Big companies dominate global markets but not necessarily the labor market. Fortune 500 companies are only around 20% of the workforce, and the remaining 80% is in smaller companies.
If you’re running a small business and want to be more successful, then you can learn and implement lessons of the big guys.
Big businesses don’t always get things right. Amazon failed with the release of the Fire phone, and Google’s Glass project flopped even as the company was at the height of its success. Embrace failure and experiment until you find something that works.
Larger businesses prioritize stress reduction by using operations managers who make sure everything runs smoothly. Small businesses should streamline the work to eliminate frustrations for employees.
Figure Out Who You Are
Big companies know exactly who they are and what they sell. They found something that works and commit to it. Figure out your business’s intention and personality and incorporate it into all of your branding.
Invest in Technology
Big businesses adopt new technologies such as client relationship management, analytics, and AI. Many small businesses rely on outdated manual processes and spreadsheets. Invest in new technology to increase efficiency and growth.
Listen to Your Customers
Big companies read customer reviews and use brand reputation software to identify mentions of their companies online to see how people perceive them.
They might conduct straw polls on social media to learn what people expect from them. They might ask, “What is more important: customer service or low prices?” and create a strategy to reflect those desires.
Focus on Your Employees
Entrepreneurs sometimes think employees are as passionate about their businesses as they are, but that’s rarely true. Focus on your employees and hire people who are passionate about your field and want to stick around to support your mission.
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