Historically, small businesses have had to work far harder than their larger-sized counterparts in order to stay afloat. Given the benefits of emerging technologies and the ability to market services and goods online, however, the average small company has a much greater chance of succeeding. Following are Six Reasons Why Small Businesses Succeed.
1. Small Businesses Are Highly Adaptable
One of the major advantages that small companies have over larger corporations is adaptability. With less inventory, fewer employees and brand images that have yet to be set in stone, these entities can quickly alter their products, services and operations in order to better suit the needs of their markets. They do not face the same challenges in these efforts that many large companies will.
2. New Online Platforms Have Significantly Reduced Marketing Costs
It is easier and cheaper than ever for small businesses to make their marks on the world. With a cleverly devised advertising campaign, even a company with a modest marketing budget can see develop very successful ads and content. For instance, funny, insightful and captivating video advertisements can be shared via social networking platforms and micro-blogging sites at a very nominal cost.
3. People Love The Personable Nature Of Small Companies
After years of dealing with automated phone systems, many consumers are willing to pay a bit more in order to deal with small services that are personable and willing to accommodate their needs. The average shopper has grown tired of dealing with massive customer service departments and complex refund and return policies. A small company can be far more flexible in these areas.
4. Small Companies Can Offer Competitive Prices
Wholesale companies are also becoming more flexible and thus, it is much easier for sellers with just one or two employees to access wholesale goods at the lowest possible prices. When paired with their lower overhead costs, relationships with wholesale suppliers make it possible for developing businesses to keep their prices competitive.
5. Owners Of Small-Sized Companies Have Excellent Leadership Skills
Whether family-owned or simply maintaining a close-knit environment, small, local businesses are commonly known for having impressive goals and community leadership skills. In many areas, small-sized companies set the standard for charitable giving and they work hard to offer their employees livable wages. The individuals who own these companies are also using some of the latest strategies for boosting morale and productivity while increasing worker satisfaction. It’s important that businesses hire trained employees who have the education needed to succeed in leadership. For example, an employee with a Master’s of Science in Organizational Leadership at Norwich University can be a great asset to the company.
6. New Compensation Strategies Provide Greater Incentives To Close Deals
Many aspiring entrepreneurs are also finding ways to implement compensation plans that are wholly incentive-driven. These include commission-based compensation, affiliate compensation, multi-level marketing opportunities and even reseller programs. This ensures that each person is accountable for his or her own sales and keeps spending under control.
Companies do not have to be large in order to thrive. In fact, there are many advantages in owning and operating a small business. Moreover, as new technologies and resources emerge, growing businesses can looking forward to increased stability and health.