Small and large businesses have their unique strengths. Small businesses have the agility to put mass in motion with ease. Large companies have the advantages of maturity — access to credit, established brands and resources.
But small businesses often overlook many of the valuable strategies that can get put them on growth trajectories:
Adopt lean practices: It's not just for Toyota (TM) - Get Report anymore. While manufacturing is where the lean business philosophy was born and first applied, many businesses and industries are adopting these practices and finding success. In particular, health care companies, such as Eli Lilly (LLY) - Get Report , has begun adopting lean strategies to eliminate waste, reduce costs and improve quality.
A small business that adopts lean practices will save money and resources as it grows. For new businesses, improving quality is crucial to survival.
(TM) - Get Report (LLY) - Get ReportMarket like you mean it: Companies like Dell (DELL) - Get Report , Coca-Cola (KO) - Get Report , Microsoft (MSFT) - Get Report and Apple (AAPL) - Get Report work very hard — and spend a lot of money — to understand and market to their audiences. But sweat equity can buy an awful lot for small businesses these days. Cheap (and often free) technology and communication options — such as blogs, Twitter, Facebook and LinkedIn — can connect a new business with customers and scores of prospects quickly and efficiently. The large corporations mentioned above have embraced new media for a reason and you should too.
(TM) - Get Report (LLY) - Get Report (DELL) - Get Report (KO) - Get Report (MSFT) - Get Report (AAPL) - Get ReportAdopt a service mentality: When talk of the "service economy" comes up many entrepreneurs cringe, thinking that it means working in the fast-food industry. But large corporations offer advanced services around their products to build value. You can and should follow suit. The right value-added services for your customers can differentiate your business from your competition.
(TM) - Get Report (LLY) - Get Report (DELL) - Get Report (KO) - Get Report (MSFT) - Get Report (AAPL) - Get ReportFocus: General Motors recently began shedding brands to concentrate on rebuilding. Risk-taking is important in any business. But avoid adding too many products, brands or services. As GM found, the costs can be severe and the solutions painful.
(TM) - Get Report (LLY) - Get Report (DELL) - Get Report (KO) - Get Report (MSFT) - Get Report (AAPL) - Get Report The differences between your small business and IBM are significant. But using large companies as benchmarks for some of your strategies and tactics can give you valuable insight and a roadmap for your business' future.
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