Micro, small, medium, large: who are you?
Micro, small, medium, large and corporate enterprises; what does this all mean? These are terms used to describe businesses of all sizes, but definitions vary depending on where you are in the world. For example, in the US, a small business is defined as having fewer than 250 employees. Eh! That’s not very little. In Europe, small businesses are under 50.
Does it matter which category your business falls into? It actually does. Businesses of different sizes must take different approaches to overcoming their challenges. This means that the size of your business will dictate the types of problems you will encounter and the most effective ways to solve those problems within a realistic time frame and budget.
Let’s define what these business categories are based on where you are in the world. In the US, Micro has fewer than 10 employees, Small <250, Medium <500, Large <1000. In Europe, Micro is less than 10, Small <50, Medium <250, Large <1000. In Australia, Micro <2, Small <10, Medium <200, Large <500.
Many micro business owners (MBOs) try to overcome challenges in their business by using strategies that are designed for small businesses. Therefore, these strategies, although very clever and effective, are not the right ones for MBO. It’s like buying a suit or dress that’s exactly the style and color you want, but two sizes up. You can’t wear it as is. You’ll have to adjust it to fit, and even then it might not look quite right. I see this all the time with “wrong size” solutions for MBOs.
So the first step in helping MBOs become more successful is getting them to admit who they are. Come on, it’s okay, you can say it, “Hi, my name is (Your name here) and I’m a micro-business owner.” See, don’t you feel better? Our next step is to get our Co-MBOs to do the same. This will allow us to form the basis of a community. By knowing what we are and who we are, we can work together to achieve greater success for each other.
As an MBO, your solutions to your challenges are unique compared to other large enterprises. You may have the same challenges as small or medium-sized business owners, but the way you go about solving them is different. You need to be faster, more flexible, more creative and more efficient. You have no room for inefficiency or inefficiency.
Growth, interviewing, hiring, management, leadership, team development, processes, systems, communication, as well as marketing, sales and customer service; they are all integral to running a successful business. However, if you don’t know what you are, if you continue to follow “small business” advice instead of micro business advice, you can harm or certainly delay your success.
In your networks, make sure your fellow MBOs know what they stand for. Together, we can make a real difference to our own businesses, each other’s businesses, our local communities, our nations’ economies and global entrepreneurship.
#Micro #small #medium #large