Study Notes
Small businesses
- Level:
- AS, A-Level, IB, BTEC National
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 16 Aug 2019
This study note considers smaller businesses and how they survive and thrive in markets dominated by large, scaled competitors.
5 key reasons why firms may choose to remain small
- Lifestyle choice of the owner(s) - maintaining a sense of control over work-life balance
- Desire to keep overhead (fixed) costs to a minimum
- Avoiding the costs involved in meeting regulatory burdens associated with bigger businesses
- Maintaining quality control over the good or service provided
- Keep a high level of flexibility an adaptability to respond to changing market conditions
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