February 11, 2020
Being the owner of a small business has its own advantages and disadvantages. But as you have taken the full responsibility of running your own business, it’s time to take benefits of running a small business.
In this blog post, we have mentioned seven reasons to be thankful for being the owner of a small business.
Have a look!
You are creative, innovative, energetic and agile: You may not compete with the large business owners because of budget or number of employees. But you have other qualities through which you can give tough competition to the large businesses. You have the ability to utilize these qualities to fly high in the sky. You can understand the trends of the market and get an idea to run your business. It enables you to market your product with the new marketing strategies.
Lack of Red tape: Every large business has formal rules and regulations which they have to follow strictly. Being a small business, you don’t have to deal with such a hefty burden. You don’t have a big humane resource department or a legal department. If you want to hire someone, you can hire them. You can make decisions on a daily basis. You don’t need the higher authority to approve your decision. You must be thankful for this.
Your loyal Team: Unlike Large business, small business does not have many employees. The benefit of a small team is that they have an intimate and family-like environment. Most of the small business employees are consist of family members, close friends and some former work associates. They all are trustworthy, loyal and committed to their work.
You know your clientele and they know you: There is an old song which says “You want to go where everybody knows your name”. The same case is with the customers. For small businesses, the customers are not mere the names in the customer database. Small businesses deal directly with their clients and offer a high level of satisfaction to them. Small businesses offer flexible payment terms, send products sample to their office, send gifts on the festivals etc. This kind of relationships helps in avoiding problems and other issues.
Your control over the profit and loss: Sometimes you have to take the risk. There are 50-50 chances of success and failure for taking the risk. If things go wrong, you may have to deal with hefty loss. But if things fall the way as you desire, you will gain a huge profit. Providing a value product or service to the customer helps in creating huge value for the company. This works as a motivation to work harder and grow your endeavour. In simple words, if you do good work, you will get good results in the future.
The cash flow of the company: Most of the business faces the problem of smooth cash flow in the company. Payrolls, purchase inventory etc are the departments where a business owner depends on the working capital finance. This fulfills the gap where there is a shortage of cash in the organization. There are various financing alternatives which help the small businesses to run smoothly.
Your technology: Small businesses have various options when it comes to adopting technology for your organization. You obviously can not compete with large business systems and software. Now, everything is in the cloud and fully automated whether it is project management, accounting, marketing etc. You don’t have to invest much on the employees rather incorporating systems and software makes the work easier. Use of reasonable and available technology tools allows the business owner to ameliorate the work efficiency, work globally, and produce more with less manpower.
After reading these seven points, you must be grateful for being the owner of a small business.