Large scale corporations are always in the limelight – for quarterly results, high level recruitment and exits, growth strategies, mergers & acquisitions, new investments and sometimes for the negatives like sexual harassment charges by employees, violation of good governance practices, bankruptcy, fraud and the likes. One way or another, they are always in the news!
But there are surely some advantages of being small:
A small company is able to show agility and be nimble footed. Whether it’s showcasing innovation or vying for large projects, the agility and absence of bureaucracy that a small company has is often a big advantage it has over its large scale competitors.
Adoption of Technology
Today technology is changing in the blink of eye. A smaller company finds it easier to adopt new age technologies and upgrade them on the go. From piece-meal investments in core technology areas across the business to imparting the necessary skills to employees who will handle this technology, the smaller company has the advantage of bringing technological advancement with relative ease.
The aspirations of employees are easier to manage. It is easier to drive and motivate key employees with Founders being directly in touch with teams on a daily basis. These are the core team members who often stay put with the company for long years – through its ups and downs – provided you are able to motivate them and challenge them enough with new roles and learning curves every now and then.
The speed with which a small company can act and react to market changes is surely faster than that of a behemoth. While a large corporation has the definite advantage of deep pockets, a small company has the advantage of speed. An idea without speed in its go-to-market strategy is often an idea that never takes off!
In today’s vibrant startup ecosystem, everyone is interested in unique and innovative products and services. You don’t need the big budgets of publicity and marketing (though those certainly help!) to let people know about your idea. Several platforms including Small Is Big are here to showcase your incredible story to the world – for free!
This is perhaps the biggest advantage of being a small scaled enterprise. You can know your customers by name, offer them personalised services and move quickly from customer satisfaction to customer euphoria. Needless to say, word of mouth helps small companies and more often than not, customers are happy to talk about brilliant experiences they have had with small companies and contribute to their growth as well as marketing!