When you run a business, there’s often something you’ll need to think about – or rather, there’s often something people will expect you to think about; growth. When will you grow your business? How will you expand it? What territories will you move into? What new products and services will you introduce?
With so much else to think about, growing your business might sound like a great idea, but it can be a challenge that can feel overwhelming to some business owners. The good news is that just because you run a business, that doesn’t mean you have to expand it – you can keep it small if you want to. If the idea never occurred to you before, here are some of the reasons why growth isn’t always good and why staying small can be positive.
A More Personal Business
One of the best reasons to keep your business small is to give you the chance to build good relationships with your customers and to make things a lot more personal. Compared to big corporations that just can’t connect with customers on a personal level, you can offer a much more personal and tailored service, no matter what it is you sell or provide.
This is a hugely positive thing for your business because it leads to more trust, a better reputation, and more loyal customers who love the fact that you know who they are and can offer them the service they’re looking for.
Small businesses are a lot more flexible than bigger ones, meaning that if you need to make changes, you can do so without having to put a lot of processes in place and check with loads of shareholders and investors to make sure it’s something they agree to.
When there are fewer layers to go through and much less red tape, you can make decisions more quickly, helping your business stay up to date, which is ideal for keeping your customers happy. This can relate to anything in business, so if there are factors affecting freight shipping quote prices, for example, you can quickly put changes in place to account for them. If there are new products that are suddenly popular and that it would make sense for you to sell, you can instantly get them on the shelves and make a marketing campaign to let people know. The list goes on, but the point is you have more chance of fast changes and better decisions when you’re small.
Lower Overhead Costs
Running a large business is very expensive because of the massive overhead costs associated with it. You’ll have lots more staff to pay, for example, a big office space (or lots of equipment for remote workers), and plenty of other bills too – not to mention your advertising budget will have to be big to keep up with the size of your business.
When you’re smaller, those overheads will be smaller too, which means you don’t have to make so many sales to make a good profit and be happy and comfortable with what you’re doing, which leads to a better quality of life as well.