Many small business owners do not see the advantage of being small.
And that’s true in most cases.
As a small business owner, you’re always feeling like the odds are stacked against you. It can sometimes be difficult to see how you can survive or even beat the competition.
After all, you have little or no capital to run your business, access to capital is difficult, and you have to compete with bigger and more financed competitors for customers.
Yet, there is an advantage to being a small business. In fact, in this article, we would talk about three (3) ways you can use your size to your advantage that big businesses wish they can too.
One advantage that small businesses have is the ability to move quickly.
Small businesses do not have the impediments that large corporations have.
They are not hindered by bureaucracy, nor do they have to meet with hundreds of managers and board members before they can make business decisions.
Their decision-making process is swift, and their ability to move fast helps them accelerate innovation because they can easily carry out experiments and change direction without delay.
To ensure, your business takes full advantage of this edge, empower them with the skills and know-how necessary to make swift decisions and respond to customer needs quickly.
Being accessible is a big advantage for small businesses that big businesses cannot replicate due to their size.
Many customers prioritize businesses that can give them the attention they deserve without having to wait long hours to talk to customer service or make complaints that go unattended.
They can’t get this from big businesses since they are structured to accommodate numerous customers, so accessibility is always a problem.
A great example of this is seen in an episode of The Office where Dwight Schrute, a paper salesman at Dunder Mifflin placed a call to one of their biggest competitors and another call to their office to show a prospect how easily accessible they were.
Strengthen your customers’ access to your business by communicating regularly, responding to their complaints and inquiries as fast as possible and building personal relationships with them.
The ability of any business to adapt to changes in the market and changes in customer needs is a competitive advantage.
Small businesses have that advantage because of their size.
Small businesses can move in new directions, launch new products, and respond to customer feedback and market trends within weeks, while big businesses must wait months and years to do the same.
This means your small business can beat your bigger competitors to the market and take adequate steps to ensure that their lead is not swept away when big businesses finally arrive.
Dear small business owner, being a small business owner comes with so many disadvantages, but it also has many advantages that you can leverage to thrive in your industry.
You just have to identify and implement them.