Are you a small business or thinking about starting one? Many think the goal of starting a business is to go big or go home. But staying small really does have it’s advantages. Here are 5 reasons why you should consider staying small…
Ability to Adapt Quickly to Change
Having a small business means less bureaucracy. There are also usually fewer steps to take to get things done and you can make decisions much faster. So, when there’s a crisis like Covid-19, small businesses have an advantage. They can regroup, make decisions quickly, and change direction a lot faster than a large business can.
Creativity and Innovation are Strong
Small businesses don’t have all the resources that larger organizations have. But what a small business lacks in resources, they often make up in creativity and innovation. This gives small businesses a huge competitive advantage! Small businesses can come out with new products and services, or even just a new way to handle a procedure that streamlines a process and saves clients time and money.
Faster Response Times
When a client has a question, concern, or need, a small business can act quickly – often responding to a client after hours, on a weekend, or on a holiday. This goes a long way in the eyes of a client and many times makes the difference between a client staying with a small business or switching to a much larger competitor. Small businesses can make their clients feel like they are more than just a number to them.
Handling Issues Quickly
Speaking of faster response times, handling an issue quickly and with satisfactory results is huge in the eyes of the client. Think about the last time you had an issue at a big company. Did you get the response you wanted? Some big companies really do get this right, but many don’t. Some businesses are so big, and their employees just state a policy and shrug their shoulders. Small businesses can be more flexible with a policy and do what it takes to make things right, and often a whole lot faster.
You Learn How to Do a LOT of Things
Small businesses don’t usually have the advantage of hiring a person who only has one job at the company. The people employed at a small business will likely have several jobs and be great at multitasking. Everyone tends to “wear many hats”. This can keep things exciting and different every day. It’s also a great way to learn about the different parts of the business and grow personally in many areas!
So embrace being small! Stay agile and be excited about all that it means to be a small business owner!