Skip Reardon, who blogs at Be Excellent, claims most small businesses don't develop strategies that exploit their inherent advantages.

"The point of articulating small business advantages isn't that [they're] better than big businesses,” he writes, "but that they're different from big businesses." Understanding this is crucial to success. Reardon shows precisely how small businesses have a competitive advantage:

1. Communicate effectively. With smaller teams, members stay in the loop more easily.
   
2. Timely decision making. You can make decisions in less time since you don’t have to cope with a cumbersome bureaucracy.
3. Foster customer intimacy. When the majority of your team members have close interaction with customers, it’s easier to spot trends and identify challenges.
4. Attract quality team members. The relative freedom and responsibility of a small business has considerable appeal, especially to those who have worked in a corporate environment.
5. Connect people to purpose. When all team members contribute directly to your company’s mission, the tangible impact of their work provides motivation and a sense of purpose.

The Po!nt: Make small business advantages work for you, and you’ll move your company forward because of—not in spite of—your size.

To learn more about this topic, read Skip Reardon's blog for small businesses: Be Excellent.

→ end article preview
Read the Full Article