Small players - take advantage of your market share
Conventional wisdom says that the key to success is to increase your share of the market, which implies that businesses that command only a small market share are at a disadvantage. But this need not be the case. Generally, the larger the share of the market a company commands, the more remote it becomes from its customers. In smaller firms, by contrast, owners and managers tend to remain closer to their customers and clients. This enables them to read changes in the marketplace sooner and more accurately, and to develop responses more quickly than larger companies are able to. So if your business is a relatively small player in the field, use this to your advantage:
Listen carefully to what your customers and clients are saying, identify emerging needs, and develop strategies for meeting them. Then, while your larger competitors are busy devising ways to strip you of that advantage you can be preparing your next innovation to meet the new needs of the market! In this way you can use the lightness of foot that is a characteristic of a small business to stay one step ahead of your more cumbersome competitors.
Strategic planning is an essential ingredient in long-term business success. This is an area in which we have a great deal of experience. Why not contact us today to arrange a planning review for your business?