Laura

who is directly affected


Small businesses can compete with big corporations


Many people are scared to begin a business due to the dominant market players. They believe that the only way for new entrepreneurs to succeed is with large companies. However, that's not the case, and there are many instances where it pays to be the small guy.
Here are six advantages that you enjoy as a small-business owner over large corporations.
You are able to create faster innovations and change your ways.
 
Problems for big corporations There are so many layers involved in their decision-making process that they aren't able to react fast enough to changes happening surrounding them. The changes that occur are always constant. Before they get the required approvals, they are often too late to the party, and the benefits they reap from these innovations aren't quite as significant as they could be.
You can respond to market trends as they happen because you are a small company. In many cases, you could be the sole person who is in charge, which means that you can potentially make any modifications you wish to make to your plan the minute you conceive them. While that doesn't mean you should make unwise decisions, the potential of being agile makes you better off in most situations where implementation speed matters.
Your clients will be more comfortable with you if you establish deeper connections.
 
Humans prefer to interact with other people rather than companies that are not human. It's impossible for huge businesses that employ thousands of people. It's impossible to build a personal relationship for every customer.
In contrast being a small-scale company, you will be able to meet every client in a more intimate manner, whether it is through your team members or directly as the owner. In certain instances the client base you have may be small enough that you might not have time to get in touch with them. Others will choose your competition and treat them like friends, rather than clients.
It's possible for teams to collaborate
 
Similar to the previous example, except that I am talking about company communication. Employees can build stronger bonds with each other by working in close collaboration and knowing one another on a deeper level.
Instead of sending long emails to coworkers regarding a project that you are working on, and waiting for their responses, you can simply go back and ask them directly. The flow of information will be greatly enhanced.


You have an extremely limited budget
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What makes having a small amount of cash good, you might be thinking? The simple answer is that you are able to be more creative than your rivals who have the money. However, you need to ensure that every dollar you invest in your business will be beneficial to you. It's not possible to come up with 10 different solutions to an issue. There's only one chance.
Although this doesn't mean big corporations don't have the ability to think creatively when they have a lot of money, it does suggest that they are more likely than other companies to find a solution that's acceptable because they can do it whenever they like. However, you must be able to complete the task quickly. There won't be second chances. These limitations are often the most effective.
You can take greater risk
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This is a tricky one, because as I mentioned in the previous points, large companies have more money and must be more inclined to take risk. The losses they incur aren't as big, right? Well, not quite. They're richer, but also many more customers to please. This means they won't be able to make risky investments which could harm shareholders.
Since you are the owner of the business You are usually the only person who is directly affected by the decisions made. It may sound harsh however it's the fact that's more beneficial than having to control your own fate.


It's better to focus on your mission than on making a profit at the expense of other people
 
A lot of large corporations aren't focusing as much on their target audience now than they did at the beginning. Instead, they are focused on making profits for shareholders. This is the way large corporations (especially those that are publicly traded) operate. For small-sized business owners this is an enormous advantage.
Now you can focus on making your clients satisfied, even if that means generating less revenue in the short term. Although this will pay off in long-term however, it's not an option for large companies. They need to keep bringing in profits constantly while you think more long-term and put your current success in the past to make it more profitable down the road.