Think of your small business as the roadrunner. And picture a large competitor you see as a rival as the wily coyote. The roadrunner is far quicker and more flexible than the coyote. As long as he remains this way, the larger and more powerful coyote cannot catch him. This is what is happening in the real world of business, whereby any time consumer trends shift, the economy plunges, or a new technology emerges, small business runs circles around large business. On the face of it, it may not look that way because larger corporations find a way, and that’s true, they do. But they stand a bigger chance than you of being late to the party. So as a small business owner, how can you remain at the forefront of demand from clients, consumers and even investors?
Go the extra mile
A company that is ready to work at short notice, performs to the desired standard, and produces a great result for the client, is going to be the first order of call of many different companies. They know that if they are in an emergency, and they need a business to perform a task for them, be it research, complete a marketing project, file a report using their collected data or simply, sell their products, then you should be their for them. Going the extra mile to cater for such companies will land you in a position where you will be receiving loyal clients and those that are willing to pay you very well in return for your ability to adapt to their demands quickly.
Target short-term work
Every business has it’s long term goals, but keeping your eye on those is short-sighted. You must be willing to take on short-term work so that you can make a little extra profit if you ever have the chance. Long-term goals are often fraught with financial inaccuracies whether small or large. However, first you need to have the discussion about umbrella company vs paye and what kind if best for you. PAYE is paid as you earn, which is basically an open-ended agreement that two parties must hold to. You can also refer to these as zero-hour contracts as there is no guarantee of work but if there is, you’ll be paid for the amount that you do, do. On the other hand, an umbrella company is set up in purpose to find companies work. They will charge you a fee for doing this but many clients go to them so that they can use their contacts i.e. a business such as your own, to fill short-term orders. This could mean working on a project with other companies or simply performing menial tasks such as collecting data, doing surveys and perhaps basic marketing projects. Both styles have their advantages and disadvantages, but they both offer short-term work for a company that is seeking to make a quick buck.
Large businesses don’t adapt well to sudden changes. Small businesses do however, which is why clients will often utilise them and give them short-term work. You should keep yourself in this kind of market, not just to usurp your larger rivals, but to remain flexible.