Small business operators can find it a struggle to compete against bigger businesses - which is why many of them avoid it. Choosing the right fights is important for a small business, so many choose to avoid taking on big business altogether and instead cater to specialised areas. A small business can also be the result of a home business or hobby business finding that it has the potential for greater expansion, making small business operators the explorers of new frontiers in emerging business opportunities. Business.com.au aims to develop a small business page to help small business operators find the path to greater success, so that the small business of today can become the market leader of tomorrow.
How can a small business be restricted by aiming for sustainability?
Aiming for sustainability but not taking risks that lead to growth can be one of the easiest traps a small business will fall into. As often the only way a small business can survive against big business is to specialise, it is sometimes the case that a small business will curb its ambitions to avoid the ire of the larger players. Growth does not have to be a case of becoming the biggest name in the business or else doing nothing, however. Finding new clients, going interstate or even somewhat international can all be possible while continuing to service the same specialty area. Don't limit your small business unnecessarily.
How important are individual employees in a small business?
A small business will often find that individual employees quickly become near-vital. This is often due to many positions having no one with similar skills to provide back-up in case of sudden resignations or for when staff are on holidays. A small business can thus find it useful to have staff cross-train one another and to have plans in place to replace essential staff on short notice. One such solution for a small business to find short term back-up staff can be to use recruitment agencies and temp agencies in order to find suitable individuals who can take over on short notice while a permanent replacement is found.
As staff resignations can have a much more drastic effect on a small business than on a large one, it is important for a small business to keep its employees happy and to look to keeping them for the long term. Flexible hours and encouraging good working relationships among employees with company outings can be excellent ways for a small business to improve the likelihood of retaining employees.
How easy is it to start a small business?
The ease of starting a small business will depend mostly on the type of small business you wish to establish. Be sure not to underestimate the amount of money you need to borrow, as having enough start-up capital can make a big difference to the success of a small business. For instance, do not hire fewer employees than are necessary to run a sustainable small business that has potential to grow. If you do not think you can start a business properly, then it may be a good idea to delay until you have enough money to fund the establishment of your small business.