Business – 1.3 Size of business – Significance of small businesses | e-Consult
1.3 Size of business – Significance of small businesses (1 questions)
Login to see all questions.
Click on a question to view the answer
Two major advantages are:
- Flexibility and rapid decision‑making: Small businesses can adapt quickly to market changes because they have fewer hierarchical layers. Example: A local coffee shop can introduce a new seasonal drink within a week of noticing a trend.
- Close customer relationships: They can provide personalised service and build loyalty. Example: A boutique tailoring service remembers individual measurements and preferences, leading to repeat business.