Small business owners and entrepreneurs are constantly faced with numerous obstacles that are often the cause of the considerably high rate of failure among small companies. The United States Small Business Administration estimates that 50 percent of new small companies will fail within their first twelve months of operations, and this dispiriting figure can be attributed to lack of experience.
Many of the problems faced by small business owners are very similar to the issues that the big business sector must deal with on a daily basis. It goes without saying that corporate America is better equipped to handle trouble of any scale, and this is something that entrepreneurs should evaluate before they launch their small companies. In other words, many of the solutions used by big business can be adopted by smaller companies; here are three examples:
Access To Data
With the advent of Big Data, corporate America has been able to jump into the world of real-time analytics and sophisticated market intelligence. What small business owners need to know is that many Big Data tools are available to them on a scaled basis. Data science firms can provide small business owners with valuable intelligence about customer buying patterns and shopping behaviors; even though this data may have been compiled from larger companies, statistical modeling can be applied to understand how it relates to smaller operations. Entrepreneurs who evaluate this information can make better decisions about the course of action they should take to avoid taking chances that may lead to premature failure.
Time Is Money
Quite a few small business owners fail to fully grasp the concept of effective time management, which should not be limited to planning. Entrepreneurs who must travel long distances to develop their business often end up losing valuable time due to long drives, flight cancellations, layovers, and other adverse situation. To avoid these situations, big companies make good use of private charter flights from companies like Silverhawk Aviation, and this is something that small business owners should consider from time to time. Business charter flights are not limited to luxury Cessna Citation jets; there are affordable and convenient options for small companies to explore.
Major companies seldom worry about staffing issues because they can always tap business process outsourcing firms to help them complete projects. Small business owners should admit that they cannot do everything by themselves; it is better to outsource and focus on clients than to risk giving poor service due to being too busy working on projects.
In the end, small business owners have a lot to learn from corporate America. Learning how major companies deal with known problems can go a long way in terms of achieving business success.