Now is such a great time to be a small business – access to inexpensive new technologies, funding opportunities, global markets at our fingertips and government initiatives to encourage growth.
Small businesses should leverage these macro-trends where possible; there are also a number of key ‘differentiators’ that small-business owners should be regularly making the most of in order to be successful.
Entrepreneurs are their own bosses. They make the decisions. They choose whom to do business with and what work they will do. They decide what hours to work, as well as what to pay and whether to take vacations. For many entrepreneurs, the freedom to control their destiny is enough to outweigh the potential risks.
Small businesses don’t need to abide by predefined rules and regulations, unlike big companies that need to go through a lot of paperwork and involve more than a few people to revitalise any existing procedure. This is exactly why a small business exerts more control over the sourcing cycle – whether it involves changing of the social media recruiting strategy for better or modifying the application process and making it easier for busy A players.
It enables one to be involved in the total operation of the business, from concept to design to creation, from sales to business operations to customer response. This ability to be immersed in the business is very satisfying to entrepreneurs who are driven by passion and creativity and possess a “vision” of what they aim to achieve. This level of involvement allows the business owner to create something of their own truth.
Big companies are governed by standard operating procedures and set policies that often restrict the hiring team from offering some additional benefits or flexibility like work from home, flexi-time, part-time, increased vacation, emergency leaves, job rotation, performance incentives or other benefits that can attract candidates who are looking for some form of flexibility which does not exist in big companies.
You are way more flexible and able to make the changes necessary to survive than a big outfit. Think speedboat versus the Titanic – while they are still wondering if they can steer around that big block of ice, you’ve nipped past all the obstacles.
Sometimes the big companies seem to have all the advantages when it comes to getting favourable credit and terms, but you can outshine them every time when it comes to thinking on your feet and responding to events.
You don’t have to go to head office to consult when you realise you can take advantage of a new trend, or want to explore an interesting project. You can make your own decisions, rather than filling in forms and waiting weeks for someone to get round to responding. For example, billing your clients can be as simple as whipping up a quick invoice with an invoice generator tool.
Large companies are usually controlled by legacy policies that keep them restricted to standard recruiting practices. Still, when it comes to recruitment for small businesses, they have seemingly endless options to explore. If you are a small business looking to leverage technology for faster and better hiring, there are plenty of tools at your disposal.
Being flexible also relates to the ability to react quickly to changing market conditions. Because of their small size, most small companies are forced to be innovative if they want to compete. Your small business lacks the resources of larger companies, and so the only way you can compete is to come up with something creative, new, and different.
Most mass marketers cannot react as quickly to changing market conditions, but you can. You can make changes in your inventory, billing, new product or other procedures more easily in response to changing customer needs. More importantly, you can make decisions NOW!
Because you are a small business, you are likely focused on a pretty compact skill set. This offers two main advantages – people who need your services will know that you are the go-to person for this particular offering (appreciating a job well done) and that you understand your own specialism perfectly.
This level of confidence in your own ability is something that big businesses often cannot equal. A surprising number of big organisations have little idea what expertise they actually have, and often miss out on opportunities because they simply don’t know what their employees can do.
For example, I know one small company who sold a particular tool to a large conglomerate, when part of that conglomerate actually made a competitor product – the head office had absolutely no idea it did!
You will garner a lot of credibility with today’s customers if you produce something individual and distinctive, like Hiveage. In the current market, it gives you a major advantage.
People crave goods and services that stand out from the mass-produced, samey offerings they are constantly bombarded with. We all hate impersonal hard sales that turn out to offer something very bland and ordinary.
You, on the other hand, can be extraordinary. While big business has to almost, by definition, produce something uniform and safe, you can thrive by producing exceptional and distinctive products and services.
You have complete freedom to innovate within your market parameters, and whatever your niche, you can ensure that your product or service is a perfect fit for both you and your customers.
Small-business owners can easily alter their package and offer attractive perks like extra pay for high-performance, a vacation for achieving sales targets or a compensatory off for putting in extra hours when needed. This may also include a health benefit plan or a great retirement savings program which has a life-long impact. Small businesses can do whatever is possible, feasible, and lures people to work for a growing company, so use this to your advantage and sell your prospective candidates the advantage of having what matters to them.
We can say that working from 9 to 5 can’t give you the experience which running a business can. As a business owner, you will have to learn on the go and be fast.
Adaptation towards certain situations, meeting impossible deadlines, and a ton of other adventures are what makes a good businessman. As every business owner knows – plans rarely go as planned, future projections are far more likely not to happen than to become a reality, and hard work is far more important than funding.
There’s nothing like the buzz of producing something that a customer is pleased with – and that’s a feeling you’ll only get as a small business. That sort of feedback is vanishingly rare in big companies, where the bosses are almost completely insulated from the people using their products or services.
Yes, you’re also on the sharp end of any complaints, but you are also well placed to understand what’s gone wrong, how to rectify it quickly and learn from the experience. Because you’ve got such a close focus on your work, you’re also able to delve far more deeply into issues and tailor best-fit solutions.
There is no feeling quite like making something from start to end and seeing it succeed. The enormous pride you can take in a job well done is hard to beat – it’s one of the main reasons we all get up in the morning!
People crave to be able to connect with a human being, rather than a vast, impersonal blob with a call centre on the far side of the world. You can connect with your customers in a far more meaningful way than they ever can.
Because your service is personal, what you offer will be far more closely aligned with the needs and aspirations of your target customer group than those of big businesses. They are trying to appeal to a huge and diverse range of potential buyers, of whom you may be the least important.
Knowing who your target customers give you an enormous advantage. You understand what they want, and know when their tastes are changing so you can quickly tailor your offering to match. Because you’re closer to your customers, you can forge lasting relationships that create genuine loyalty and keep people coming back.
This is a big one. Just think how often when you call a big company you get through a rehearsed line, then your call gets transferred and so-so. Mostly it’s a complete waste of time!
But small companies can, and should, invest time and money in personalised customer service. Because of the lesser amount of clients, employees can interact more thoroughly and personally with their clients. This is a great way to increase the chance for the customer to use the services of your company again.
A small business offering remote job opportunities where geography is not a deciding factor can fill the talent pipeline much faster. Also, with a smaller team, managing and monitoring the work of remote positions is quick and easy, which is not possible in a large organisation where any employee working remotely can get lost in the shuffle.
Running a business comes with many uncertainties; however, playing your cards right means that you have a big chance of being financially independent.
Owning a business also allows you to decide your salary, which is another amazing perk! Being the one in charge of your own finances and how much your earnings allows you to achieve financial independence.
It gives an individual the opportunity to build equity, which can be kept, sold, or passed on to the next generation. It’s not uncommon for entrepreneurs to own multiple businesses throughout their life. They establish a company, run it for a while, and later sell it to someone else. The income from this sale can then be used to finance the next venture. If they’re not interested in selling the business, the goal may be to build something that can be passed down to their children to help ensure their financial future. One thing is sure: In order to fully reap the financial benefits of a business venture, you need to be the owner.
Many small business owners are experts in their fields before branching out and starting a business: a small advertising business may be run by a former creative director of a large ad agency, or the owner of a video production house may formerly be a director of independent films.
You need to harness quality work, combined with reasonable fees – two important aspects that create value and could form the basis for establishing a growing base of loyal customers. By niche marketing, your services and specialty skills, your clients should see you as a specialist despite your size.
The truth is that big, faceless enterprises have no chance when it comes to the personal experience of helping people. Small business owners have the upper hand in helping their employees, and their community simply because they care.
Your small business can contribute to the local society by opening creating jobs, helping employees live a better and more fulfilled life and improve the lifestyle of the people living in the community.
The truth is that big businesses can create charities, events and other types of social gatherings. However, small companies can touch the hearts of local people and customers because of the in-person interaction.
Many small businesses struggle with cash flow at the beginning of their journey. The country knows this, so they’ve made it possible for small companies to benefit from tax deductions. You can write off the equipment for your company as a business expense, and you will pay a smaller tax when purchasing. The same thing goes for business meals, vehicles used for work, etc.
Your focus is likely relatively narrow, and this is a good thing. While big businesses have to search far and wide for opportunities, you know exactly where yours are most likely to be.
And if your sector situation changes, you’ll notice it more quickly than a big business would because you’re concentrating on developments in your own field.
Because you have a keen focus, you are also likely to be a lean business – you have fewer layers, fewer employees, more efficient operations, and you have a much better understanding of how your company works.
If you are the sole owner of a small business, this means that you dictate the direction your company is heading. Are you going to work towards the best for your clients, or are you going the worse way – towards your companies own gains? This is up to you!
If you are a co-owner of a small business, this sometimes means that both of you will have to agree upon important decisions, and it’s sometimes better to have someone to help you come up with decisions to all of the problems that face small companies.
Working with the right people can lead to increased productivity, know-how exchange, and an overall improvement in your work life.
One of the biggest assets a small business can have are employees who care about the business. This would ensure that people will work towards the improvement of the company. While hard-to-find, you can always look for friends or family that is looking for work. However, make sure they are qualified for the job you’ll be hiring them for.
Surrounding yourself with people who care about the company means that you will have employees who will always find a way to improve the workflow in your company, and this way, your business will always move forward.
You have the best boss in the world, right? You! You don’t have vast layers of bureaucracy and management or investors – people who don’t want exciting; just safe.
In a large business, there may be dozens of people who need to be consulted to get a complete picture of what’s going on before any decision can be made. But since you’re the boss, you get to decide which opportunities are worthwhile. And as you know your own business and the risks inside out, you are perfectly placed to make the right decisions.
You’re also able to offer employees great opportunities. Because you’re small, you are far more in touch with everyone who works for or with you. You know their ambitions, and you can help them achieve them. In a big business, they would be a name or number, and very little else.
In addition, small businesses have certain advantages over large businesses. Flexibility, generally lean staffing, and the ability to develop close relationships with customers are among the key benefits of small businesses. The digital communication revolution has significantly lowered the cost of reaching customers, and this has been a boon to small startups and big businesses alike.
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