Many individuals may be under the erroneous assumption that major conglomerates in the United States have small businesses cornered in virtually every aspect of an operation. However, contrary to what may be popular belief, small and mid-sized businesses have several characteristics of which larger enterprises are likely jealous.
In order to foster better understanding of what these characteristics are, entrepreneurs and co-founders of advisory firm Avondale, Karl Stark and Bill Stewart, recently developed a list in a recent article for Inc.com entitled "Why Large Corporations Envy You."
At the top of the list is the fact that a small business is nimble. When considering the chain of command at a large business, decisions likely need to go through a number of various-ranking executives before they can be approved.
But, a small business or startup can get things done far quicker with only one or two decision makers so that business processes are completed with more efficiency.
Additionally, without the major expenses of a huge enterprise, small businesses can do things cheaper and therefore provide their product or service at a more competitive rate.
Moreover, at larger companies, many things occur by a strategic formula. Staff members are all trained by the same handbook, protocols are standardized and employees may have little room to think outside the box. By contrast, a small business looking for every growth opportunity is likely willing to take more risks and foster superior business model innovation.
So what do big businesses have that smaller ones do not? It could be the case that a larger organization has the resources to hire a full-time customer service staff to field a larger volume of consumer inquiries at a faster pace. However, by outsourcing this task to a third-party answering service, a small business can have a large and knowledgeable service staff at its disposal without having to pay salaries and benefits. Consequently, taking this measure is just another way that a small business can leverage smart, cautious decision making to keep pace with larger competitors.