Being a small and medium-sized business (SMB) has its perks. Whether it's control over your business, tax incentives or that special relationship you build with customers, remind yourself of these advantages and use them to stay ahead of the competition.
The ability to remain agile
The internet moves faster everyday, keeping us informed about trends from all over the world. If your business wants to stay ahead and move with the latest innovations, it’s essential that you’re aware of these changes so you can quickly implement new ideas and attract customers. This sort of agility is unique to being an SMB and has some serious advantages over large corporations. Whether times are good or bad, being able to pivot quickly opens more doors and keeps your business competitive.
The financial incentives
An oft-forgotten advantage to being an SMB has to do with the tax incentives, grants and other initiatives that exist to help your business grow during the early years. Governments around the world are keen to encourage the growth of SMBs as this increases competition, helps develop new innovations and ensures money and growth stay within the country. In Singapore, the government offers tax incentives for SMBs that you should take note of. Other benefits include business grants and easier access to loans to provide businesses with a better chance to excel in the globalised marketplace.
The human element
Being an SMB makes it easier to build close relationships with your most devoted customers, partners and even employees. Once you get through the chaos of managing your contacts, it can be one of the most fulfilling and enjoyable parts of being a business owner.
No matter what you sell and who you work with, the human element is a major advantage. Your customers enjoy knowing there's someone they know at the other end. Keep this in mind and your business can thrive in almost any setting.
Business owners that keep these factors in mind will help their SMBs to stay ahead in the marketplace in the short and long run.