Why it’s a great time to be a ‘small’ business
While definitions of what constitutes a small business can be many and varied; according to the EU, the definition of a ‘small business’ is one that has fewer than 50 employees and a turnover of less than £10 million.
The buzzword in business and networking circles may be ‘growth’, but the truth is there are significant advantages to being a small business that few large concerns are able compete with.
The digital revolution has made it possible for those of us in business to connect and interact with our customers easily and affordably – engaging in low cost, or even no cost – online promotions. And when something goes wrong (after all, no system, or no business, is foolproof), small businesses with their finger on the pulse often find it easier to resolve complaints quickly and with the minimum of fuss, ensuring that their customer remains a customer – for life, preferably.
And have you noticed that many big businesses are spending an absolute fortune on their images these days? They hire top marketing companies and PR organisations to openly portray them as having the attributes of their smaller counterparts. They want to be perceived as caring and ‘in touch’ with their customers and to be thought of as giving good value for money.
As a small business, you will have the advantage of being able to do these things naturally – to genuinely stay in touch with your customer base and build a caring, customer-oriented fan base. And whenever you need additional help you can turn to freelancers to outsource your requirements – with a fraction of the budget any large company would require.
So whatever stage your business is at (or perhaps you are just starting up?) – whether your company needs help with ecommerce, social media or PR, teaming up with a marketing expert makes great sense, as he or she will ensure that your business keeps moving in the right direction – towards your goals. Momentum and motivation are important factors whatever stage your business is at.
Of course, your ultimate aim may be to emulate the success of your favourite big brand. But by building up gradually from firm foundations, your business will be much more likely to succeed in the long term.
Success as a small business should be embraced . . . celebrated. Trying to push for growth too quickly, before you are ready, can be detrimental to your business – as many former company owners have discovered to their cost.
As a small business you may have designs on being bigger, but there are many advantages to being a small business or SME that you can exploit to your advantage.
Written by Chris Jenkinson, founder of Jenkinson & Associates Ltd.
Jenkinson & Associates undertake marketing and business consultancy for businesses in different sectors and industries requiring business marketing and consultancy services including local, national, international and global trading companies.