Small Business Advantages
They can act quickly
- Small Business can respond much quicker to their customers’ concerns. Big companies often take an extended period to react to customer complaints.
- Small Business are more flexible and less bound by policies and procedures. They can easily provide concessions to complaining customers.
- They can react quickly to changing market conditions.
- They can make changes in their inventory, new product or other procedures more easily in response to changing customer needs.
- Most important, they can make decisions right now.
They are close to customers
- A big plus: They can be there when the big players can only offer a ringing phone and voicemail. Customers know that they can easily contact you - the owner - to solve their problems.
- Another extremely important advantage to being small is that they are in a better position to provide a more personal service to customers.
They know the local market
- Small Companies know their environment.
- They know what their customers need on site and what they appreciate.
- They know which seasonal events are in focus and can specifically target them.
Lower overhead costs
- Because they are small, there business requires fewer resources to operate and maintain.
- Their lower overhead costs can allow them to offer a better price.
In our opinion, the most suitable business models for small business owners are:
- Service provider
- Manufacturer and Remanufacturer
- Companies selling food, large or high quality products
- Tourist attractions
- Event organizers
All of these industries benefit from the fact that they are not easy to copy, are only partially exposed to competitive pressure on the Internet and therefore have an autonomous pricing structure.