accountable for your destiny
Six Ways Small Businesses can compete with big corporations
Many people are scared to begin a business of their own because of the large corporations already in charge. They believe that the only option for new entrepreneurs to succeed is with big corporations. However, this isn't the case. There are many chances for the small-scale business owner to be successful.
Here are six methods small business owners can get better results than large corporations.
1. You can innovate faster and make changes.
The issue isn't limited to large corporations. There are too many layers involved in their decision-making process that they can't react quickly enough to changes happening surrounding them. Changes are always happening. They aren't always able to receive the necessary approvals, which means the benefits that they reap from these developments aren't as important as they could have been.
Being a small-sized company, you are able to react to any shifts in the market while they are happening. Often, you might even be the sole person who is in charge, which means that you can potentially make any changes you want to your plan the minute you conceive them. You don't have to make rapid decisions. However, agility can assist you in situations where speed is important.
2. Your clients can have more intimate relationships with you.
Humans are drawn to interaction with each other and not just with corporations that have no face. It will not be possible for big businesses with thousands of employees. They wouldn't have the time or resources to build relationships with each client.
In contrast being a small-scale company, you will be able to connect with every customer on a more personal level regardless of whether you do it through your employees or as the business's owner. It is possible that your customers aren't as many as you would prefer. They are likely to prefer to communicate with you through their team members or directly.
3. You can collaborate with your teams
This is similar as the previous example, except I'm talking about corporate communication. Your employees will have more positive relationships when they work together in smaller groups and less departmentalization. They also will get to get to know one another better personally.
Instead of sending long emails to your coworkers about the project you are working on, and then waiting for them to respond, you can simply go back and directly ask them. Information flow will be greatly improved.
4. You have the constraints of a budget
You might be wondering what it is like to have little money? The simple answer is that you can and must be more inventive than your rivals who have the money. However, you need to make sure that each penny you spend on your business will directly benefit you. It's impossible to come up with 10 different solutions to an issue. There's only one chance.
It doesn't mean that large corporations can't think of new ways to use massive amounts of money however, it does mean that they are more likely to settle to a plan that works since they are able to change it at any time. However, you have to be able to solve it quickly. It is often those limitations that lead to the most effective solutions.
5. You can take greater risk
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This one is tricky as large companies like I mentioned earlier are financially more secure and more inclined to gamble. In the end, their losses won't be as large, aren't they? Well, not quite. They might not be able make a risky business decision that could be detrimental to shareholders even if they have more money.
Since you are the owner of the business, you are often the only one who is directly affected by the decisions taken. While this might seem harsh, it is an actual fact that you could be more accountable for your destiny than being required to take decisions that could have a profound impact on the lives of thousands.
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6. It is better to focus on your mission instead of making money at every cost.
A lot of large corporations aren't focusing on their intended public now as they did in the beginning. Instead, they're focused on making money for shareholders. While this isn't an issue, it is how large companies work (especially those that are publicly traded). For small entrepreneurs with an agenda it is an excellent benefit.
Concentrate on making customers satisfied Even if it could mean less revenue short term. This will pay off in the long run, but big corporations won't allow you to do this. They must continue to bring profits continuously, while you consider the long term and put your current success in the past to make it more profitable in the future.