Do you think that small scale businesses have some advantages over the large ones ?

Understanding your small business advantages can help you succeed. Here’s how you can take advantage of the benefits of being a small business:
1. Respond quickly – Start listening and talking to your target market and customers. Formalize a process for customer feedback and suggestions. When you hear something that you can improve on or implement easily to add more value to your products/ services, make it happen!
2. Be flexible to market needs, changes and trends – Sometimes watching what big business can do seems intimidating, but they are usually focused on large volume products/ services, and not products/ services for smaller markets. Your business can focus on smaller markets for big success. Big business are usually slow in following trends. They want to make sure something will sell first. This again, is where you have an advantage. When you spot a trend, try it, anticipate the needs of your target market, and establish yourself as a leader or innovator.
3. Give personal attention – Big businesses are always trying to offer special incentives to make their customers feel more important. But that’s only an illusion. As a small business person you know your customers by name, what their favorite products/ services are and what their needs are. Develop those relationships with your customers that big business can’t build authentically.
4. Specialize – Your small business can target unique products/ services for niche markets that big business can’t afford to pinpoint.
5. Be creative – As a small business owner, you are always thinking outside the box to attract customers with limited marketing funds.
6. Build relationships and community – Small businesses can reach and develop relationships more authentically with local influencers that promote their businesses by word of mouth and create a more deeper and loyal following.
7. Manage your costs – Small businesses requires less funds to invest, market and innovate, thus making them more cost efficient. But you need to stay on top of your finances to come out ahead!
8. Avoid red tape – Ideas, complaints, and suggestions go straight to those who can implement or correct quickly without going through endless channels like in a large business.
9. Enjoy a lot of room for growth – As a small business you have plenty of room to grow and generate greater profit margins.

 

Small scale businesses have some advantages over large scale businesses in that they are flexible to markets,changes and trends. This is unlike the large scale businesses,they are slow.

Small scale business requires less amount of funds for investment,marketing and innovation. This is unlike in large scale businesses.

Small scale businesses enjoy alot of room for growth and generation of more profits which is not the case in large scale businesses.

Small scale businesses can specialise on certain products or services that potential customers like,unlike large scale businesses as it is difficult for them to specialise.

 

Yeah i think so

 

Small scale business only have an advantage when it comes to taxation. They are normally not double taxed. But when it comes to large business, profit margin is normally high thus handing it more advantage as compared to small scale business.