When we think about size in business, we tend to assume that bigger is better. Almost every business owner longs to be a titan of the industry … like a Google, Walmart, or McDonald’s.
But when you zero in on the relevance of size and the role it plays with the ins and outs of operation — from hiring and management to maintenance and customer service — it may become evident that “small” businesses enjoy an array of distinct advantages.
Five Benefits of Being Small
Bigger isn’t always better in business. Small firms face various disadvantages of course, but they can also enjoy a tremendous size advantage when they’re at the small end of the spectrum. Take a look at five of these benefits.
- Ability to Adapt and Shift Gears Quickly
The bureaucratic nature of large organizations can make them terribly frustrating to work in. If you want to get something done, you have to peel back layers, set up meetings, and work your way up the organizational hierarchy until you eventually obtain approval from the right person.
Once you have the approval, you may have to go through an involved process of implementing the change and getting people to get on board.
In a smaller company, changes can happen much faster and more efficiently. All you have to do is walk in someone’s office, present an idea, and then call a team meeting so the concept may be executed. Easy peasy!
- Attention to Individual Customers
Meet Mushkatel, Robbins & Becker, PLLC: a law firm that serves the community of Surprise, Arizona. Being a law firm that’s on the smaller side, with a total of just five practicing attorneys, this firm is able to enjoy the best of all worlds.
“Our firm is large enough to handle complex and resource-intensive cases,” the website explains. “Yet, our size enables ample resources to give each client representation that is friendly, personalized and comfortable.”
This is one of the greatest advantages of being a small business. When you’re small, you have the ability to give each customer and client the personalized attention he or she needs to feel cared for and understood.
Whether you run a law firm or an auto body repair shop, small can be a big advantage.
- Family-Oriented Company Culture
In a smaller business, management tends to have stronger relationships with employees at the lower levels. In fact, bosses, managers, and business owners may often maintain personal relationships with almost everyone in the firm. This can foster a family-oriented company culture that’s transparent, fulfilling, and supportive.
- Leaner Corporate Structure
Small businesses don’t have the luxury of to make rash hiring decisions. Every individual employee needs to be scrutinized and fully vetted before he or she is allowed to come on board. This results in a lean, yet highly skilled workforce that is more likely to result in fewer headaches and allow for more “wins” over the long term.
- Higher Specialization
In order for big corporations to remain profitable, they have to bet on a large array of products. Unfortunately, this generalized approach means individual items may not necessarily feature high quality.
Smaller companies don’t have to deal with this. “As a small business, my company has always had limited resources in comparison to competitors with deeper pockets,” says Vanessa Merit Nornberg, president of Metal Mafia.
“But rather than a handicap, this fact has made us more judicious in our product choices. We may offer fewer items, but we work hard to ensure they are the right items.”
Use Your Size as a Competitive Advantage
Instead of looking at your small size as something that is holding you back, why not turn that around and regard it as the competitive advantage it may well be?
Being small won’t make you successful, in and of itself, but recognizing the benefits you possess and using them to your strategic advantage may empower you to thrive where others flounder. Are you ready to roll your sleeves up and get to work?