As humans, we’re determined to progress and reach new heights – it’s natural. When it comes to the business world, however, some will agree that there should most certainly be a stopping point. While you might be initially determined to take on more clients, more customers and more employees, there’s much to think about beforehand.
Is big always better? Absolutely not! In fact, as of 2019, there were 5.82 million small businesses (with 0 to 49 employees), 99.3% of the total business population.
As a small business, you may find that you have more opportunities to tailor your services to meet the requirements of individual customers. A ‘one size fits all’ mentality rarely ever yields outstanding results, so why not keep your business small and deliver a true, personal service?
Everyone likes to feel as though they’re special, and you’ll give your customers and clients more reason to keep coming back.
Here are 5 reasons why staying a small business is a good thing.
You can enjoy minimal risks
No one goes into business without first understanding that there are risks involved, regardless of financial status or the industry the business is within. In saying this, however, it’s true that small businesses simply enjoy fewer risks, and have a better ability to control any that do arise.
As a Director, the number of people you have to answer to is commonly zero, and a smaller team of employees allows for easier management.
Less money to fork out
While growing your business may sound like an initially alluring thought, it’s true that the smaller you stay, the less money you’ll have to fork out. Small businesses have fewer expenses and require less space and resources to carry out the same job.
By keeping your business at a modest size, you will find you have the freedom to drive additional money back into the business, instead of spending it on (more) employee wages and equipment.
Deliver a true, personal service
As a small business, you may find that you have more opportunities to tailor your services to meet the requirements of individual customers. A ‘one size fits all’ mentality rarely ever yields outstanding results, so why not keep your business small and deliver a true, personal service?
Everyone likes to feel as though they’re special, and you’ll give your customers and clients more reason to keep coming back.
Cheaper office rent
It’s a no brainer that the smaller your team of employees, the smaller the office space you’ll need to house them. As a result, the money you need to spend each month on rented office space will be cheaper, especially in a glamorous and notoriously expensive city like London.
Office space in London from BE Offices is a great example of this, as they offer a large range of affordable options ideal for smaller businesses.
Tick those boxes on the to-do list
You may be under the impression that smaller businesses struggle to get anything done because there aren’t enough team members to divide the workload. If this is the case, you might be biting off more than you can chew…
Contrary to belief, making the most of your small business and utilising it effectively will see great results, as there’s less bureaucracy and decisions can be better streamlined.
If you’ve always dreamed of taking your small, independent business and turning it into a worldwide chain, that’s absolutely fine! All we’re saying is that big isn’t always better, and it’s in your best interest to explore the above points. Whatever your decision, we wish you the best of luck…
