New announcement. Learn more

CHARTERED ACCOUNTANTS (ICAEW)

News and advice to help make your property business a success

LANDLORDS FINANCIAL BLOG

All

Landlords Tax Property Tax Landlords Tax Returns Landlords Accounts Property Tax Return Property Accounts Landlords Financial Landlords Accountant Tax Tax Returns VAT Chartered Accountants Online Accountant Online Bookkeeping Online Tax Returns Your Online Accountant Your Online Bookkeeper Businessadvice HMRC Expenses SDLT Accounting FHLs NIC Dividends Property Cashflow Investment Property Tax MTD PAYE Property Accountant Smallbusiness Tax Implications Tax Relief Businesstips Capital Gains Tax Cgt Furnished Holiday Lettings Holiday Lets Tax Ihtexemptions Income Tax Inheritance Tax Making Tax Digital Pension Sole Trader Taxplanning Capital gains tax property Employment Allowance Gifts ISA Landlord Repairs National Insurance Partnership Property bookkeeper Property Letting Relief Taxreturn VAT invoice Agricultural Property Relief Allowable Business Expenses Annual Exempt Amount Bad Debt Tax Relief BADR Benefits Benefits in Kind Business Entertainment Business Expenses Business Rate Business tips Capital Allowances Capital Gains Cashbasis Child Benefit Commercial Property Compliance Deductibleexpenses Directors Loans Disincorporation Entertainment Finance Financialmanagement Flat Rate Scheme HMRC complaints Interest Interest Rates Lettings MakingTaxDigital Mileage Allowance Mobilephones MTD Update Overlaprelief Partnershipbusinesses Payrolling Pensioncontributions Postcessationrelief Ppr Property Company Tax Property Tax Deductible Expenses Propertyallowance Reimbursedexpenses Rent a Room Relief Rental Residence Relief Residential property gains Selfemployed Small Business Stamp duty Tax free income TimetoPay Working from home 60 day capital gains limit Abolitionclass2 Accrualsbasis Acquisitions ADR Advisoryfuelrates AI AirBnB Alphabet shares Amap Annual Tax on Enveloped Dwellings Appeal APR Artificial intelligence Assessment Asset disposal Associated Company Associated Company Tax Rules ATED Autumnstatement Bad Debt Baddebts Badgesoftrade Beancounter Benefit Relief Breakeven Point Budget Business advice Business asset deferment Business coach Business Continuity Business Rates Business Rates Relief Businessgrowth Businesstypes Buy or Lease Equipment Buytolet Capital Allowances for Cars Capital Gain Capitalallowances Capitalexpenditure Car Capital Allowances Carry Back Losses Cash Change of Tax Basis ChatGPT CIS Scheme Class 2 NIC Class 3 NIC Common Tenant Companies Expenditure Companies House Company Account Deadlines Company Account Filing Company car Company Strike Off Company Tax Efficient Property Companyassociation Companyloanstaxfree Compulsory Strike Off Construction Industry Scheme Contacthmrc Contentmarketing Contributions Corporation Tax Losses Corporation Tax New Regime Corporation Tax Rates CorporationTax Costs Cryptocurrency Customerlistimplications Deductible Business Expenses Deductions Deferring NIC Demerger Depreciation Development Directors Directorsloans Disallowable Business Expenses Discovery Disposals Dispute Resolution Dividend allowance Dividend Allowance Reduction Dividend Planning Dividendallowance DLA Domestic Items Tax Relief Dormantcompany Dwellings EIS Employee Discount Employee management Employeecompensationpayments EmployeeOwnershipTrust Employers NIC Endoflifeplanning Enquiry EnterpriseResourcePlanning Entrepreneurmindset Equity Expenses Allowed For Tax Extrabenefit Eyetests Flipping Furnished Holiday Lets Tax Gift Aid Gift Allowance Growthhacks Help to pay tax bills HICBC HMO Licensing Fees Holdoverrelief Holiday Lettings Tax Home responsibilities protection How to apply for a Business Loan How to Extract Profit Humour Hybrid Illegaldividends Income Income and Gains Inflationary Gains Influencers Inheritance Tax Nil Rate Band Interestrelief Interestrestriction Investing Investment Investment in Woodlands Invisible income Invoicing IR35 ITSA Joint Tenant Keypersoninsurance Landlords Self Assessment Late vat registration LBTT Leadgeneration Leadmagnet Leanbusinessmodel Lending Letting Agent Disbursements Letting Agent Recharres Lettings Relief Lifetime Limit Limitedcompany Liquidation Demerger Loan Loaninterest Long Lets Tax Longservice LTT Mainresidencerelief Managed Lets Management accounting Maritalhomedivorce Marriage allowance Marriageallowance Mileage payment Mileage Relief Minimumwage Mixedusesdlt Mortgage costs Mortgage Interest Relief New property Newcompanycarfuelrates Newnicrules NIC 2023 to 2024 NIC savings Nicdisregard Nicreduction NMW Nmwerrors Non Allowable Business Expenses Non-taxable Nudgeletter Off-payrolling benefits Optiontotaxvat Overpayment Relief Overseas properties Paperform Partnership schemes Parttime Patternofoccupancy PAYE by Direct Debit Payroll Penaltypoints Pension Payments Tax Relief Pensions Performance-reviews Periodofgrace Periodsofabsence Personal Allowance Personal Expenses Personal finance Personalallowance Personalguarantees Pretradingexpenses Profit Profit-and-loss ProfitAndLoss Property Allowance Property Business Property Development Company Property Incorporation Property Investment Company Property investor accounts Property investor tax tips Property Rental Business Property Trading Propertycompany PRR R40 Receipts Recharges by Estate Agents Refund Regularpayments Relief for FHL Rent your drive Rentaroom Research & Devolopment Residentialsdlt Retail stock control Retainedprofits Revenue Room for rent tax Rti SA Salary Salary Sacrifice Savings SDLT changes Section 455 Tax Section455tax Selective Licences Landlords Self Assessment Self-employednic Selling Online Selling your Company Seperation Servicecharges Settlementslegislation Simplified Expenses Smallbiz Smallbusinessraterelief Software Spring Budget Staffparties Starting a business Student Loan Deductions SuccessJourney Surplus Cash Tax Allowance on Driveways Tax Allowances Tax bill Tax Break Tax Codes Tax Deadlines Tax Deductions Tax Filing Deadlines Tax Free Childcare Tax on Company Vans Tax on Enveloped Dwellings Tax position Tax Refund Tax Return Tax tips for landlords Tax-free savings income Taxable Benefits Taxation Taxbillpayments Taxconsequences Taxincentives Taxposition Taxpositionassets Taxrelief Taxreliefs Taxses Terminationpayments Tips Trade professional Trading losses Training Transfer Assets Transfer Assets Between Spouses Travel Umbrellacompany Undisclosedincome Unpaid Rent VAT Bad Debt Relief VAT Deadlines VAT Disbursements VAT flat rate scheme VAT Penalties VAT registration VAT Reverse Charge Vatpenalties Vatregistered Vatregistrationthreshold Wellbeing Year End

TAGS

How can small businesses compete with the big chains?

September 29, 2023

How can small businesses compete with the big chains?

In tough economic times, small businesses can struggle. Big multinational chains often have the scale to undercut local competitors and survive even when times get tough.

What can small businesses do to retain and attract customers in a competitive market?

Identify your business’s advantages

Think about what your business can offer that a multinational operator cannot. For example, you might have the edge on:

Local knowledge
Close relationships with customers
Personalised service
Easier parking
Specific products and services
Immediate availability of products
An excellent loyalty scheme
Community support
Local events

If you’re not sure what your big selling points are, ask your customers.

Show off your advantages online

Leverage your business’s selling points through your online presence. While it might be prohibitively expensive to build a whole new office or store frontage, your online shop-front can be impressive at a fraction of the price.

Step up your social media activity, paying particular attention to sites where local people are active. Invest in outstanding photography, too.

Invest in reviews

Can you find a way to nudge your best customers into providing online feedback? Positive reviews are a vital tool for small businesses to grow their customer base.

Make it easy for people to leave reviews – send them an email reminder with a link included.
Address negative reviews immediately and professionally.
Consider an incentive to provide a review, such as a free extra item immediately or a $5 discount code off their next order. Alternatively they could go in the draw to win a bigger prize. This may also encourage them to shop with you again.

Be boutique

Lean into being small. Customers are willing to pay more for businesses that employ great people, provide quality service and a high-end experience. Invest in providing a polished experience for all your customers.

Appeal to ethical customers

Many shoppers are happy to pay more for sustainable, ethical products and services. Have measurable sustainability credentials and show them off whenever you can.

We’re here to help

For more ideas that are tailored to your business, we can help. Drop us a note or give us a call – we’d love to hear from you.

Small Business

Landlords Tax

Landlords Accounts

Landlords Tax Returns

Property Tax

Property Accounts

Property Tax Return