Well, it’s a bold statement to make isn’t it. Is it true? Is this ‘shift’ worldwide? And what is the evidence for it? As far as I can make out, there isn’t evidence as such (probably due the very nature of what it implies and the measurement of it), however there’s been plenty of commentary about this very topic.
Lee Sharma, CEO SimplyDO highlights the value of SMEs to improve larger enterprise supply chains[i] and a CBI blog discusses the distinct advantages small businesses have over larger ones[ii]. Rose McMillan[iii] writes a thought provoking piece on why staying small is the new big thing in business and talks about how ‘less is more’ might seem counterintuitive in business, where growth often feels synonymous with success. Kathy Caprino[iv] shares her learnings about her own mindset shift and approach from leaving a corporate job and starting her own business.
In the UK, a micro business is defined as having fewer than 10 employees and a turnover under £2m, while small businesses have fewer than 50 employees and a turnover under £10m.
Defining growth by number of employees is in itself, replicating a more ‘corporate’ mindset.
The Flexibility of Small and Mighty Businesses
I believe that this shift in redefining growth, stems from two key factors: ‘Why’ people leave corporate roles to start their own businesses and the growing recognition by larger companies of the value small businesses bring in addressing niche needs or specialised skill gaps. Just because you’re ‘small’ doesn’t mean you can’t deliver, or make money doing it. Small and mighty!
The real question is how you achieve growth. While financial metrics like profit or stability are essential, small businesses have the flexibility to define success on their terms and timelines.
As a small business owner you may choose to prioritise your values, have more autonomy and also have tailored solutions over more traditional corporate-style growth goals. You can decide what you consider growth to be and how resilient and sustainable it is – how you achieve that, doesn’t have to be prescriptive.
What Does Success Mean to You?
‘Success’ however, doesn’t have to be ‘making more profit’ in the literal sense. It could be you make more time for yourself, whether you dedicate that time to your business (eg. Professional Development, Business Development, developing a ‘not for profit’ part of your business) or more time for your personal life. You of course, need to ‘grow’ in order to do that.
Success means different things to different people. For some, it’s about profit and growth; for others, it’s about time, autonomy, or personal fulfilment.
Laying the Right Foundations for Growth
Whatever success means to you, having the right support in place at the right time is key to achieving it. Whether it’s help streamlining operations, creating tailored strategies, or freeing up time for what matters most, a strong support system ensures your foundation is solid. After all, you can’t build a bigger house without a strong foundation. Now, the question is: ‘Are you ready to lay yours?’
[i] The Value of SMEs to Improve Large Enterprise Supply Chains Lee Sharma, CEO SimplyDO
[ii] What small business have that large ones lack, CBI
[iii] Why Staying Small Is The New Big Thing, Rose McMillan, Capsule
[iv] Things I wish I knew before leaving corporate life and starting my own business, Kathy Caprino, Forbes
© Jasmine Boyle, 2024
