2018-02-27 14:02:59 Business Insights English Discover the benefits of eschewing growth and instead deciding to keep your small business small. Not every business needs to be as big as... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/02/Man-Content-Size-Small-Business.jpg https://quickbooks.intuit.com/ca/resources/business-insights/benefits-keeping-small-business-small/ Benefits of Keeping Your Small Business Small

Benefits of Keeping Your Small Business Small

2 min read

Wait — Doesn’t everyone want their business to grow? Isn’t a bigger business always a better one? Surprisingly, the answer is: Not always. There’s nothing wrong with wanting to grow your business, but there’s also nothing wrong with being satisfied staying small. Running a small business has several unique benefits that could make it the better option for you.

You Can Focus More on Quality

The larger your operation is, the more difficult it becomes to ensure the quality of the products or services you offer. All the additional responsibilities that come with size mean you can’t dedicate as much time to your products.

Imagine you have a small business selling handmade shoes. You can only grow so much before you’re unable to make enough shoes to meet your demand. At that point, you need to hire more shoemakers or find another way to manufacture the shoes. Either way, you have less control over the quality of your product as a result of growth.

A Better Work-Life Balance

What’s your priority in running your business? If you’re looking for work-life balance, you may not appreciate the demands of growth. Sure, you can hire more people to help you handle these responsibilities, but you should still expect to spend more time at work.

When you have a small business, it’s much easier to maintain a good work-life balance. You don’t need to have your phone on you at all times, and you can take time to see your kid’s hockey game or go out with friends. You also avoid the stress that comes with devoting so much of your life to your work.

It’s Easier to Maintain a Company Culture

If all your employees are on board with your company culture and core values, you’re more likely to enjoy a positive work environment with more productive and satisfied employees. It’s much easier to find employees who fit your culture when you keep your team on the small side.

With a team of about 10 people or less, you can choose carefully and ensure that everyone you hire is a good culture fit for your company. As your business grows and you need more employees, it’s harder to vet everyone. You could end up with employees who have negative attitudes or are only there for a paycheck. Just one bad apple can cause serious culture problems.

You Keep That Small Business Charm

Customers often choose small businesses specifically because they like shopping at more intimate venues where they can talk to the owner for a bit. One of the risks of growing your small business is that you could alienate your existing customer base. It’s easy to take the customers you already have for granted when you’re thinking about expanding. By staying small, you can continue to take care of the customers who have been loyal to your business.

Before you decide to build a bigger business, consider the perks of keeping it small. You may realise you’re better off sticking with a winning formula.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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