Micro, small, medium, large and business enterprises; What does this all mean? These are the terms that are used to describe companies of different sizes; however, the definitions vary depending on where you are in the world. For example, in the US, a small business is defined as fewer than 250 employees. Oh! That is not very small. In Europe, small businesses have less than 50.
Does it matter which category your business belongs to? In fact, it does. Companies of different sizes must take different approaches to overcome their challenges. That is, the size of your business will determine the types of problems you will encounter and the most effective ways to solve these 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 businesses by using strategies aimed at small businesses. Therefore, these strategies, while very smart and effective, are not suitable for the MBO. It’s like buying a suit or dress that is the exact style and color you want, but is two sizes larger. You can’t use it as is. You’ll have to tailor it to fit, and even then, it may not look quite right. I see this all the time with “wrong size” solutions for the MBO.
So the first step in helping MBOs be more successful is getting them to admit who they are. Go ahead, okay, you can say it: “Hello, my name is (Your name here) and I am 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 who 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 companies of other sizes. You may have the same challenges that small or medium business owners have, but the way you need to solve them is different. It must be faster, more flexible, more creative, and more effective. It has no room for ineffectiveness or ineffectiveness.
Grow, interview, hire, manage, lead, develop a team, processes, systems, communication, as well as marketing, sales and customer service; they are an integral part of running a successful business. However, if you don’t know what it is, if you continue to follow “small business” advice instead of micro-business advice, you may be hurting or delaying your success.
In your networks, make sure your fellow MBOs know what they are. Together, we can truly make a difference in our own businesses, the businesses of others, our local communities, our nation’s economies, and global entrepreneurship.
