“Achieving something takes time and will, but sustaining it demands constant practice”, the proverb is apt not only for life, but also in the current business environment. The stratospheric rise in the business world has increased the horizons of every organization irrespective of their sizes and given them an equal opportunity to showcase their talent. While it has made the already strong businesses stronger, the small and medium scale enterprises are also not left behind.
Taking a cue from the story of a battle when David challenges Goliath, it is with the constant research and development across the spectrum of their needs, the new age startups are disrupting the conventional business methods at a very alarming rate. This is causing problems to the big companies that are not agile in their work process to stay ahead of the curve. The encroaching companies are playing their part in making the big companies to constantly innovate themselves so as to avoid losing their market share.
Thus, there is a clear picture of no complacency in the new age business world, and if the organization is adamant on using the old methods, they are bound to lose. Let us have a look at the things by which the small businesses are giving the larger ones a run for their money.
The innovative business strategies
When you look the new age businesses from close quarters, you will find that their sole concentration is to do better than the day before. Their innovative business strategies have even made the front runner to rethink their process of doing business and come up with some fresh ideas on a regular basis. The modern facilities enable the small business to spend their work in different horizons simultaneously and as a result have a good market penetration. The small companies are well aware of the fact that the margin for error in the modern world is very less so it is important to be on the toes and thinking ahead every time.
Setting the priorities right:
The global market has evolved to such an extent that if the organization is not aware of its surrounding it is bound to “fall on its head” and will not sustain itself. But in case of the smaller companies, most of them are very well versed with their niche target section and have done their homework thoroughly about the market conditions. This compels them to be on the top of their game every time and also channelize the workflow. For the bigger companies, this work method is a major threat as it would refrain them to make a strong hold on the market. The constant innovation in mobile technology has led the nimble startups options of having better services related to anything and thus would compel the bigger companies to reassess their work channels.
Getting to know their customers
This is the front where the small scale companies would give a very tough competition to the established firms, as it works with the customers on the ground level. For example, the startups would comprehend a certain level of understanding with the users before including specifications and functions in the mobile app. This would allow it to get along with the users nicely and make a note of their suggestions and remarks. Whereas for the bigger companies it a ted bit difficult to work at the most niche level as they would be dealing with other issues related to the multiple things they work with, as in most cases they work with only the tried and tested methodologies on major projects.
Small scale companies often relish this opportunity as it would provide a less competitive horizon to them so that they can experiment a lot more. Moreover, the agile methodology also becomes a very important catalyst in order to render momentum to the small scale businesses.
Knowledge of the niche Market
It all boils down to this in the end. Having knowledge of the proper market scenario helps firms and organization to go about their work in a simple, lucid yet effective manner. At this point, both the small scale and the big industries stand on “even Stevens” as keeping the market conditions intact and working accordingly is the most basic requirement. The company does also need to define the SWOT analysis in order to stay afloat in the niche market.
Working according to the market requirements will render a sense of urgency to the organizations as they would get to know their customer requirement beforehand. Also, the process of product development would take much lesser time.
The greatest advantage of being a small scale company is that their room for complacency is much smaller as compared to the bigger companies. The reason behind this could be the company’s is looking to cement its place in the business world or looking to make a stronger customer base. This advantage can be dangerous for the established firms as they in some way or the other tend to take such minor issues very lightly. And in reality, it is such weakness of the big companies that is pounced upon by the startups in order to give the best possible services to the customers.