Today is perhaps the most challenging time for small businesses in our lifetimes. The competition is tougher than ever, with technologies like the internet bringing competition from all over the world right to every business’ doorstep.
In addition, finding the necessary quality employees and assets needed to grow your business past the startup stage is becoming an even bigger issue for small businesses.
Also, unforeseen challenges like the coronavirus that has caused a halt to business activities around the world, threatened to create an even more uncertain business environment.
There has never been a need for greater support for small businesses. In addition to the help they need from governments who must assist with getting them back on track after the coronavirus, they also need the assistance that a business incubator can provide.
Benefits of a Business Incubator to a Small Business
If your business has survived the start-up phase and you are currently generating good revenue, you may be at the point where you are determining that in order to move your business to the next stage, you really need to do things differently. Although you may feel this way, figuring out what those different things are is never easy. This is where a business incubator can be a major asset. Here are some of the important benefits that a business incubator can provide to a small business.
Valuable Business Advice
Perhaps the best reason for a small business to work with a business incubator is because of the expertise and past success of the business incubators team. Business incubators typically get started because successful business people want to give back to entrepreneurs who have great ideas, but lack experience and an infrastructure to move their company from a startup to fast-growing middle-sized company.
The team at a business incubator understands the challenges that these companies face and have strategies that can help the company to get over the hump and grow. The small company has to keep an open mind and accept that those with more experience can offer valuable advice and other assets that will make a difference. If this relationship gets established, a business incubator relationship can be the best choice for small business.
Access to High Quality Business Tools
Small companies are notoriously underfunded and often that means that they do not have access to the best technical tools for their businesses. Many of these tools which include hardware like the latest computers, PBX phones systems, cloud computing services, and business machines, and software like business processes, time and project management, and online security software, can be a real difference maker for a small business.
When a small company works with a business incubator, they gain access to the latest and best business tools. Business incubators will keep up-to-date on all the latest business practices and then provide the tools and strategies that companies need to beat the competition.
Opportunities to Network
One of the major mistakes that small business owners make is they cocoon themselves in their offices and focus only on the things that they see directly in front of them. This can be overwhelming. With new problems popping up every minute, they don’t see the opportunity to reach out and network with others who can help them to solve problems and become better problem solvers. Being able to gather relationships and other resources that networking can provide is essential to the success of a small business.
A business incubator will typically have executives who have strong networks of people who can help your business grow. These might be financial, vendors, consultants, product suppliers, and even legal help. Additionally they know how to deploy these contacts so that they are very helpful to your business. You will likely find that networking through a business incubator will create more business for you, and make your company stronger.
Working with a business incubator can help a small growing company become a large thriving company.