“Life is all about timing… the unreachable becomes reachable, the unavailable become available, the unattainable… attainable. Have the patience, wait it out. It’s all about timing.”
- Stacey Charter
A recent Harvard Business Review article called Why Small Businesses Will Win in this Economy shows that small businesses are getting deals that they never had before. Writer Peter Bregman says:
Small companies with low overhead, reliable owners, a small number of committed employees, personal client relationships, and sustainable business models that drive a reasonable profit are the great opportunity of our time.Small is the new big. Sustainable is the new growth. Trust is the new competitive advantage.
And from what I am seeing in the marketplace, it is true. Here are 5 main reasons why I think that Small Businesses are going to win in this economy:
- Democratizing technology. We have Twitter, Facebook, Google ads, e-mail etc. One talented creative can create a huge looking brand presence. Everyone has Microsoft Outlook, Word, Excel etc. Think of today compared to the Mad Men days of Advertising – the barrier to entry has shifted down significantly.
- Larger networks. You don’t have to be a large company anymore to access a cluster of great thinkers. With social networks like Facebook and LinkedIn, and expanded professional networks through online forums etc. we can access a larger network of people to consult and team up on for new business ventures.
- Declining trust in big. Seeing major banks and companies like GM and Chrysler fail, makes people doubt the automatic trust they have for big business.
- Lower costs. With the recession, both labour and capital costs are declining. This is making it easier for small businesses to get resources that they may not have dreamed of before.
- New ideas welcome. With the tanking of the economy, many people are looking at the way that they are living and wanting change. This ranges from personal finance to being more environmentally responsible. That hunger for change can create a great opportunity for creative entrepreneurs.
It is an exciting time to be a small business, for those of us who are brave enough to seize the opportunity.
