Small Business Success Depends on Flexibility

When it comes to small business, success is usually connected to flexibility- in other words, how well can the business adapt and change to the demands of its market.

But what makes a business flexible?

Small business flexibility really boils down to three things:

  1. Available working capital: This is one of the biggest challenges for small businesses, especially if they have just started up or are seasonal. Businesses may want to consider alternative forms of financing, such as equipment leasing or invoice factoring. When working capital is available then the company is in a better position to respond to changing market conditions.
  2. Reinvestment in the business: An increase in working capital also means that money can be directed back into the business. Investing in equipment upgrades, or offering more services or products according to market demand, helps to ensure that you will maintain your competitiveness, especially in volatile markets.  
  3. Knowing your market: Stay in touch with your market by talking to your customers. You will not only be able to respond to demand, but you will also be able to anticipate future trends.

In short, if you are running a small business, the key to success is creating flexibility in the way you operate and in the vision you have for your company… so start stretching!

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