It can sometimes — or rather always — feel like small businesses get the rough end of the deal. They’re trying to compete with huge, multi-billion dollar corporations for revenue. In fact, ‘compete’ is probably the wrong way to put it. This is a mismatch of David v Goliath proportions.
The good news is that there has been something of a revival for small businesses, and that’s in large part to the increased levels of support they’re receiving from various sources. If you’re a small business owner, then take a read below, where we take a look at four sources of support you can call upon.
The Local Community
The reason why larger corporations are doing so well is that the general public decided to give them their money, rather than to an independent business. While there are many different avenues to success, the most simple version — if you attract customers, you’ll succeed — is probably the best. As we said above, things are beginning to slowly change, however.
Though it’s not spread evenly across the country, there has been something of a revival of Main Street as people have come to realize the value of local businesses. If you’re operating in a local area, then make sure you’re reminding people of how much your support means to small businesses, versus how little it means to big corporations.
Perhaps the biggest reason why large corporations were able to get ahead is that they had so much more money and resources than their small business counterparts. The more money you have access to, the easier everything becomes — that’s as true for businesses as it is people.
Luckily, there are ways that smaller businesses can get access to more money. SBA loans, for example, are a way for small businesses to get loans that work for them. This can help fund expansions, updates and upgrades, and bringing on board more staff, all of which are crucial if the company is going to progress.
If a small business is going to be at its best, then it needs to call upon other companies for help. Since they can’t hire an employee for every position, they really rely on outsourcing their work to third-party companies. The average outsourcing company, however, will have its eyes on the big prizes — which is getting those corporation dollars.
Thankfully, there are companies which were specifically designed to work with small businesses. They understand your needs, and can give you a more understanding, specific helping hand.
Other Small Business Owners
You might think that all businesses are in competition with one another, but this isn’t true. In the land of business, it’s actually small companies versus large corporations. As such, you can rely on those companies similar in size as yours, and they can rely on you. You can set up partnerships, or only buy your goods and services from small companies. In your town, you can look at setting up events that promote local shopping, for all businesses.