Advantage of Small Business
Personalized Personalized relationships wih customers and employees. Retailer and shop owners deal with their customers on personalized services. The owners know many of their customers by name. The small business owners are involved in social, cultural and political affairs in the community. Such personalized services or relationships with customers are a big economic advantage which big corporations do not have. There is also a close relationship between owners and employees. Because of this good and informal relationship, efficient employees give their loyalty to their employers.
Flexibility in management. The owner being the boss and the manager, he can easily introduce changes in his products or services, experiment on price strategies or change store hours to fit market conditions. Furthermore, small business owners are quick to learn changes in the needs and interests of their customers, and also the activities of their competitors. So , they can immediately respond to such situations.
Government incentives. The national government has been promoting the organization of small enterprises. It extends both financial and technical assistance, particularly production an marketing, to small entrepreneurs. Such programs of the government are releant to the nature of our economy. The masses have to be helped in helping themselves.A micro business is possible for them through government guidance and assistance.
Simple record keeping. Small enterprises require few and simple sets of records. They may consists only of a cash receipt journal which records all sales, and a cash disbursement journal which records all expenses or payments.
Independence. Small business owners are the masters of their own destinies. They are ot employees. They make their own decisions. They do noy apply for vacation or sick leaves. They do not worry about being late, absent or laid off. to many individuals, this is thekind of life they enjoy. wih customers and employees. Retailer and shop owners deal with their customers on personalized services. The owners know many of their customers by name. The small business owners are involved in social, cultural and political affairs in the community. Such personalized services or relationships with customers are a big economic advantage which big corporations do not have. There is also a close relationship between owners and employees. Because of this good and informal relationship, efficient employees give their loyalty to their employers.
Flexibility in management. The owner being the boss and the manager, he can easily introduce changes in his products or services, experiment on price strategies or change store hours to fit market conditions. Furthermore, small business owners are quick to learn changes in the needs and interests of their customers, and also the activities of their competitors. So , they can immediately respond to such situations.
Government incentives. The national government has been promoting the organization of small enterprises. It extends both financial and technical assistance, particularly production an marketing, to small entrepreneurs. Such programs of the government are releant to the nature of our economy. The masses have to be helped in helping themselves.A micro business is possible for them through government guidance and assistance.
Simple record keeping. Small enterprises require few and simple sets of records. They may consists only of a cash receipt journal which records all sales, and a cash disbursement journal which records all expenses or payments.
Independence. Small business owners are the masters of their own destinies. They are ot employees. They make their own decisions. They do noy apply for vacation or sick leaves. They do not worry about being late, absent or laid off. to many individuals, this is thekind of life they enjoy.