Small businesses have an advantage that can really help them survive, and even thrive, in these challenging times. That advantage is flexibility. Huge corporations, which operate much like the huge cruise ship QE2, are impossible to turn on a dime. Small businesses can make decisions and implement changes necessary in fluid conditions. A small business owner can review the business plan and quickly decide a new course to steer the ship of business.
Small businesses can seek help from supporters, friends, family, and even other small business owners. Small business owners have closer connections with their customers, making it easier to talk and ask for their ideas. It's also an opportunity to sell existing customers new products or services.
Other advantages of small businesses include an ability to offer exceptional customer service (they have a smaller number of employees to train) and the ability to use networking opportunities. Who isn't impressed when the business owner greets you, the potential customer, by name? A small business owner can use these times to reach out to former customers and rebuild a relationship. Unlike big business which requires formal approval processes for decisions, the small business can offer special sales pricing or incentives quickly and efficiently. A small business can be innovative and entrepreneurial in packaging their services and products. They can beat the larger businesses to the market with new ideas.
Whether in business or in our personal lives, we can spend a lot of time and energy lamenting the downturn in the economy. Or we can look for ways to streamline our operations and run a tight ship when it comes to our budgets. Practicing "back to the wall" management can be exciting and can refocus our efforts like no other situation can. In good times we all tend to get a little plump and lazy. When times are good, it's easy to add people, to get fancy, and to assume that the ride will continue to be smooth. When times get tough, successful businesses (and successful families) take a critical look at what they are doing, what needs are essential, and how to get the most of the dollars available.
Read full story [Marietta Times]
It's true, small businesses have a lot of advantages over larger companies, and innovation and willingness to experiment go a long way. Thanks for the boost!
Posted by: Cars for Keeps Auto Repair | October 09, 2009 at 01:23 PM
During the economic downturn of 2008 and 2009, our company, Keystone Specialties, also realized it needed to change how it did business in almost every aspect. New automation systems - from how we processed orders to how we sent marketing information out - became key to reducing out overhead and time spent attracting new customers. We even were able to help our 1500 chamber of commerce customers and prospects combined understand how to help their own business members through a free business article series we published monthly during 2009. Many chamber directors used those articles to add value to their business expertise buy sharing the info with each of their business members. The key to this success for Keystone happened to be innovation. While we don't sell the articles (they are a free service), we realized that by providing more value to our customers, the chambers of commerce, we were establishing credibility for future business transactions. Every business manager should approach difficult times with an unwavering confidence in their abilities to cope with changes. Then their actions should follow through to accomplish great things.
Posted by: Benjamin Kline | January 22, 2010 at 07:23 PM