Laura

faster and make changes


Small businesses can compete with big corporations


Many people are afraid to start their own businesses due to the large corporations that already dominate the market. They think there's no way that a newbie can stand a chance with those business behemoths and even win. It is not true. There are many areas in which it is more profitable to be small.
These are six benefits that you enjoy when you own a small business over big corporations.
You are able to innovate faster and make changes.
 
Issues faced by large corporations There are so many layers involved in their decision-making processes that they aren't able to react fast enough to the changes around them. These changes are constantly changing. They may not get all the necessary approvals before the event, so the benefits they get from these innovations aren't as significant.
Small businesses can be responsive to market changes as they occur. It is possible that you are the sole decision-maker in a small company. This means that you can change your strategy as soon as they happen. While that doesn't mean you should take rash decisions, the possibility of being flexible makes you better off in the majority of situations where speed is important.
It is possible to build more intimate relations with customers
 
Humans are drawn to interaction with each other, not with faceless corporations. This isn't possible for big businesses with thousands of employees. It would be impossible to build a personal relationship with each client.
In contrast being a small-scale business, you can connect with every customer on a more personal level regardless of whether you do it through your employees or as the business's owner. In some cases, your client base may be small enough that you might not have the time to meet with them. Some will prefer your competitors and treat them as customers, not as friends.
Your teams can work closely together
 
Similar to the previous example, except that I am referring to corporate communication. Since employees are closely together and interact with each other, they are able to develop stronger bonds and to know each other better.
Instead of writing long emails to inform your colleague inform them of the project you're working on, and then waiting for a few hours to hear back, you can just turn around and ask them directly because they are sitting close to you. The process of communication will be greatly enhanced.
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You have a limited budget
 
Perhaps you are thinking about what makes having less money so good. It's easy. You are able to be more creative and more creative than your peers who have the money. It's because you have to make sure every dollar goes to your business. It means that you can't try 10 different approaches to tackle a particular issue instead, you should focus on the one you choose and ensure that it will work well because you only get only one chance to do this.
It doesn't mean that large corporations can't be creative with massive amounts of money however, it does mean that they are more likely settle to a plan that works because they can change it at any time. However, you need to get it done fast. If you don't, there won't be any second chances. The best solutions often come from those who are limited.
You can take greater risk
 
This is a challenge because large companies, as I mentioned in the preceding paragraph, have more money and are more likely to take risks. The losses they incur aren't as big do they think? Well, not quite. Even though they have more money, they also have more people to please, and therefore they'll be less in a position to make decisions that could hurt shareholders.
You are the only person directly affected by all decisions regardless of how significant. It might seem like a harsh reality, but the truth is that it is much better to be responsible only for your own fate than knowing that whatever you do might change the lives of thousands, or more people.
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Focusing on your mission is far more crucial than earning a profit at any cost.
 
Big corporations have lost the ability to serve their customers as they once did. Instead of focussing on making money the majority of them concentrate on making profits for shareholders. This is the typical method of operation for large corporations, especially those that trade on the public market. This is a benefit for small-scale business owners who have a an agenda.
Even if your earnings are lower in the short-term, you can now concentrate on making your customers happy. Big corporations cannot adopt this strategy, even though it may pay off in the end. They must continue to bring their profit. You can think more long term however, you must also place your current success in the back of your mind to increase it in the future.