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Advantages Small Companies Have Over Large Companies

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As a small business owner, it's easy to become discouraged when a large competitor with deep pockets enters your market. However, you do have competitive advantages over large companies, especially in your home town. If you focus on leveraging these advantages, you'll improve your odds of competing for and winning your customers' hearts in ways that large companies can never rival.

The Personal Edge

When customers know and like you and your employees, they're more likely to support your business – provided that your products and services meet their needs. Getting to know your customers face-to-face provides your business with a marketing edge that becomes increasingly important, as larger companies continue to dominate the marketplace. Even if you can't know each customer personally, your employees can pick up where you leave off, especially, if they stay with your business long term.
Getting to know customers face-to-face is a natural and important marketing strategy for a brick-and-mortar business, but you can extend this personable quality to your online presence, as well. Social media provides opportunities to infuse your personality into your marketing. Also, use your website as a venue to tell your story and to introduce yourself to your customers.

Responsive to Changing Conditions

Small businesses are more nimble than larger businesses, and are better able to adapt as market conditions change. Because a small business is closer to its customers, it is in a better position to hear feedback and observe changing preferences. A lean business can shift gears more easily than a large one – especially, if it hasn't invested hefty sums in obsolete infrastructure.
With a small business, employees are more likely to be cross-trained; often, small companies do not have the resources or the need to hire dedicated employees for every business function. This adaptability comes in handy when you need to rethink your business model and it enables you to keep quality people on staff and to draw on their knowledge of your business and customer base.

Easier to Take Risks

Small businesses can take chances that would be more difficult for large companies. They can test new products in smaller markets, with minimal investment, observing variables and obstacles before deciding to try an idea on a larger scale.
In fact, sometimes large companies masquerade as smaller businesses when testing new ideas, such as when Starbucks opened an eco-friendly location in Seattle under the name 15th Avenue Coffee and Tea. The relative anonymity of a lesser-known brand is an advantage when trying a risky idea, in part because it lessens the possibility of negative publicity if the venture isn't successful.
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