Five advantages of a small business
Take note of these assests to make the most of your business.
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.
1. Small businesses can build genuine relationships with customers
Developing relationships with your customers is a valuable asset to your business. As a small business, you’re able to interact with your customers directly.
Customers want locality and expertise and through interacting with them on a personal level you’re able to convey your knowledge and understanding of the product or service you’re selling. There isn’t a better advocate for your business than you, especially when the business you’re running is one that you are passionate about.
There isn’t a better advocate for your business than you, especially when the business you’re running is one that you are passionate about.
2. Social media has created a new level playing field
Social media has given businesses an alternative to traditional distribution channels, to market their products and service. The low cost means it’s a tool available to smaller businesses with smaller marketing budgets.
The numerous social platforms give businesses access to a multitude of demographics to create brand awareness. There’s no need to be across them all – start with one and base your decision on the demographic of its users and your target market. For example, Linkedin is used mostly by professionals, while Instagram has a younger demographic. Joining in the conversation creates brand awareness but the key is offering content that is of interest and that adds value to your end-user.
3.Small businesses bring in top talent on a flexible basis
Many CEOs – both current and retired – enjoy and want to offer their advice and support to smaller businesses, especially if the business is in an industry that they’re passionate about.
As a small business, you often need support across marketing, HR and tech but are not necessarily big enough to make the leap to hire full-time staff. Small businesses shouldn’t be deprived of access to first-class skills, expertise and advice – they are important to innovation and job creation.
Small businesses can outsource people who advise and execute across these functions on a flexible basis. Technology means you can get the help you need, when you need it, at a price that delivers great value.
A strategy that should be seriously considered is the opportunity to gain access to new networks, new business opportunities, knowledge regarding new technologies and in many cases plain sound advice about management.
4. The agility of small businesses makes it easier to get things done
In small business there are less formal processes and red tape, affording managers the ability to react quickly and be proactive, which should never be underestimated.
If a decision could make-or-break a deal, you should take full advantage of being able to decide quickly. If your business is up against a larger business for a contract, this advantage could be the one that sees your business win the deal.
5. You’re responsible for the culture
There is lots of advice about the culture you should have in your business. A few buzzwords: transparent, collaborative, trusting, inclusive, communicative. While none of these values are incorrect, one of the best advantages of a small business is having responsibility for the culture. You can develop one that both you and your employees are happy with.
Part of this concerns who you choose to work with. As the decision-maker in the business, you can choose people who will fit best into your organisation and have the attitude you’re looking for.
Bridget Loudon, CEO/Cofounder, Expert360
