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Characteristcs of Small Businesses Visa-a-Vis Well Resourcesd Large Companies - Essay Example
Pages 9 (2259 words)
Characteristics of small businesses visa-a-vis well resourced large companies Name: University: Abstract Unlike the well resourced large businesses, small businesses have distinctive characteristics which present challenges to their operations. This paper is going to focus on the following characteristics of small businesses and how they can sustain growth…
Small businesses lack well documented business plans, vision and mission statements which hinders the strategic planning process. Small businesses do not understand the unique needs of the customers hence offer standardized products and services to the target market. Small businesses can achieve sustained growth through merging with other businesses which is critical in resource sharing. Small businesses should implement internet technologies in order to overcome their location barrier as well as increase their turnover. The small businesses should also maintain financial statements which are critical in accessing debt financing. Characteristics of small businesses visa-a-vis well resourced large companies Introduction The definition of small business has been controversial if not difficult. Some definitions which have been advanced consider the profitability of the business, the value of assets, the annual turnover, the number of employees and the branch network (Pride, Hughes & Kapoor 2010, pp. 24). Small businesses can be analyzed from their distinctive managerial, marketing, organizational and developmental characteristics. Small businesses have certain characteristics which distinguish them from well resourced large businesses. Numerous scholars have used different methods in determining the size of the business. ...
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