1. BTE as a small business will fill niches that their larger competitors often overlook and can serve customers more directly and with greater flexibility than their larger competitors. This channel will make them have a market retention, which can not be served by big businesses. Therefore BTE will have more returns.
The other advantage is that BTE as a small business, can be able to change plans or strategy much faster than larger competitors or business. Therefore should leverage on this idea of being small to even outcompete the large businesses.
Employees in BTE business can be cross-trained, making them flexibly attend to any role or function and keep things moving, unlike in a big business where there is rigidity and need for more specialised approach.
2. Opting for a franchise is an excellent and effective approach to business and market venturing. A franchise is based on running a well established big business having organised systems in place, hence if taking a franchise you have high chances of being successful than starting from scratch.
3. BTE has to know their competititors so that they can also understand and identify what they are offering, and what their strengths and weaknesses are. BTE must also know their customers as customers change to different needs.
BTE can also do more of rebranding and marketing so as to raise awareness of its business and product offer. This involves updating your product image and even quality aspects.
Another way to survive competition is to look for new markets and also expand your offer if possible.
4. BTE can source its finance from current income generated, that will be the first way to go. Angels, or wealthy individuals and retired company executives who are willing to invest in small business are also a good source of finance if you present them with sound and well plan of your business potential. BTE can also seek government grants and subsidies and make request to be assisted financially in constructing their buildings.