Competition

Question of the Day - Competition…we all have it.

"How can we compete with larger, non-family-owned companies in our industry?"

A Strategy for Competing with Larger Competitors

Running a successful family business can be challenging, especially when you are up against larger, non-family-owned companies in your industry. These companies often have more resources, larger budgets, and greater brand recognition. However, that doesn't mean your family business can't compete and even excel in your industry. You don’t necessarily have to be the only person in your lane. The operating characteristics that set a company and its products or services apart from the crowd usually have more to do with leaders who concentrate on certain basics and perform them exceptionally well. Here are some of the strategies that have enabled businesses to out-compete:

1.     Focus on your niche

2.     Leverage your family values

3.     Build a strong brand

4.     Embrace innovation

5.     Collaborate with others

6.     Be all about quality

7.     “Knock Your Socks-Off” Service

8.     Invest in your team

By following these type of strategies, you can probably compete with larger, non-family-owned companies in your industry and build a successful and sustainable family business. Our strong bias is found in number eight above. We believe you grow your people to grow your business. This is what we help our clients do.

Have a question you’d like us to answer, email info@myAFB.org.