Strategic Decisions for Small BusinessesAshley D. Patton

Middle Tennessee State University

Author NoteAshley D. Patton, Department of Management, Middle Tennessee State University. Special thanks for Dr. Dan Morrell and Dr. Ralph Williams for advice and suggestions for the content of this paper.Correspondence to this paper should be directed to Ashley D. Patton, Department of Management, 2315 N. Tennessee Blvd. Apt 737 Murfreesboro, TN 37130. E-mail: adp3y@mtmail.mtsu.edu.

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Abstract

Suggestions for small businesses were presented in this paper. The introduction brings

light to the importance of small businesses in the United States and the issue they have

with staying in business. Previous literature was reviewed and analyzed. The selection

focused on the difficulties many small businesses face that keep them from being

successful. Following the literature review, suggestions were presented to help guide

small businesses. Of the proposals presented, it was important to stress the value in

creating a mission and vision statement for an organization. Without direction for the

future, longevity is not an option. Ideas for future research are presented in the

conclusion.

Keyword: strategy, decisions, management

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Introduction

Many Americans believe that the United States is the land of opportunity. If one

works hard and has the desire to create, they can secure their future, be successful,

and live the American Dream. Small businesses have been around since the first days

of the United States. Many of the early settlers were farmers and made clothing to

support their families (About). Even as larger corporations took their place in the

market, such as Ford and Coca Cola, small businesses have continued to flourish.

Following the Great Depression, many businesses needed a way to stay afloat

due to the economic hardships the country had faced. President Hoover implemented

the Reconstruction Finance Corporation in 1932, which was a federal lending program

that helped businesses, large and small, overcome the detrimental effects of the

Depression (SBA, 2015). It is from this program that the Small Business Administration

took shape.  Many small businesses were incapable of competing on the same level as

their larger competitors. The SBA was established in 1953 with the sole purpose of

aiding, protecting, and counseling the decisions made by small businesses (SBA). The

Equal Opportunity Loan Program gave many applicants the financial backing they

needed to pursue their business ventures if they were under the poverty line. The

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administration now aids in government contracts procurement and a widespread

outreach to women and minorities.

For the purposes of this paper, defining the difference between a large

corporation and a small one is necessary. Size qualifications vary according to different

industries. According to the Houston Chronicle, a manufacturing company can have

around 1,500 employees and still be considered a small business (Chron). Some

measurements are based on revenue. Retail companies are considered to be large if

they earn over $7 million a year. Small businesses are usually niche focused. They do

not have the resources to extend the business into various markets like large

corporations. Customer service is a greater priority in a smaller company; unlike big

corporations who could easily pay off angry customers, smaller companies need to

engage fully with their consumers. They can easily change a return policy or bend the

rules for a few customers; whereas, a larger organization must follow the rules and

regulations set by corporate.

Another difference between small organizations is the hierarchy structure. An

organization is either horizontal or lateral. According the Management by Kinicki and

Williams, vertical structure is defined as the flow of information up and down the

hierarchy (pg. 486). Horizontal structure flows between the various work units. Lateral

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structure is the typical form of information flow within many big organizations. The CEO

and upper management typically gather together to create ideas. They then

disseminate those ideas to their subordinates. The appropriate method for a small

business will be touched on later.

Gaining the competitive advantage over other organizations is one of many

missions that a company has. Companies focus on efficiency, innovation, quality, and

the strategic arena they in which they will be operating. These topics will be discussed

in the suggestions section to give direction to small businesses on what things they

should focus on to build a successful business. According to Roy Rothwell (1989),

small firms are much more efficient at creating employment opportunities than large

firms. With this evidence, it is even more important to ensure the success of small

businesses in the United States; however, one thing that destroys small businesses

from prospering is the lack of strategic thinking by management (Williams, 2015).

The purpose of this paper is to determine the strategic decisions a small

business must make in order to be successful. A brief history of the SBA was

presented. A literature review will follow along with detailed suggestions that small

businesses can use to improve their operations.  The conclusion serves as an overview

of the entire paper and presents some ideas for future research.

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Literature Review

In preparation of the suggestions made for small businesses, several scholarly

articles were reviewed on the topic of small businesses and how they should conduct

themselves in order to be successful. The authors touched on human resources,

innovation, and marketing, which are some of the issues that plague small business in

contrast to their larger competitors.  They also address both the internal and external

factors that contribute to small business failure.  The articles presented amount to only

a small fraction of the research and data existing in regards to small businesses and

how they function.

James Thong (2000) states that the notable difference between small businesses

and larger firms is that small organizations are usually lacking in the resource

department. He starts with an introduction attesting to the fact that small businesses

have a hard time keeping up with big business in terms of implementing information

systems (IS) into their daily routine. Technology is forever changing and new

developments are found everyday. It will hinder small business who can not afford to

implement these new systems into their organizations from growing and remaining

successful.

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Thong notes that many small businesses have a centralized structure and rely

heavily on the decisions of the CEO. He also presents the resource-based theory which

states that organizations are characterized by their capabilities and what resources they

possess (Thong, pg. 144). Often times, small businesses have significantly less

financial stability than larger firms. They are not able to make many of their long-term

business decisions because of these resource constraints. Thong uses a methodology

based on the resource-based theory. Thong’s research question centers around

whether IS implementation affects performance in small businesses. In his

methodology, he used time, finance, and expertise as his measures (Thong, pg. 145).

The author used five sample characteristics used to determine the level of

significance on IS implementation. These areas are number of employees, annual

sales, computer experience, type of hardware, and business sector (Thong, pg. 149).

At the 10% significance level using a multivariate methodology, Thong found that there

was no significant effect on using IS in a small business. Overall, he found that

experience and expertise from outside the organization has the most effect on

successful IS implementation. It is noted that the research is not an accurate

representation of IS implementation due to it being a cross-sectional study (Thong, pg.

153).

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It is safe to say that the more knowledge management and employees have in

the field of IS the more successful IS execution will be for the company. Large firms

have the resources needed to buy that level of experience; whereas, small businesses

are not able to offer some employees the same level of pay or other appropriate

benefits. Small businesses will have to overcome financial, time, and expertise barriers

in order to have a successful outcome with IS implementation.  

Innovation is what makes the market thrive. According to Thurik, small

businesses “contribute about as many innovations as their larger counterparts in the

United States” (pg. 175). Knowledge and appropriate technology is the fine line

between small business and large business success. Thurik references author Roy

Rothwell, who studied small business in industrial change in “Small Firms, Innovation,

and Industrial Change” (1989).

The argument for small businesses have shifted over the years. At one point,

government was not in favor of supporting small business and making sure they had the

adequate resources necessary to conduct business. Throughout the years, this attitude

shifted to that of a helping hand. The United States government realized the economic

benefits that small businesses provided; thus, such organizations like the Small

Business Administration were created to contribute to their longevity.

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Rothwell alludes to the advantages and disadvantages that small businesses

face in regards to innovation efforts. In marketing, there is an advantage to being able

to adapt to changes quickly, but start-up costs abroad can be detrimental (pg. 53).

Financially, these organizations can face difficulties due to innovation; also, attracting

risk capital becomes more difficult the smaller the organization. One positive is internal

communication is much more efficient and effective than that of a large firm. Areas that

small businesses tend to lack in are motor vehicles, shipbuilding, and pharmaceuticals;

whereas, they tend to excel in the development of scientific instruments and specialty

machinery (pg. 55).

The data concludes that there was an overall increase in innovation from small

firms with employment of 1-199 employees. The results show that firms with less than

500 employees maintained growth due to fluctuations in innovation efficiency. In

conclusion, small business innovation is based on behavior versus large firms that are

based on material (pg. 62). It is ignorant to assume that small and large firms operate

apart from one another. Small businesses have a much harder time obtaining the

proper resources, research, and capital necessary for effective innovation efforts. This

paper will attempt to address this issue and present ideas that will help combat this

obstacle.

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Many companies focus solely on management of processes and things; they

often forget the management of human capital, and thus, this leads to some small

business failure. Srimannarayana (2006) states that small business owners usually

focus heavily on obtaining, retaining, and identifying (pg. 316). It is noted that many of

the small businesses studied in this article did not have separate HR departments, like

training and development and payroll, nor did that have formal HR policies. Operations

managers usually assume the HR manager role in small firms.

Recruitment and selection efforts are often done through the use of employee

networks, which include relatives and close acquaintances. Websites like Indeed and

Craigslist have somewhat eliminated the need to post job advertisements in

newspapers, which Srimannarayana found to be a valuable source of recruitment for

small businesses (pg.318).  The author concludes that it is necessary to establish and

implement a formal appraisal system. This system will be used to motivate workers and

potentially increase productivity. There will be times when conflict resolution is needed.

This function is performed by the human resource manager. Many small organizations

like the formal structure due to resource constraints. As previously mentioned in

Thong’s article, these resource constraints keep small businesses from success.

Without the proper funding and capability of retaining top talent, it is much harder for

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small businesses to keep up with larger firms in releasing new products to the market.

Decisions about where capital, manpower, and resources are going to be utilized can

ultimately be detrimental if allocated incorrectly.

Discussion

There are a few areas to consider in order for a small business to be successful

and increase their chances of longevity in the market. First and foremost, a company

must decide who they are and where they want to go as an organization. This can only

be done by first creating a mission statement and a vision along with a thorough

business plan. These items give the company direction and a map for the future. An

organization must plan its marketing strategy, analyze finances, and be innovative.

With competitors appearing every day in the market, a small business must solidify its

space in the arena by following the presented steps.  The purpose of this section is to

emphasize the importance of strategic planning and the positive effects on small

business success.

Beginning with a solid mission and vision statement, it is important to identify the

two as two separate items. The mission statement is the reason for the organization’s

existence (BusinessPlans.org). Many companies were created decades ago and often

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lose sight of why they are in existence in this day and age. The statement must be

succinct and stated clearly. Jerry Herman states that “all strategic goals, objectives and

action plans” should support the mission statement (National Association of Secondary

School Principals). Within this mission needs to lie the ethics and values the company

by which the company wishes to operate. The mission should answer these three

questions: what it does, who it does it for, and how it does it (Evans, 2010).

The function of the mission statement is to set a company apart from other

organizations in the respective field. Pearce and David (1987) allude to the fact that this

is crucial in an organization’s success. It outlines markets, consumers, company

philosophy, and the types of products and services that will be offered. For small

businesses, it is crucial to make this measurable and obtainable. Keep the mission

within reach. Aiming too high could potentially lead to destruction. It is not a document

that cannot be amended. As the company grows, it is important to refer back to the

mission and vision and make sure they still align with where the company is going.

Simply stated, the mission is the outlook and attitude of an organization (Pearce and

David, 1987).

Small businesses need to know who their competitors are and their target

market, which is why these two components are included in the mission. It would not be

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wise for a small firm in manufacturing to model their mission statement after that of an

organization in the technology field. Their goals and reason for being in business are

not equal and would be a poor frame of reference. Also, it is wise to incorporate socially

meaningful criteria. In Forbes’ article, “Six Reasons Companies Should Embrace CSR”,

author James Epstein-Reeves states that corporate social responsibility initiates boost

innovation, cost savings, and long-term thinking (Forbes), which will segue into the next

few sections.

The vision, much like the mission, is a tool used for long-term thinking and builds

the foundation for the organization. Vision statements are included in the business plan;

they are seemingly ineffective if they are thought of after the creation of the

organization. Jennell Evans wrote in her article, “Vision and Mission- What’s the

difference and why does it matter?”, that poorly written vision and mission statements

are lost opportunities for retaining talent, establishing company culture, and increasing

productivity (2010). As a small business, it is crucial to obtain and keep the best talent

available in the market. A poor mission could have excellent workers seeking

employment with other organizations.  

According to Adamson, the vision “allows you to look back from where you

started, measure your success, and plan for the future” (1995). The nature of business

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is constant learning and using that knowledge to make the organization better. Small

businesses have more freedom in terms of changing the business model. It is important

to create a vision that is flexible and will allow the organization to diversify if necessary.

It is suggest that competitor research be conducted to make a thorough vision. Small

business managers must be able to guide their organization in the present while

keeping their eyes on the future. An example of a perfectly written vision can be found

on Fujifilm’s website. It states:

We will use leading-edge, proprietary technologies to provide top-quality

products and services that contribute to the advancement of culture,

science, technology and industry, as well as improved health and

environmental protection in society. Our overarching aim is to help

enhance the quality of life of people worldwide. (Fujifilm Corporation)

Fuji started off solely in the film industry creating cameras and related products. With

the decline of digital cameras, the company sought ways to reinvent themselves and

use the technology they already possessed to use in other fields. For example, the

same manipulation used to create long lasting photographs was used to create a

skincare line. This vision statement serves as an example of the flexibility and long-term

thinking needed for future success.

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Along with a mission and vision, it is vital to small business to success to

establish a code of ethics and follow through with its execution. Reputation is a big deal

in terms of building relationships with consumers, stakeholders, and potential clients.

Unethical behavior could lead to profit loss due to a loss of trust from stakeholders.

Small businesses would benefit by having yearly seminars on the code of conduct.

Embedding this information into employees and managers will help create a positive

company culture, which leads to high morale, increase in productivity, and a boost in

profits.

Next, it is important for a small business to develop an effective marketing

strategy and marketing plan. Technology has opened the entire world up to

organizations’ disposal. Consumers are bombarded with advertising and news at every

turn, whether it be on television, the internet, newspapers, or billboards. The market

strategy is what goals a firm is needing to achieve while the marketing plan is how it will

be done (Lake). Without marketing efforts, small companies will fail to attract

customers. No customers means the firm will go out of business. Figure 1 was pulled

from Greg Satell’s article on Forbes (2013). A small businesses must be able to

evaluate sales, awareness, and customer advocacy in order to develop a successful

marketing campaign.  Building brand awareness is done by advertising and sometimes

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through co-marketing. Authors Bucklin and Sengupta (1993) defined co-marketing as

the mutual relationship between two firms; their successes are dependent upon each

other. Due to lack of resources and other financial burdens, small businesses can

benefit by partnering with another small firm or large company to maximize savings and

brand awareness. An example of a successful alliance would be McDonald’s and

Mattel. Happy meals usually come with some sort of toy; moreover, these toys are

usually a Mattel brand, such as Barbie and Hot Wheels. Both companies benefit by

splitting costs on advertising, product development, and even production.

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The existence of the market strategy is to seek out the customers’ needs and

fulfill those desires. One suggestion would be to hold focus groups. This is necessary to

assess the competition and evaluate the consumers concerns and wants. Keeping an

open mind and being willing to adapt to the market is crucial for small business

success. Regardless of industry, the marketplace is changing daily. It is not often an

easy task for a small business that set out to focus on one task. However, change is a

reality of business.

Globalization has changed how the marketplace. Should they build offices

overseas? Will consumers be interested in the same products? How can production and

shipping costs be reduced? Will there be a different marketing strategy in place? All of

these are questions a small business must ask itself in terms of expansion. Several

countries operate in different ways; therefore, the same advertising and sales pitches

will not work once you leave the United States.

The market strategy also encompasses price setting and production level. It is

pertinent that a small business not set prices below the competitors in the market or

they could potentially lose out on profits, which is why research is a key component of

the market plan. Overproducing and under production are also a leading cause of small

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business failure. Having high levels of inventory is wasted capital; under producing

leads to decreased market share.  

An important aspect of any business, whether small or large, is the ability to be

innovative. Releasing the same products year after year with no revisions will likely bore

consumers and will have them buying products from the competition. As mentioned

previously, adaptability is key to small business success. They can leverage their

unique culture and company layout to their advantage and out-innovate their larger

competitors. Author Steve Sponseller (2015) gave five areas in which small businesses

can out maneuver larger firms in terms of innovation. Of those five, the most important

are speed of execution, team support, and the measurability of innovation.

Because of their size, small businesses can maneuver and make changes to the

business quicker than larger firms. They have less departments and managers to filter

ideas and information through to get a job done. Large firms often take months to years

to follow through with a new product or service (Sponseller, 2015). Small businesses

have the capability of harnessing a strong team culture. Because there are less job

roles, it forces employees and managers to get involved in the innovation process.

Outsourcing and globalization have shifted company's’ focus to effectiveness and

efficiency.

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It is pertinent that small businesses develop a creative space to optimize the

innovation process amongst its workers. It is necessary to differentiate products and

services from those of the competitors. Often times, small businesses are not able to

compete in the price arena because they cannot afford to lose out on those profits;

however, developing news products, creating faster,efficient processes, and staying

one step ahead of the market will ensure the company’s longevity. Lastly, small

businesses have the capability to create measurable goals. Because they have less

departments to filter through, they are able to develop performance reviews that involve

an innovation component. By making this a part of the daily job function, it ensures that

small businesses will constantly have a flow of new ideas.

Ultimately, innovation improves the quality of life for everyone. Small businesses

have a chance to capture a sizable amount of market share by being able to adapt and

produce new ideas. It is difficult if products and services are out of date and seemingly

obsolete.

According to the U.S. Small Business Administration, “Financial management

includes bookkeeping, projections, financial statements, and financing, which forms the

foundation for reaching your goals through sound business decisions (Financial

Management, U.S. SBA).”  The quality of financial management determines how

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prosperous an organization will be. Three major points of reference for small

businesses should be cash flow, budgeting, and bookkeeping. A budget is a list of all

monthly expenses separated by category (Financial Management, U.S. SBA). Budgets

allow a small business to plan for the future, keep track of expenses, and forecast

potential profits. Along with a budget, bookkeeping tracks transactions and income.

Small businesses should invest in accounting software and thoroughly document all

sales. This helps keep the company organized and on track. The SBA defines cash

flow as one of two things: moving money in and out of a business or balance of cash

received (Financial Management). Small businesses should make projections on how

they think cash will flow within the company.

Companies are always concerned about profits. Many fail because they do not

put enough emphasis on losses as well. A profit and loss (P&L) statement shows

revenue over a month, quarter, and/or year. The basic formula is:

+ Sales – Cost of Goods Sold = Gross Profit – Overhead = Net Profit (U.S.

SBA).

This simple equation can mean the difference between shutting down or staying in

business. Obtaining adequate financing is also another key role in financial

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management success. Financing is the money needed to actually start the business. It

is important to create a business plan and then determine whether to apply for a

business loan.

Author James Ang (1991) evaluates the unique characteristics of small

businesses that significantly influence their financial situation. Some of these are: no

publicly traded securities, incomplete management staff, and experience higher costs.

These issues can be rectified by concentrating efforts on other parts of the business.

Many small businesses are “cash only” establishments. By making the financial

investment in purchase atms, credit card machines, etc., small businesses can expand

the payment options for consumers and increase profits.

Education is key. Small businesses owners and managers can benefit by

participating in free finance and accounting seminars. That knowledge can then be

applied to the day-to-day operations. Cost-cutting is another big tip when it comes to

financial management. By using freed cloud-based software instead of purchasing

software, the small business owner can save money that can be applied to various

areas of the business. Lastly, if it is not necessary, do not hire staff early. If the

company was working fine with a one or two man staff, leave it as such. Payroll can be

a heavy expense that can weigh down a small business. Always make sure that

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existing employees are working to full capacity before introducing the idea of hiring on

new individuals.

Conclusion

The uncertainty and ambiguity of owning a small business can be a daunting task

for many individuals.  These smaller firms deal with the same market changes, financial

stress, and employee retention as their larger competitors. Due to lack of resources and

various issues, it is much more difficult for a small business to recover from a loss and

still remain successful.

This paper served as an insight to the issues that haunt small business owners.

Often times, these small companies lack a formalized human resource department, fall

behind in innovation, and suffer from resource constraints. It is suggested to that small

businesses create a mission and vision statement, develop a sound market strategy, be

innovative, and be able to manage finances. The mission and vision serve as the

foundation and outlook for future endeavors. Marketing creates brand awareness and

allows consumers to see what the company has to offer. Financial management is

crucial to small business success; it creates the foundation for all business decisions.

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Lastly, innovation is necessary to remain relevant in the market and ensures that

consumers will not seek out other companies.

Why are small businesses important to the United States’ economy? About 63%

of jobs from 1993 to 2013 were developed because of small organizations (Leinbach-

Rehyle, 2014). Customer service is much more personalized and customers are able to

form long lasting relationships. Management is easily accessed in small businesses,

which leaves a positive impression on consumers and stakeholders.

Small businesses have been around for centuries. Future research could include

education levels of employees and how it affects the small business. There could also

be suggestions made about an effective business plan, developing a formal human

resources department, and employee benefits.  It is wise to note that not all small

businesses stay small, like C.H. Robinson and Ben & Jerry’s. It is crucial to develop

excellent marketing skills, financial management, and a solid mission and vision so the

transition from small to large will be smooth. On the contrary, not all small businesses

will grow to the size of their larger competitors. The United States celebrates small

business contributions with events such as Small Business Saturday. The “American

Dream” lives within these mom and pop shops and keeps the economy afloat with job

creation and sustainability.

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