If you’re running a small business, then you might suffer a number of disadvantages, compared with the more established players in your vicinity. On the other hand, smaller businesses are able to do things that larger ones cannot – and, in many cases, it’s possible to mitigate the downsides of being small.
Tap into Local and Regional Growth Grants
Businesses are often able to benefit from government-backed regional development schemes, especially if they’re entering an industry that the government has targeted for growth. If you’re training digital workers, or developing new technologies, then it’s worth keeping in touch with your local authority, so that you can be made aware of any approaching opportunities.
Leverage Data for Smarter Business Planning
Larger companies are able to collect masses of data, and to analyse the numbers and glean insights that can inform small decisions and big ones. Smaller businesses, however, can take advantage of data in the same way – provided that they know where to find it. Investigate the tools available to you. It might be that there are low-cost ways to leverage the data you collect, and to make more accurate, actionable predictions about what the future holds.
Strengthen Cash Flow Through Financial Efficiency
Revenue alone might not be enough to guide an SME toward prosperity. The way that you spend money, and the efficiency with which money can flow through the organisation, will make a difference, too. Skilled SME accountants will be able to make use of the budgeting and credit control tools, while ensuring that all processes comply with relevant regulations.
Collaborate With Larger Enterprises for Supply Chain Visibility
Often, a small business can drive efficiency by collaborating with larger chains of other businesses. These might include the suppliers from which you source materials and equipment, and the digital experts who provide you with technical assistance.
By working closely with other organisations, you’ll make your processes more efficient, and outsource the work to which you’re not well suited. You might also make yourself more visible to other firms, which might lead to commercial opportunities further down the line.
Invest in Upskilling and Digital Literacy
If your team have access to the right skills and talents, you might be able to fill niches that larger companies cannot identify. Digital skills, in particular, form a major growth barrier to many SMEs. You might ensure that your staff fully understand the systems they’re working with, and that they know how to spot and deal with attempts at phishing and other cybersecurity threats.
Providing the right training not only helps to drive up productivity, but it will also make it easier to retain the talented staff who will make your business thrive.
