8 Advantages of a Small Business
You have an ace up your sleeve when a large boy moves into your territory: your size! Being a small business comes with a number of distinct and amazing benefits.
Learn how to take advantage of your size advantage to its full potential.
1. Quicker response to customer requests.
In a small business, severe customer problems are less likely to fester because the owner will be aware of them sooner and take action. Large corporations frequently take a long time to respond to client complaints. You can respond to your consumers’ problems much more quickly because you don’t have a long chain of command or complex bureaucracy filled with all kinds of policies and processes that big businesses do.
2. You can respond quickly to clients’ questions and concerns.
You can be there when the big boys can only offer a ringing phone and a voicemail; you can be available at all hours of the day, night, weekend, and holiday. Customers are aware that they may readily contact you, the owner, for assistance in resolving issues with your product or service. That’s a major positive!
3. The ability to provide ongoing personal service to customers.
Being small has numerous advantages, one of which is the ability to deliver more personalised service to your consumers. Customers trust businesses that give them genuine personal attention, and they like businesses that remember their names and previous transactions. Consumers who say, “I’ve been doing business with this firm since 1995” are more likely to be proud of you than customers who say, “I’ve been doing business with this company since 1995.” A mass marketing behemoth, on the other hand, is less likely to care.
4. Experts can be sent at a lower cost.
Before breaking out and beginning a firm, many small business owners are experts in their fields: a small advertising agency may be operated by a former creative director of a large ad agency, while the owner of a video production house may have previously directed independent films.
You must combine great work with reasonable rates – two crucial features that add value and may serve as the foundation for building a loyal customer base. Despite your size, your clients should perceive you as a specialist if you specialise market your services and specialisation talents.
5. Save money on overhead.
Because your company is small, it requires fewer resources to run and manage. Because of your decreased overhead costs, you may be able to offer a lower pricing and possibly undercut a major competition. By obtaining a bigger percentage of business from a very limited niche, you can outsell the big businesses. You can narrow your focus and succeed with a lower profit margin.
6. More agile and adaptable.
Small enterprises are more adaptable and less constrained by rules and regulations. When a consumer complains to a Best Buy saleswoman, for example, the customer will almost certainly hear, “Our policies specify that so-and-so.” As a result of company policies, staff are unable to provide greater customer service. As a result, dissatisfied customers depart because they believe their requirements are unimportant to the organisation.
On the other side, you may simply make compromises to disgruntled clients. You can simply update a policy to keep consumers pleased and satisfied; there is no need to go through the board or the legal department to approve every modification in the business’s policies. Customers gain confidence and loyalty as a result of this flexibility.
7. Capable of reacting quickly to changing market conditions.
Being adaptable also means being able to respond rapidly to changing market conditions. Most small businesses are obliged to be inventive in order to compete due to their tiny size. Because your small business lacks the resources of larger corporations, the only way to compete is to come up with something unique, creative, and innovative.
Most mass marketers are unable to respond to changing market conditions as quickly as you can, but you can. In order to respond to changing client needs, you can make adjustments to your inventory, billing, new product, or other procedures more easily. More significantly, you have the ability to make decisions RIGHT NOW!
8. Can collaborate more closely with customers to address the company’s flaws.
Customers and policymakers often have a huge chasm in large corporations. Small business owners are frequently on the front lines, and policies can be adjusted quickly if necessary. To stay ahead of the competition, keep an eye on customer feedback, particularly from individuals who have shifted from larger corporations to your small business, and reply quickly.
Doing the things that the big boys don’t do is the secret to beating them. Your small stature has several benefits – many more than those listed above – so take advantage of them to consistently outmanoeuvre and outserve them and win the game!