Advantages of Small Business
- Personal Relationships with Customers and Employees
The owners of retail shops get to know many of their customers by name and deal with them on a personal basis.
Relationships between owner-managers and employees also tend to be closer in smaller businesses. In many cases, the owner is a friend and counselor as well as the boss.
- Ability to Adapt to Change
Being his or her own boss, the owner-manager of a small business does not need anyone’s permission to adapt to change. An owner may add or discontinue merchandise or services, change store hours, and experiment with various price strategies in response to changes in market conditions. And through personal relationships with customers, the owners of small businesses quickly become aware of changes in people’s needs and interests, as well as in the activities of competing firms.