David & Goliath?
Big business definitely has its place but the small guy must not be deterred because small businesses also have theirs. You’ll be surprised by the earning power of an efficient small business owner.
There are many advantages to both. Here we break down what small businesses can more often offer which big business have a challenge to.
The key to a good small business is being able to get to know your customers, employees and suppliers and ensure that you are able to work in a way which gels with them.
People in big businesses often have less flexibility to make decisions, they have a chain of hierarchy and specific channels to go through. That’s why in a small business a major decision can be made on the spot, as opposed to having to go through the ranks (something that is also in some situations advantageous).
What matters to a small business is the client and keeping the client coming back. A smaller client base means that its essential they work hard at satisfying the client.
Managing a small business is not always easy but it’s a lot more controllable than a big one. The bigger the business the more staff, stock, accounts, expenses etc that need to be tracked.
Niche and specialist
Ability to focus on a select few target markets and be seen as an expert or connoisseur.