Marketing is also vital for small businesses. Create an advertising plan that objectives their ideal customer base. Utilize social media platforms to reach prospective customers, as well as consider partnering with other businesses for cross-promotion opportunities.Collaboration is another opportunity created by healthy competition.Competing businesses have common goals and interests to locate ways to innovate and grow. Collaborating and similar companies can result in mutual benefits and opportunities of growth. Form stronger relationships with like-minded businesses as well as leverage these collaborations to explore new avenues for growth.