Would you brand your company a small business or start-up? There’s a difference between these labels, depending on how you consider your scale. Start-up is the hip word for entrepreneurs aiming real high real fast, while small business is the preferred label for conservative entrepreneurs. It turns out your company’s trajectory, not to mention your options in BPO solutions, are reflected on either of these terms.
How can you tell if you’re building a small business or start-up?
1. How Fast Do You Want To Scale?
It’s like scaling a wall; some scamper will others take their time. If you believe slow and steady wins the race, then you have the mindset of a small business entrepreneur. Its main advantage is stability and adaptability. Small businesses often have a fall back plan if ever things go south.
On the other hand, many start-ups are trailblazers by comparison. Often backed up by generous funding from sponsors and venture capitalists. Expansion is priority, and some are practically bubbles waiting to pop. Small businesses grow within predetermined limits; the sky is often the limit with start-ups.
2. Choosing BPO Solutions: Simple or Complex?
Small business also have the advantage of streamlined simplicity. This is due to smaller workforce and operations. There’s freedom to concentrate on the core of the business and consider the feasibility of BPO solutions, rather than figuring out ways to expand before it’s feasible. Start-ups face the problems of large corporations, too much too soon.
3. Real Teams or Expendable Parts?
All businesses are people-oriented, but some more than the others. One defining factor of small business is its focus on people as part of an organic, functioning team. This approach is carried over to BPO solutions used to support operations. Start-ups may be burdened by so many moving parts that the people become secondary, valued as much as they’re replaceable.
Make no mistake, the continuing goals of business are progress and expansion. It’s your pacing that makes the difference. You need not stay small forever, but you should always ensure you’re capable of the transition before you jump.