Everybody’s got to start somewhere. Stepping into the business world and facing the Goliaths in your respective industry can be daunting. But that doesn’t stop small businesses from pulling the sling to take their shot. Here are some reasons small businesses can compete and can aim the stone to Goliath’s eye.
Small Businesses Have a Growth Mindset
You’re still operating at a small scale. Everything is done with intention as you take your first few unsteady, baby steps—to put it metaphorically. Yes, it is not without struggle, but it is done with intention. That’s the beauty of starting with limited resources and being new to the industry. There’s research, deliberation, and trial-and-error. Every step is calculated to the T. Just like how a 12-month old baby plans one step at a time, every step you take is planned with multiple factors taken into account. Ultimately, the steps taken are geared towards your growth.
There’s nowhere to go but up from here.
Small Businesses Are Flexible
An existing, rigid, and complicated structure does not necessarily inspire flexibility and innovation in its people. Unlike big corporations and organizations, making changes is easier for the little guys. A little more is involved for the former due to multiple decision-makers, employee hierarchy, and bureaucratic processes in hand. But if it were up to the small businesses, they’d be faster in reaching decisions and adapt quicker than bigger competitors.
Flexibility doesn’t stop there. It extends to employees’ work-life balance, too. This is flexibility in terms of work hours working in favor of employees. What big corporations usually forget is that their people have lives too. But as businesses realize the necessary shift towards pro-work-life balance policies, small businesses implement this with much more ease. Having a work-life balance helps build morale, increases productivity and retention rate in employees.
To add to the idea of flexibility, did you know that having a flexible working arrangement or setup can save on expenses? That isn’t just cost-effective; it diversifies your workforce’s skills, backgrounds, and experiences. You can hire remote employees for specific needs such as SEO and marketing strategies. In addition, you can outsource some tasks, such as accounting services for your small business.
Small Businesses Are Tech-savvy
Technology has helped small to medium businesses up their game while remaining competitive. Being a small business, you’re compelled to utilize whatever resource is available to you. With information and research just a few finger taps away, running a business through your phone was never spoken of before. It’s a good way to stay connected to industry news. Besides, everyone’s online now. It’s easier to study and keep tabs on what your direct competitors are doing.
If there’s anything that small businesses flex their muscles on, it’s their marketing. With multiple data gathering tools available online, one can study their target market and consumer behaviors. Not to say that the process has been cut short, but the data is readily available. All there is to do about it is how to use it to your advantage.
Small Businesses Are Hands-on with Their Customers
The value small businesses place on their customers can be compared to big competitors with bottomless pockets for advertising. Every customer gained or lost has a colossal impact on the business.
Fostering rapport and loyalty is important in building a client base, which ultimately equates to more sales. As long as you’ve perfected the ultimate formula in customer service, it’s already a competitive advantage you have.
Being nice, even and especially to prospects, can go a long way. Your competitor might be offering the same product as you are but with a bit of a price difference. But because your customer likes your service, they’ll choose your brand any day.
Small Businesses Are Receptive to Feedback
Small businesses recognize where they currently are and that there is always room for improvement. It’s okay to feel like a hot-shot on some days (or to become one someday) but continuously recognizing there is always room for improvement means continuous growth and learning. You remain open to criticism, innovations, even eccentric ideas that might work. This type of openness promotes a culture of sharing ideas without the fear of being shut down and remaining constructive in times of conflict.
Hardships build character, but only if you don’t just endure them but make the most out of them too. Learning will be a constant companion throughout your business’s growth, so make sure you apply what lessons you pick up along the way. It’s a long road ahead, but nothing worth having ever comes easy.