Laura

making a profit


6 ways small businesses can win with big corporations


Many people are afraid of starting their own businesses due to the large companies who dominate the market. These people think that a newbie can't possibly compete with the big business giants and win. This is not true. It pays well to be small in many areas.
There are six benefits you will have over big corporations as a small business owner.
1. Innovation is possible faster if you implement adjustments.
 
Big corporations face a problem. There are many layers to their decision-making process and they're not able to react to the ever-changing world surrounding them. These changes are constantly changing. They might not receive all the necessary approvals before the event, so the benefits they do receive from those innovations aren’t quite as significant.
Because you are small, your company is able to quickly respond to market changes. You could be the only person in charge of your company, so you have the ability to make any changes to your plan whenever you can think of them. While this doesn't mean that you have to take rash decisions, the possibility of being flexible makes you better off in most situations where implementation speed matters.
2. Develop more personal relationships and trust with your clients
 
Certain people prefer to communicate with other humans, not companies that are not human. However, this isn't possible for large companies that have thousands of people working under them. It is impossible to maintain a a close relationship with every client. Even if they could, it wouldn't be financially prudent.
Smaller businesses will make it simpler to connect with each client, regardless of whether they're with you or your team. Sometimes, clients will not be interacting with you as often as they should. In these cases it could be costly to not meet them in person. Some clients will prefer dealing with a person who is pleasant and not a competitor.
3. It is possible for your teams to collaborate
 
Similar to the previous example except that I am referring to corporate communication. When you have smaller teams and less departments, your employees can build stronger relationships because they collaborate closely and get to know each other on a a more personal level.
Instead of sending lengthy emails to coworkers regarding a project that you are working on, and waiting for their responses instead, turn around and ask them directly. The flow of information will be significantly enhanced.


4. You have a limited budget
 
What makes having a small amount of money good, you may be asking? The simple answer is that you are able to be more inventive than your rivals who have the funds. But, you must to make sure that each penny you spend on your business will be beneficial to you. This means you don't have to try 10 different solutions to a issue. Instead, you should work hard to find the solution that works for you. You only get one shot at it.
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While this doesn't mean that large corporations don't have the ability to think in a creative manner when they have a lot of cash, it does mean they are more likely than others to find a solution that's acceptable because they are able to do it at any time they like. The other thing is that you need to take action quickly. It is often those limitations that create the best solutions.
5. You can take more risks
 
This is a tricky one, because as I mentioned in my previous post, large companies have more cash and should be more willing be willing to take risk. They won't be as vulnerable, right? Well, not quite. They're richer, but also more people to please. This means that they don't have the ability to make risky investments which could harm shareholders.
As the proprietor of the company, are usually the only one directly affected and impacted by the decision you make, not even the most crucial ones. This may sound bleak, but it is far more secure to be the sole person responsible for your fate than to be aware that your actions could impact the livelihoods and lives of thousands.
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6. It is more beneficial to concentrate on your mission than making a profit at every cost.
 
A lot of large corporations aren't focusing as much on their target public now as they did at the beginning. Instead, they're focused on making money for shareholders. While this isn't a bad thing however, it's how big companies work (especially those that are publicly traded). This is an advantage for small-scale business owners who have a a mission.
You can now concentrate on your customers, even if this means less revenue in the short term. This strategy won't be profitable long-term, and big corporations don't endorse this approach. They need to continue bringing profits, while you consider the long term. But, it's not possible to put your current successes at risk to reap the benefits later.