Standout Small Businesses

Identifying Company Core Values as the First Step for Small Businesses to Establish a Sustainable Competitive Advantage

Abstract

As technology advancements continue to increase the gap between corporate giants and their competitors, small businesses find themselves fighting for relevance in a changing business environment. Small businesses must find ways to meet the needs of consumers. Research shows that thriving small businesses yield stronger local communities (Miller & Besser, 2004). For small businesses to thrive, they must separate themselves from their corporate and other small business competitors through the way they conduct business. This research continues to build on past research (Jenkins, 2009) identifying dynamic core values as the first step for small businesses to separate themselves from competitors while meeting specific consumer and community needs. Core values must both exist and distinguish the business from competitors to align to meet the needs of employees and customers. The aim of this qualitative study is to offer insight into the competitive advantages available for small businesses through core values.

Keywords: Core values, small businesses, competitive advantage, technology, consumer needs.