Managing Your Small Business Like a Corporation
Even a small business these days can compete with the big boys, provided there is the right software, support and motivation. You may not have their marketing budget but you can easily learn how they make the big sales. You can also use the benefits of the size of a small business to outmanoeuvre your larger competitors. A small business can also take advantage of software and outsourcing to bring key elements to their business that used to be unaffordable.
Some of the key problems that a small business will face compared to a large one are:
- Customers – fewer customers mean less money coming in.
- Marketing – a corporation will have a marketing team, while you might be doing some DIY!
- Staff – you probably don’t have experts to call on in the office or the staff you have may be wearing multiple hats.
- Resources – much like staff, resources can often be tight in a small enterprise.
So how can a small business overcome the odds in this David and Goliath battle?
Professional Sales and Support
Just having the right type of sales and after service support can really take it to the bigger players. Many customers choose smaller businesses precisely for that reason. If you are making and selling the products, even better, as consumers can ask you directly about any questions or concerns they may have.
Outsourcing Non-Core Tasks
If you are trying to be the accountant, salesman, factory floor worker and delivery person then you need to step back a bit. While you will want to control key aspects of your business, there are people that can help you in other areas. Here are some areas in your business that you can easily outsource:
- Your website development
- Your marketing
- Business management (Dynamics AX Consultant, for example)
Anything that you can afford to have someone else do will be saving you time. It may cost you more but sometimes your time is worth more than the money spent.
Reading Your Sales Data
Using good software such as Microsoft Dynamic to measure your leads and other sales information can help you decide the direction for your company. If you are unsure about reading sales data then you might need a Dynamics consultant to set you straight, as we mentioned above. Keep good records daily, weekly, monthly, and of course yearly.
This will give you an idea of any trends in your business, positive or negative. This will also give you some focus for training your sales team if you have one. You can easily tell them what is selling, what’s working and of course, what isn’t.
Creating a Strong Team
The greatest asset in a small enterprise lies in the teams that run them. This is you and your employees, so create a strong bond between all of you and start working together to beat the big businesses! Employees in smaller businesses can take a lot more pride in what they have achieved within the business and this needs to be celebrated.