What Small Businesses Can Learn from the Big Corporates
There is a plethora of things to consider if you are a startup or a small business and looking to the future is one of them. Progressing, developing and even scaling are all things that need to be carefully planned and what better way to learn than by looking at how others have accomplished these things? It is with this in mind that we take a look at what small businesses can learn from the big corporates.
Establishing a Clear Chain of Command
Big corporations have a very well defined chain of command and there are good reasons for this. It is more efficient for example, because everyone in the organisation knows what their responsibilities are and therefore there is little confusion regarding what needs to be done and by who. More importantly perhaps, there are protocols relating to who makes the important decisions.
With small businesses, especially family owned, this is not always the case and so looking to big corporations can help to establish a more effective structure.
Use of Technology
Virtually all modern businesses rely on technology to a greater or smaller degree. And, while it is not always necessary to adopt all of the technology that big corporations are using, keeping an eye out for tech that can help your small business is paramount.
Payroll solutions, for instance offer a convenient way to automate a somewhat tedious and laborious task. Payroll solutions are quicker than the manual option and far fewer mistakes are made relative to the job being performed by a human.
Looking out for the technology big corporations are using can really pay dividends – in this case quite literally.
Employee Training and Progression
Big corporations have systems in place that allow employees to take part in training and development activities or courses. In addition, there are avenues down which employees can go to further their careers – promotions.
Small businesses who follow suit are incentivising their employees and this does nothing but good for the company. When staff feel they are progressing and that they are working towards common and individual goals they perform better and are more cooperative. And if you afford to offer bonuses for outstanding work, them all the better – here look to setting targets and regular performance reviews to track progress.
Big corporations have the human, physical and financial resources to innovate and develop ways of becoming more efficient. Small businesses who take their lead, in whatever ways they can, are getting expert knowledge and knowhow for a fraction of the cost or effort.