As a smaller business, it can feel difficult to compete with the behemoths. But there are advantages: you can be more agile and nimble than larger rivals, better able to adapt quickly, and more dynamic.
There’s also a plethora of resources available – covering everything from networking and funding, to skills and strategy – to help owners of small businesses expand and flourish. To make the most of these advantages though, it’s crucial to have the right technology – and for a small business, that is most often a laptop.
Emma Jones, founder and CEO of the small-business support platform and membership community Enterprise Nation, shares her top five tips on how SMEs can use their size as a strength.
1 Make use of free advice
According to Enterprise Nation’s Small Business Tracker, the majority of entrepreneurs start their own venture because they want a better work-life balance, or to use a skill or hobby to make extra money, says Jones. That means many need a bit of help to increase their business skills.
“Make the most of the early stages to pick up new skills by enrolling on to free programmes designed for fresh starters. These can, for example, be workshops and webinars to help you master things such as finance or how to build a brand and set up an online store,” says Jones.
2 Don’t give up the day job … yet
“About 45% of all businesses are now started as a side-hustle,” says Jones. “It means you can test the idea first without having to take a salary in the early stages, and that means you can invest profits back into the business.” Taking your time also means you can de-risk the early stages and self-fund at a time when interest rates are high, she adds.
With so many businesses starting slowly and building up, their tech needs are relatively straightforward, too: start small – but focused – and take your time to grow. A laptop is a key piece of equipment for many business owners, and at this stage it’s worth putting some thought into what you need from your model in order to choose one that works best for you and your startup. Dell’s range of business laptops, each offering a variety of tailored features and components, are created for a variety of working requirements, whether you’re after a device designed for collaboration, portability or creative power. One option for business users is the Latitude line of laptops, built on the Intel vPro platform, to help you work with speed and security.
3 Build your network
Standing alone as a small business, it’s easy to be daunted by the bigger players in your sector. So it’s powerful to team up with fellow founders to share advice, collaborate and network – standing together in all the right ways. Plenty of organisations, including Enterprise Nation, offer to help small business owners network with fellow founders. These are often in-person, but also online, allowing owners to network from wherever they are.
4 Apply for grant funding
Getting funding is vital to growing your business. There is plenty of financial support out there so look into what you can access and apply for grant funding, says Jones.
“When you’re at the early stages you’ll be eligible for early-stage grants in your sector or area,” she says. “Check out Shared Prosperity Fund grants from your local authority, look for grants for digital adoption, or sector-specific funds such as the Black Business Fund [for food and drinks businesses].”
5 Make the most of your size and status
Being small and simple has its own distinct advantage of being able to simply “go for it”, says Jones. “When you’re an energetic startup, early-stage or microbusiness there’s everything to play for,” she says.
“You can test ideas on friends and family, soak up the experience of those who have been there and done that, and there are lots of free training programmes you can tap into before you reach the next level. It’s an exciting time – so my advice would be to make the most of it and learn.”
Dell technology is designed to help your business grow. Find out more here
