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3 Strategies Small Businesses Can Use to Gain an Advantage in Bad Times

A recent study by Intuit, the software giant behind QuickBooks, Quicken, and TurboTax, found that three-fourths of small business owners expect to grow this year, in spite of all the talk about a recession, corporate layoffs, and consumers cutting back.

Now, it’s probably safe to say that small business owners are a relatively optimistic group. Part of their optimism, though, comes from that fact that two-thirds of the people surveyed said they had survived a recession before. They’ve done it by putting their customers first and focusing on their finances.

georgeWhen I first started studying entrepreneurship, my perception was that large companies created the jobs. Our colleges train us to work in bigg business. It’s true that large companies tend to hire a lot of people during boom times, as do small companies. But during tough economic times, large companies cut back. Interestingly, small companies tend to pretty much hold their own.

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marylynn If you’re keeping an eye on the news, you see that a lot of large companies are cutting marketing and even customer service. They’re cutting jobs and even entire departments. They’re streamlining.

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As numerous studies have shown, the net effect of this is that, over the course of the business cycle, almost all new jobs come from small businesses.

Opportunities created by large businesses for small businesses in bad times

As large companies make cuts, astute small businesses can gain an advantage by using any or all of the following three strategies:

#1 – Turn bigg companies into your customers.
They’re reviewing their operations. If what they cut is what you do – it’s your service – market to them! They may still need that service in some capacity … take advantage of it!

#2 – Recruit their talent
A lot of the people they’re laying off are very talented. These are people that you may have never been able to get before. Recruit that talent. Provide them with a nice place to fall.

They may look for something more stable or some place where they feel more of a sense of ownership. Your business could be the answer they’re looking for!

#3 – Go after the large company’s small customers.
With the cuts they’re making, they have few resources to take care of their customers. It’s the old 80/20 rule – they’re likely to super-serve the 20% of their customers that constitute 80% of their sales. Then they may cut back on service for all the rest.

Go after these customers that are facing reduced service. They may be a small account to a large company, but they may be one of your biggest customers!

 

 

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How to Get Noticed in Job Market 2.0

Today on The Bigg Success Show, we welcomed Phil Rosenberg. Phil is the founder of reCareered, a career coaching service that helps job searchers get past the biggest challenge in today’s competitive jobs market – to get noticed.

 

Phil, what does reCareered mean?

 

 

It means someone who is seeking a job change, or trying to revitalize their career, or someone who is between jobs and wants help with how the job markets have changed in the last eight years or so.

 

How has the job market changed?

 

 

Eight years ago, the majority of resumes were delivered on paper. Around 2000, it changed to where most resumes were delivered digitally.

 

And how does that change the resume itself?

 

 

It changes it completely. The paper-based resume had to be static. The only way to customize it was by a cover letter. A digital resume can be searched. It also increased the number of resumes that went into most companies, by as many as ten-fold.

 

We always hear about search engine optimization and how you want to rank at the tops of the pages for Google. But apparently you can do the same for your resume … it can be optimized?

 

You bet, and it’s especially critical in today’s world. Most major employers get thousands of resumes for each job, but they only staff to look at twenty to thirty. That’s two to three percent. So your goal, in submitting your resume today, is getting to the top two or three percent. Through resume search optimization, you can manage that process rather than have it be random. My strategy with my clients is to make a resume a single-use document – to have it infinitely customizable so that you’re gaming the search engine and forcing it higher up the search page.

 

How do we make a good impression right upfront?

 

 

There’s been research from the University of Toledo and Stanford University that states that interview decisions are made within the first two to thirty seconds. That blew me away. The rest of the interview is just somebody justifying their initial decision. So it’s a “gut feel” decision that may occur even before you shake hands. It’s all about preparation. Learn about your client – how they communicate (verbally and non-verbally), how they dress, how they look. If you want a job, go to a place that’s close to their office and sit there during lunch. Talk to people from that company who are getting lunch there. On a Friday night, go to Happy Hour at a bar close to their office and talk to people from that company. When you talk to them, watch their body movements. What’s the tone they use? What’s the speed they use to talk? You can also do that with their written communication – their web site, annual reports, press releases. The key to all this is communicating to your audience that it seems like you already work there.

 

It reminds me of the book, Guerilla Selling. It’s all about learning about your customer, in that case, but in the case the employer you’re going after – getting as much information as you can, wherever you can. It’s amazing how much information you can gather.

 

Sure. That’s also an effective way to use LinkedIn, Facebook or your own personal network. Chances are you have contacts within that company. A lot of people only use those contacts to see what jobs are available and to ask them to pass their resume along. They leave out some of the greatest uses of a network – talking to people within an organization to find out what an organization is like and what the communication style is like. Listening for how they’re answering questions rather than just what they’re saying.

 

This is fantastic advice because you do want to fit in. It’s all about mimicking. When you’re at an interview, should you sit up straight and lean forward or should you try to have your body language be similar to the body language of the interviewer? From what I’ve read, you should try to mimic that person.

 

That’s exactly what you’re doing – it’s called mirroring. You’re trying to show that you fit in. You speak the same language. You’re really trying to act like you already work at the company. It takes a ton of preparation. A lot of people aren’t willing to put that preparation in, but the people who do get a huge, almost an unfair, advantage.

Phil's links

You can get free daily job tips from Phil at his blog or visit his main site, reCareered, the place for resume search optimization and job search 2.0. 

 

Kentucky Derby Blog Post Image

You Can Always Bet on the Winner of This Race!

Kentucky Derby Blog Post Image

The Kentucky Derby is known as “the run for the roses”.

On The BIGG Success Show today, we had the first ever BIGG Derby – the run for BIGG success! It’s impossible to recreate it in written form so we highly recommend you listen in to the exciting race coverage.

Listen to Charlie Horse call the BIGG race! 

Thanks for joining us at the first ever BIGG Success Derby. It was an exciting race with BIGG bucks for the winner. The field consisted of five thoroughbreds:

  • Stumbling Block
    He’s been a strong contender every time out this season. You can never count this horse out; he’s always in the running.
  • Uninformed Optimism
    This horse is a relative newcomer to the racing scene. We’ve heard some great things about him. He’s fresh and ready to go! Hopes are high for a great run.
  • Consistent Delivery
    He’s not a flashy horse, but he has an amazing track record. He’s demonstrated time and again that he will finish strong.
  • Fear of Failure
    He’s a real threat who often comes out of nowhere to defeat his opponents.
  • Persistence
    This horse is undefeated in competition. But the talk is that he will be severely tested today with this field.

What a day! We hope you enjoyed our broadcast of the first ever BIGG Derby. Until next time, here’s to your BIGG success!

Direct link to The Bigg Success Show audio file | podcast:
http://media.libsyn.com/media/biggsuccess/00125-050208.mp3

Image credit: WikiMedia Commons