Comments on: Four ways to beat bigger competitors

By: Holiday retail ideas

Holiday retail ideas — Fri, 22 Mar 2013 03:58:11 +0000

[…] those up against the big boxes and the online competitors, review these four ways to beat bigger competitors. They are especially relevant in the […]

By: Becky McCray

Becky McCray — Fri, 12 Feb 2010 23:41:40 +0000

Marco, I cannot believe I didn’t include that! You are absolutely right.

By: Purchase Order Financing Blog

Purchase Order Financing Blog — Fri, 12 Feb 2010 23:38:09 +0000

How about using service as a advantage? And a big one.

Some months ago I needed paint for my house. I went to he local big box store and got a blah experience. Sure, helpgul, but the fella I spoke to was no expert.....

Then I went to a small paint store that's close by, where I got lots of advice and spoke to someone who knew what he was talking about.

Sure, they were more expensive but they also knew what they were talking about and inspired more confidence.

--Marco

By: Becky McCray

Becky McCray — Wed, 10 Feb 2010 15:47:09 +0000

Madhusudanrao, thanks for adding. I can't agree about stockpiling a huge volume of product because price is down. That in itself is a huge risk. I can agree absolutely about being cordial and human with your suppliers and buyers.

David, you've made an excellent point. We do have to support our fellow small businesses for us all to succeed.

By: David Brooks

David Brooks — Wed, 10 Feb 2010 15:42:11 +0000

Excellent tips. We would add another: support each other. You'll benefit from the personal service of people you know, and they are likely to return the favor. In other words, we scratch each other's backs.

Our firm focuses on the accounting, tax, and business consulting needs of family business owners. We have heard from some of them that larger firms shunted them off to junior staff. So they did no get the benefit of the senior partners' experience and expertise. Family business owners are our bread and butter, so they get the full attention of our firm from the top down. We also have the flexibility to customize our services to the exact needs of each business owner.

By: madhusudanrao

madhusudanrao — Tue, 09 Feb 2010 16:46:16 +0000

As a small scale industry ,one will have low operating costs,flexibility in decision makings,speedy decision and ability to give credit to reliable parties.These facilities are not usually enjoyed by big corporate houses,who in turn may be a big competitor for your business.In the present days the basic principle will be ability to supply quality goods at lower rates.Development of own Brand is very much necessary.For this purpose ,the unit should be able to store huge volume of stocks when the prices are low and release them when the prices go up.Another way is to purchase when there is margin or raw material conversion to finished product margin.As far as possible risk of any kind is to be avoided by having adequate risk coverage policies.Physical cash handling should be avoided and as far possible online cash transfers have to be adopted.The organisation should maintain cordial and ethical relations with both suppliers and buyers.In case of worst business situations application of humanity is essential.long term relation is more important than short term gains.However these are not exhaustive but only illustrative to compete with big competitors