Formulating and articulating plans and tactics are as important for small and mid-sized firms as for large firms. Being thorough, systematic, and consistent are crucial to success.
As Knowledge@Wharton and SAP recently stated:
“Whether you are a company with 10 or 100,000 employees, running a business is getting quite complicated these days. An interconnected global economy has opened opportunities for Main Street businesses to sell to overseas markets, but they come with challenging complexities in logistics, currency translation, taxation, labor regulations, and other areas. Even expanding locally tacks on complexity from an influx of vendors, customers, and additional staff. Meanwhile, digital technologies bring in massive amounts of data that need to be sorted through to maximize business strategies while real-time user feedback is also changing the way companies operate.”
Click the image to access “Simplifying Small Businesses and Midsize Companies to Unlock Growth.”
11 Replies to “Tips for Small and Mid-Sized Firms”
Simplifying business procedures and transactions is inherently important for companies of any size. As the article mentioned, simplification allows for smooth interactions between customers of varying countries, and efficient communication between employees. Over complication would cause mass confusion, so it is important for companies to establish a simple way for their business to do their job while simultaneously earning profits.
Maximizing profits is the biggest goal for firms. Along the way, simplifying procedures, communications and transactions benefit the company. As technology grows stronger, it helps those factors which ultimately helps businesses run smoother and boom!
I’ve always found the idea of a globalized economy to be very interesting, as it can be viewed through the lens of a consumer or entrepreneur. As a consumer this gives us near-endless options for products, however as an entrepreneur you may face a global competition. I think the only way to compete in a global market is to simplify business systems, as the article states, early on in order to be prepared for the complexities your firm could face.
I agree that business today is much harder than I used to be. Due to the growing economy, customers have more choices than before and profit margin is shrinking. Globalization also made fad business harder. I remember when I was a kid parents brings me gift toys from europe and U.S. from business trip, because popular product in other markets takes years to come to China. Now fad products in one market can be found in another market in weeks.
It is the truth that running business is harder than ever. I think in the past 10 years, the market has became more faster and cheaper, that means the competition is fierce and the customers need more valuable products that providers(small companies) are not able to satisfy. Another reason is small companies are standing difficult position making profit, because the big companies they have advanced technology and enough money that invest and support their innovation, so there have no way for those small companies useless they have revolutionary product.
It is definitely true that starting a business today is harder than ever as you have so much competition no matter the area you are in. As the article states, being able to use all the forms of new technology to a business’ advantage and the ability to simplify that technology is integral to a companies success in today’s world.
Nowadays, many large companies are facing a lot of pressure with developing market environments. This is an opportunity for small companies, but also difficult. Under the pressure of large companies, many small companies’ market shares are always very small. Informatization development enables small companies to get more data than before, how to make good use of the data, converted to benefits would be a question.
I agree that its getting quite complicated to run a company whether its a small or large one. When you start a company, you’re goal is to become successful but when you become very successful and are now international, you have so many other taxes and logistics to think about. I think if companies use their technology smartly and think how to do things simple, they would be much farther.
The biggest goal of a company is to maximize its profit. Also, simplifying the procedures and transactions are as well important to any size business. For company of any size, to find the right thing to sell to the right people is extremely vital, sadly a lot of companies nowadays keep forgetting about their product position and target market and keep competing in price and cost. The truth is, running a business nowadays is way much harder than it was before.
I currently work for a start up Tech Company with 10 employees. When I first started with the company, a small percentage of sales were international orders so it was easy to keep up with. Recently, the number of international sales has been increasing and keeping up with the changing regulations and requirements for each countries customs and TSA has been extremely difficult. It is a challenge we are currently battling, especially now that it is the holidays and our major product is a “hot holiday item”. It will be interesting to see how the percentage of international sales and increase in customs knowledge will influence the fulfillment processes we currently have in place.
Organizational control is important whether or not the business is small or large. Being able to organize the business will give you a better control of the business. I am an intern at a small company called Rhino LED, and they do use ways to stay organized with their files. For instance, they utilize Google Drive to store and access their scanned paperworks. There is an office manager, a sales team representative, and a CEO that oversees all the operations to keep the company competive and meet its deadlines.