The time has passed when big companies used to acquire small companies with ease and simply steamroll their competition. But now, the tables have turned. The business ecosystem has become so dynamic that companies, irrespective of size, are thriving without any fear. Moreover, small companies are increasingly competing with big businesses. Many small businesses have earned a reputation for taking on big companies with confidence.
In a flourishing business landscape like Dubai, small businesses often grow faster than their larger counterparts. There are multiple reasons why small businesses are growing rapidly and are not afraid to take on multinational companies.
Competing with large businesses can be a tough fight, as they battle not only the company but also hunt down the talented workforce, with substantial budgets. But as a proverb says, the real impact is created by those who don't come into the limelight. Since small businesses have their benefits, it is no wonder that these SMEs have grown 120% across developed markets over the last five years.
Small firms can successfully compete with larger, more resource-rich rivals by focusing on specialised areas, cultivating strong client relationships, and quickly adapting to market changes.
How are small businesses gaining ground?
There are several key reasons why small businesses are making a significant impact in the competitive business world.
Embracing Market Trends: A key reason why small firms are not competing with big bulls is their ability to embrace market trends. Big businesses often overlook trends, focusing on impact and business sophistication.
In contrast, small companies seize every marketing opportunity to thrive, as they lack other solid ways to be visible in a cut-throat business market. Tuning in to ongoing trends, posting high-quality social media content, and meeting potential customers can enhance digital and marketing presence.
Foolproof Planning: Creating a comprehensive and detailed plan is a crucial aspect for any small business. SMEs are learning from giant companies and meticulously filling every loophole before it's too late. To avoid being overshadowed by large companies, they create a customised approach that reflects clear goals and a vision. And it becomes easy for the team to focus on major business priorities with a clear target in mind.
Speed and Agility: Small businesses can make quick decisions in response to changing circumstances. Where big companies take time to do so, as they can't move every time, the ability to embrace things quickly is a sign of unshaken growth. Small firms are agile because management has to look after a few employees and focus on the present without worrying about the broader future picture.
Adaptability: This is one of the key reasons why microenterprises can compete with business giants. SMEs adapt things so quickly. The rapid implementation of feedback enables small firms to compete with household brands, which often require a lengthy process and involve multiple steps.
Focus on Customer Service: It is easier for a small brand to provide personalised service to every customer. Big companies often struggle to deal with every customer they serve, whereas SMEs can outdo them by delivering excellent customer service. It’s not that big companies don’t care about their customers; they do. However, having a transcription tool to record and regularly review customer feedback calls effectively helps maintain strong customer relationships. This is where the small companies get an edge.
SMEs' Contribution to the World GDP
The contributions made by small businesses continue to grow every quarter. Small businesses play a crucial role in maintaining a healthy economy by contributing to job creation, promoting local services, and driving overall financial growth.
In the United Arab Emirates, the percentage of SMEs' contribution to the country's GDP ranges from 40% to 60%, with a rapid growth rate. These small firms not only compete with large corporations but also create a space for innovation, technology, and diversification. The UAE government also funds small businesses to prosper in the dynamic environment. Today's ideas emerging from small companies have the potential to make a significant impact on the future business world.
Conclusion
In an era where technology has become an integral part of our lives, it is no surprise that small businesses can capitalise on this opportunity and expand their reach. Whether you are a small business or a large enterprise, creating a good strategic plan and adapting to market trends will require effort from both sides.
At Markai Corporate Services, we enable all businesses to thrive in the dynamic business ecosystem of the UAE. Not only during the company setup process, but we also extend our support to provide end-to-end resolution and offer strategic assistance. If you're a small company seeking a solid foundation, look no further than Markai Corporate Services.
