Monday 8 April 2013

5 Reasons Why SMBs Are On The Rise In United States

United States
I hope you all had a wonderful and relaxing weekend.

It's been quite a while since my last blog post, five weeks in fact which again was due to illness. After my bout of the flu which put me out of action for almost two weeks, I picked up quite a nasty bug a week or so later which put me out of action for a further four weeks. I'm happy to announce though, that I'm feeling much better now and it's so nice to be able to get back to my normal blogging routine. I just hope I don't pick up any more bugs, given the unusual cold weather we are currently having here in the UK. :)

As always, thank you for your patience and understanding during these absences and without further ado, here's this weeks first blog post by our guest author Matt Dyson highlighting the top 5 reasons why small and medium sized businesses are on the rise in the United States...

5 Reasons Why SMBs Are On The Rise In United States

When it comes to starting off a business venture, most people opt to start at a small scale and then moving on to bigger ventures once they have raised enough capital. According to most experts this is the right approach, as it requires minimal investment in terms of capital; both human and monetary. However, if you are wondering what type of business qualifies to be a small or medium business in the US, then you should know that there are varied views on this.

Sometimes there are businesses which may have as little as 10 employees, and there may be businesses that may have over 500 employees and they still qualify as a small and medium business. The definition varies based on the industry, the ownership structure, revenue and also the number of employees.

Of late several small and medium sized businesses have on the rise in the US. However, there is more to just the investment that is to be considered when you are looking for the reasons for this rise. This article aims to highlight the top 5 reasons for this rise.

Catering to a niche

When you narrow down your focus you know what type of customers you want to attract and the type you do not want to attract. When catering to a niche it is extremely easy to identify what the market wants and you can easily build a reputation with your niche. Also, with a narrow focus you can offer the best customized products/services to your customers, which gives you a competitive edge over your competition.

Collaboration with clients

When it comes to a SMB it works more like a closely knit community. All customers want personalized attention when it comes to getting things done, this is something that most big businesses have to forego for greater profits. With SMBs you can create products/services that address highly personalized requests from customers. Doing so, the small and medium businesses get to know the ins and outs of the business. This not only creates further opportunities but also helps gain trust of the customers much quicker than in the case of a big business.

Added agility

When it comes to meeting clients requirement, there can be opportunities where the business may have to change its business model drastically to take advantage of several opportunities that are available in the market. This is something no big business owner will do and as a result letting go of the opportunity. With small businesses making these changes is not that difficult and this aligns them with the business opportunity. This flexibility allows most small businesses to be innovators in their field. The unwillingness or rigidity of big businesses is opportunity for small businesses.

Better experimental depth

A small business can easily grow with a customer's needs. The turnover time for the small business time when it comes to providing personalized solution is drastically reduced if compared to a big business. The small business can offer partnership to its clients, churning out the best possible option for both the client and itself. When it comes to a big corporation, they usually come with a big solution that might require several changes, leading to increased costs.

Ease of outsourcing

Through technological advancements, small business can easily manage activities like follow-ups, accounting, prospecting for a client without having to bear cost associated with overhead when it comes to departmentalization. Small and Medium businesses, look to outsource and leverage technology to its advantage, something most large organizations do not do.

The advantages of an SMB definitely outweigh those for a big corporation. The market is always open for businesses that are willing to go beyond products and services, making the experience more personalized. An SMB can deliver something that has meaning and purpose attracting both internal and external audience without being answerable to investors in search of profits.

About The Author: Matt Dyson is a blogger and a strategist who usually writes about current business trends and how businesses can get advantage from it. He also writes for US Media TV.

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