The business fabric is made up of SMEs , and although their activity is essential for the economy of our country, it is clear that being a large company brings countless advantages, especially in terms of productivity and economies of scale . But that shouldn't make small businesses believe that they cannot compete individually with large multinationals https://bizop.org/.
Reaching out to consumers and getting in touch with them has become one of the most complex challenges facing businesses. Before the pandemic, it was already complicated because consumers were constantly in demand. After the crisis, things got more difficult and companies have to adapt even more.
At CEDEC we believe it is essential that small and medium businesses know how to take advantage of the competitive advantages of a small size. That is why we share some of the characteristics of SMEs which can help us adapt to the market, increase the number of clients or attract large investors.
More flexible
A large company has a large structure, so any change (in strategy, procedures, teams, organization or any other aspect of the business) involves more bureaucracy , which can slow down the process in its together.
The SME, for its part, has a much simpler structure and management, which allows it to adapt more immediately to market variations , a particularly important advantage if the environment is taken into account. current economy, where changes are constant.
Likewise, it's also important for taking advantage of new or small market niches, which a large company may not be able to detect.
A small business is closer to its customers, which allows it to perceive earlier the evolution of the market (closely linked to the previous advantage), but also a closer and personal relationship with consumers, which results in increased loyalty and facilitates the personalization of services according to each user.
What happens with customers also happens with company employees: as there is greater proximity to management, it is more common for employees to be involved in company objectives. In addition, development can also be easier in SMEs, since there is a less rigid structure, professionals can have more freedom in their tasks, which promotes creative and holistic thinking.
More quality-conscious
In general, small businesses can't compete on price, so they do it on quality . In addition, they tend to know their sector better, being in direct contact with it on a daily basis, which allows them to give an image of experience, security and confidence.
One of the main drawbacks of small and medium-sized businesses is the difficulty in generating economies of scale, but this can be partially remedied by creating alliances and synergies with other small businesses that work in spaces complementary, taking advantage of the differential aspect of each for the benefit of all.
we believe that it is essential that small businesses not only try to grow, but also that they take advantage of the competitive advantages of their size and their business model to differentiate themselves from large multinationals and to attract and retain new customers. They will thus be able to progress on the path of Managerial Excellence.