If you take a close look at the business world you will find many start-ups and small businesses looking at various success stories and big failures of larger brands. This is an effort on their part to learn from them to take their business to another level. Although the smaller businesses can learn from the bigger ones, even the larger corporations can also learn a few things from the small businesses. When the huge brands take a step backward and reflect on the times when they were starting, they will find these lessons extremely valuable. Here are three things the bigger brands can learn from small businesses.
- Remember who you are and concentrate on the employees
When the bigger brands continue to grow and scale, many times you will find that their main focus is on getting results and making the stakeholders happy. When you are successful in achieving this, you will find that company culture and employee satisfaction suffers. One of the key investments for any business is its workforce. They would have invested a great deal of time, money, and effort in their employees. Keep in mind, at the end of the day, none of the organizations can grow or even exist without their employees. So, as a business owner, you need to ensure that the workforce is well taken care of.
For larger organizations, it is easy to get caught up in the daily activities and forget about the passion they had for the business in the infancy stages of the business. After years of turnovers, operational changes, stress, turnover, and pleasing the investors, several large companies lose contact with the original idea they had about the business. However, it is significant to get back to the roots and keep in mind, why a business was started in the first place. By keeping this passion alive many larger brands bring in energy to their company culture. This encourages the employees to get motivated and take the business to grow further. For instance, you can think about overseas expansion by considering a Singapore company formation.
- Taking risks
Mostly out of necessity all small businesses and start-ups take risks to take their organization to another level. With the business growth, however, there are many things at stake. This makes the larger companies averse to taking risks that they would have in the earlier years. As a business graduates from a small business category to a big business category, it is easy for the business to get stagnant. Several processes are set up and everybody is abiding by the rules of the organization. In the process, these bigger businesses can forget to work on their business strategies as they are growing their business. Keep in mind that evolving in any company means you need to take risks.
- Control the bureaucracy
Several start-ups have a flat organization as everyone has a pivotal role to play in the ramping up of a business. With growing companies, there are organizational hierarchies developed because they are necessary for bringing structure to the business. Different procedures are developed as a way of bringing order to all the chaos that might happen. You will have to put into place approval processes to make sure that things are getting done flawlessly. However, when the policies are not developed properly there are chances of bottlenecks being developed. It becomes tough to move things out of the door fast and efficiently. All this means you are risking several deadlines and there are delays in the business operations.
For achieving all this, the larger organizations have to test their business processes all the time and optimize the ones that are not working out properly. They might have to change or remove the processes that are not working correctly. Even when the current operations of a business have not worked out well so far, it doesn’t mean that they will not work out in the future as well. You must be able to judge the prospects of a process and continue testing newer technologies, procedures, and processes. Make sure that you are staying on your toes all the time and making the products and services better.