Most businesses start out small, which of course can feel overwhelming when you’ve got huge industry giants with millions in capital as your competitors.
And although there is plenty to envy the huge corporations for, small businesses definitely have advantages and options at their disposal that large businesses could only dream of.
So how can you as a business make the most of your small size to beat the competition? Read on to find out…
1. Stay Flexible
Small businesses have the obvious advantage of being able to make quick decisions that result in rapid changes. Large corporations do not have this flexibility: when a change needs to be made in a large company, the process can take a very long time and typically involves meetings, politics, conflicts and plenty of bureaucracy. Instead, when an opportunity arises, be bold and pioneering and take it by the horns.
2. Keep it Personal
Another disadvantage of being a large corporation is that you automatically lose that intimacy and connectedness with your customers. Picture the little patisserie you’ve been frequenting for the past four years. The owner knows you by name and knows your order off by heart. You’ve developed a relationship with that business and the owner which is one of the many reasons why you’ve been returning week in, week out.
Now, contrast that with the bakery section of your local supermarket. You help yourself to your products and someone prices them up for you. There is no intimacy between you and the employee and on top of that, the individual serving you is not deeply affiliated with the supermarket, therefore he or she will likely only communicate the formalised rules and phrases established by management.
Being in close contact with your customers can make all the differences in being chosen above the competition.
3. Take advantage of Funding Opportunities
Smaller businesses can easily take advantage of funding opportunities, which is one major advantage that they have over large corporations. There are plenty of options out there and countless small businesses have succeeded thanks to funding platforms, including crowdfunding platform Kickstarter, as well as small business funding service, Kabbage.com. Today’s internet era has provided a wealth of opportunities that small businesses should definitely take advantage of.
4. Honesty is the Best Policy
Finally, there’s no use in pretending that you’re a huge corporation if you only have a team of five people under your management. Be honest about your size but at the same time, proudly demonstrate the many benefits that come along with getting involved in your business. Keep your customers close by at all times and you will without doubt achieve immense success, no matter how small your business might be.
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