Don’t be fooled into thinking your company’s worth is insignificant! Small businesses make up 99.9 percent of all businesses in the United States and employ nearly half of all U.S. workers.
While it may seem that small business owners are at a disadvantage when it comes to accessing credit or attracting top talent, just the opposite may be true. Here are seven advantages of operating a small business today:
1. Adaptability – When the winds of the national economy change, small businesses are often able to adapt more quickly. With less overhead and bureaucracy, reaction times are faster to an approaching economic storm. Small business owners have more flexibility to make swift, necessary changes.
2. Technology – Today’s technology tools leverage the playing field for small businesses, allowing them to efficiently and effectively communicate their messages via email marketing, social media and apps.
Management and organizational tools further help streamline operations, and point-of-sale (POS) systems now allow small-scale retailers to accept credit card payments with their smartphones.
3. Access to Credit – The national economy has been on an upswing, and many business owners are feeling optimistic about investing. Banks are also seeing the economic recovery and are more willing to make loans. Small business owners are in a position to shop around for the best rates.
4. Innovation – Small business owners feel the daily press of competition, which produces innovation. Many top companies like Amazon, Apple, Disney and Hewlett-Packard started as “garage” businesses. While your small business may not grow that exponentially, startups do have the freedom to explore new ideas and create innovative services models.
5. Community Support – Successful small businesses are built on customer service. They have a loyal customer base, which allows them to weather economic downturns. People realize that patronizing local businesses will benefit their community. Dollars spent at a locally owned business stay in the local economy. Further, small business owners often support local causes because they are living, working and raising families in the community.
6. Networking & Resources – There has never been more free help available to small business owners. The Small Business Administration offers many online resources and has district offices throughout the nation. America’s Small Business Development Center (SBDC) is another reputable, nationwide small business assistance network, typically hosted by public universities. These centers offer no-cost business consulting and low-cost training.
7. Competitive Advantages – Small businesses are perfectly positioned to capitalize on the trend toward “buying local.” They often offer one-of-a-kind products and cater to the interests of customers in their regional market. Additionally, small businesses can offer relevant deals and incentives and host special events of value to the local people.
Don’t let the small business stigma fool you!
Your small business is perfectly positioned for opportunity and innovation.
To find out how your small staff can perform its best, contact the professional business consultants at Brink Results, experts in training and consulting for managers and employees.