “smallness” of your business can be a BIG competitive advantage if you stay focused on what you do better than anyone else and resist the urge to copy your competitors.
So, if you find yourself frequently competing on price, you might not be as differentiated as you think.
The Big Strategy™ concept is based on proven competitive strategy methodologies developed by Harvard Business School — but they’ve been “right-sized” to better fit the needs of small and medium-sized businesses.
How BIG is your strategy? Take this Online Assessment to find out.
Janet Collins