The benefits of owning a small business are numerous – but when it comes to strategic planning, many smaller firms can feel stifled and disadvantaged when compared to larger corporations.
Big business, thanks to their gargantuan budgets, can throw vast sums of money at technology and staff to formulate plans to take advantage of changes in the marketplace, generating a healthy profit as a result.
But how can small businesses implement similar strategies without breaking the bank?
Crucially, the myth that your company can't compete due to its size must be dispelled, and a common sense approach to business strategy should be implemented. More often than not, opportunities for profit and growth are spotted by smaller firms before a larger organisation even catches wind of it.
In a wider sense, it pays for you and your firm to query the rulebook – after all, what does a business text written 50 years ago know about business now? Whether you're questioning your industry, customers or the market, look at ways your innovative business sense can bring profitable ideas to fruition.
Additionally, although it's prudent to stick to a strategy, it's not a hard and fast rule that must be strictly adhered to. If your business is faltering, take the time to lift your head, survey the scene and question whether a change of direction is needed.
If your business is failing to reach its outcomes, it's possible that the market has changed significantly, meaning your milestones are no longer within touching distance – and that requires a shift in perspective.
Along the way, of course, it's unavoidable that your strategy will be thrown off course, but embracing change and learning from it means your firm will be rewarded by reacting to market changes quickly and decisively, while others are left playing catch up.
Finally, and this is likely a familiar feeling for many small business owners throughout the Philippines, it's important you don't second guess yourself and become consumed with indecision. Push ahead with implementing strategies and don't be afraid to stick to your guns.