Trends Toward Small

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Trends Toward Small

July 14, 2010 in Business | 2 comments

Small is the new big.  This trend has been noted some time ago by a study commissioned by Intuit.  And I see the trend everywhere I look.  I like what I see.

Here is what small is NOT:

1.  Less profits.  I don’t think being small means your profits have to be small.  You must be wiser and more efficient when you chose to be small, but you don’t have to settle for smaller profits.

2. Less staff and people.  Small can be a mind set and doesn’t have to actually look smaller to those around you.  It may NOT mean that you have fewer people working for you.  It could mean that, I just don’t think a smaller staff is a requirement for small.

3.  Less expertise and notoriety.  Just because you are small doesn’t mean you have to be the “unknown provider.”  You can be well known, you just get to decide what you do with your well-known expertise and notoriety.

4.  Less global reach.  On the contrary, small businesses are some of the most well positioned companies to take their concepts to an international market.  This evidence is all around us.  Small can be global.

Here is what small IS:

1.  Slower growth.  I believe small is choosing to grow slower.  When you do this, you innately learn what you are doing.  You figure out what you are doing quicker, and you screw up your business plans less often (at least that is what I think I would have done over the past 7 years had I chosen small).

2.  Strategic.  Growing slower means you are growing smarter.

3.  Artisan.  Choosing small means you are choosing to be a specialist who can be known as an artisan in your field.  Here is a great video explaining the concept of artisan.  Artisans hand craft things with care, and are reachable by their customers and clients.  They have a lot of face time with their people, and are known by their people.

4.  New business models.  Your employees can work for you all over the world now.  Business models are becoming flatter, meaning hierarchy and large management structures are not as needed.  They often create difficult ways to get real business done.  You can chose a brand new business model for your industry and still remain small.

These are my thoughts.  Am I off my rocker?  What do you think?  Leave it in the comments above.

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