You know what they say, competition is good for business. While this is true for most cases, there are challenges small businesses face when gearing up to compete with large businesses.
After all, large businesses often have the resources and capital to expand their presence across different niches. They have strong brand awareness and reputation, not to mention the financial means to fund expensive marketing campaigns that outreach to their target market. Small businesses don’t have those same luxuries, but guess what? There are some things you can do to level the playing field.
Creating the opportunity that wasn’t given.
Large businesses may have the resources, but smaller ones have speed and agility. They act quickly and decisively with fewer outside influences and often it’s easier to innovate and pivot to capitalise on these opportunities. Large businesses are often hampered by inefficient technology, archaic thinking and processes that are too embedded/complex to be adjusted quickly. Small businesses and startups are nimbler and fiercer in adapting to the changing market conditions and capitalising on the opportunities. With this fearless nature, you’ll be able to open the door to opportunities.
What’s more, SMEs are in a prime position to deliver outstanding customer service. With a smaller team and flexible structure, small businesses can respond quickly to customer enquiries and give them the attention they need. After all, customers are drawn to purchase from businesses that make it quick, easy and seamless to deal with.
Being small doesn’t mean there are no opportunities for growth. There are ways to separate your business from the competition and make it stand out.
How can you best face your challenges?
To minimise and respond adequately to your risk profile, you need to align yourself with key advisors that can help your business drive and sustain scale. One solution or key player to assist with such challenges is an insightful CFO. A CFO brings your organisation expertise and experience in the creation of financial forecasts and business insights, essential in making ‘informed’ strategic decisions. Budgeting, forecasting, supply chain management, regulatory concerns, and succession planning are all tasks that CFOs can assist organisations with. Providing insight to success drivers in your business in an efficient and digestible format, a CFO can assist you greatly in setting, measuring and achieving your growth goals.
So where can you find a great CFO?
Dexterous’ CFO Advisory is a panel of experienced CFOs who have worked across a diverse range of businesses. With personality fit a key factor in pairing the right CFO with your business, Dexterous has a team of male and female CFOs with proven experience across multiple industries, software, team structures, NFP, start up, internal audit, compliance and governance. Plus, when you choose to work with Dexterous’ CFO Advisory you benefit from scaling our services as you evolve. Whether you need an hour per month or a full-time CFO – we can tailor our support so you can compete with the giants.
If you would like to explore any of the ways that a CFO could possibly help you and your business, do give us a call on 1300 996 928. We’ll help you stand out from the competition.