![]() Lean small businesses can easily shift gears quickly and adapt, something that big corporations avoid. They can thrive by taking on things that big businesses won’t or don’t do well.Ī small business is closer to its customers than a large corporation, receives feedback, sees changes in preferences, and proactively responds. ![]() Small businesses tend to be more responsive and adapt better to changing market conditions. But that’s just what makes a small business successful. They also tend to shy away from taking too many risks and embracing too much change. Creativity and risk-takingĬreativity is discouraged at larger companies. Quickly adapting to a changing market can be the difference between growth and falling behind. A new product or service idea can happen much faster if there aren’t multiple committees tasked with decisions. A new product or service could take months or even years to bring to the market.īut small companies don’t have that burden. From committees to boards to managers and other obstacles, deciding or changing takes considerable time and effort to complete. ![]() Larger companies have multiple layers of bureaucracy to go through for decision-making. Lack of bureaucracy means a faster turnaround in decision making Here are six that give smaller companies some distinct advantages. Small businesses don’t have the money of large corporations, but they do have other plusses that set them apart. They create 1.5 million jobs every year and are responsible for 64% of new jobs created in the US. That means that there are more small businesses today than before the pandemic.Ĭurrently, the US has 32.5 million small businesses. One element of “The Great Resignation” of 2021 is the whopping 4.3 million people who quit their jobs and became entrepreneurs.
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