Through the many small businesses owners I’ve talked with I generally found one common flaw in their line of thinking: they wanted to compete with the conglomerates.
Competition on a large scale is a great mindset to be in for small business owners but it’s often far removed from reality. A small business that produces software for computers will most likely never reach the same levels of success as those already established like Apple or Microsoft.
This isn’t to deter any SBO from chasing their lofty goals; it’s meant to help them understand that they need to focus on obtainable growth rather than outlandish ideas.
Think of it this way:
· Your business will most likely never have the marketing budget of Coca-Cola
· Your business will most likely never have the production capability of Samsung
· Your business will most likely never have the retail space of Wal-Mart
But that’s okay.
The reality is that to be successful you don’t have to play on the same field as the “big boys”. In fact, it’s probably better that you stay lean and agile so there is less bureaucracy in your workforce. This can stifle the ability for key members of the business to develop and build on ideas that later turn the business venture successful.
Case-in-point: The wonderful thing about small businesses is that they’re able to work on a local level. On a local level, for example, if the SBO needed IT services in Ottawa, it would be available at their doorstep rather than navigating through a hierarchy of individuals until the task is completed. Since committees aren’t calling the shots, a SBO is able to conduct their business in an agile fashion to keep up with the rapid development and shifts in the marketplace.
There are often three key areas of business which SBOs can reproduce at a fraction of the budget yet remain competitive with the larger players in the marketplace:
The “three T’s” for our purpose of discussion.
The first, talent, can be found throughout the globe largely due in part to freelance [Read more…]