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It doesn’t take an expert in business to tell you that there is a huge difference in the way a multinational corporation is run and the way a small, sole proprietor business is run. From energy levels to marketing approaches, it would seem that these two actually have more differences than things in common. In many cases this is a good thing—the big guys have a much larger following and a lot more to lose. However, there are a few things that even the most successful corporation can learn from small business owners like you. Here are five of the most important.
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Know Where You Came from.
Every business has a story, and it is probably one that your customers will love. Virgin, Apple, and many other companies have cashed in on the huge advantages inherent in remembering and sharing the history of your business. Small businesses are good at remembering where they came from—in many cases, they are still there. Large corporations tend to lack this sense of history, much to their own detriment.
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Hold On to the Power of Personality.
Most small businesses are successful because of the power of one dynamic person, the small business owner behind the company. This person is usually super charged and super invested in the company. They have passion and drive, and generally make the decisions from this standpoint. A large corporation, on the other hand, tends to be led by committee. Even the most dynamic CEO has to struggle to steer at the helm when there are thousands of other hands on the wheel. Few large businesses have this key advantage, which is enjoyed by many small businesses.
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Play Nicely with Others.
If you get together a group of small business owners, the chatter quickly becomes deafening as they share stories and tips about how to run a company. Large corporations, on the other hand, act like every memo is a company secret and stay mum. Brands that have similar values and a similar customer base make great partners for collaboration, and small business owners are quick to seize the opportunity.
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Move as Quickly as Possible.
When your ability to pay your mortgage is on the line, time takes on a very different meaning. Everything is accomplished as quickly as it possible can be. Because the entire company doesn’t depend on a single new product, large corporations lose this sense of urgency. They set looser deadlines, get mired in meetings, and as a result take much longer to complete the same tasks.
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Refuse to Lose.
Bankruptcy is not just a business failure, but a very personal letdown for the small business owner. Many have put their life savings into a business and even leveraged personal assets such as their home. For this reason, a small business owner is willing to go the distance and then some in order to achieve success. They run leaner operations and challenge themselves to come in under budget and ahead of time in every endeavor. They work hard to satisfy not just the majority of customers, but every single one of them. This is a huge advantage over the big businesses out there with no personal investment from the leadership.
