Should You Keep Your Company Small?
Big office, fun amenities, the latest gadgets, unlimited coffee – there are so many perks when working for a big company (not to mention, of course, the bigger pay, even more clients, etc.). This is also partly the reason why some entrepreneur’s definition of success is based solely on how big the company has become after x number of years. But should you be in a rush to start hiring people right away to up the company’s production rates? Keep in mind that larger companies also have their share of problems – communication issues, organizational problems, etc. – which can be detrimental to the business if not handled properly.
As a startup or a solopreneur, what road should you take? To help, here are 3 reasons by Alumnify CEO AJ Agrawal on why you should keep your company small:
1. “You can run super lean.”
Hiring and keeping people can take a big hit on your startup budget. Investing on members of your team is important to make sure that they produce the best work they can and this investment can cost you tens to hundreds of thousands of pesos. “If you do not have the funds to take care of a team member, that person should not be on your team.” By keeping your company smaller with quality team members, you spend a bulk of your budget harnessing their talents and getting the best results for your investment.
2.“You can build a stronger hustle mentality.”
In smaller companies with only less than 10 people on the team, it’s easier to keep the hustle mentality stronger by reminding the team about even bigger competitors. Employees in a big company can usually get away with mediocre work in their 9-5 jobs, with the belief that whatever work they put off today they can make up for in the coming days or weeks. Smaller teams don’t have that luxury, with some members doing twice the amount of work with half the salary a big company can give them if they were working there for the same position.
3. “You can develop closer relationships.”
“The relationships built when the company is a couple of people are the bonds that you’ll cherish for the rest of your company’s life.” Being part of a small company makes it easier for every team member to know each other on both a personal and professional level. Through this, bonds are built stronger and the organization is even tighter.
Are you an entrepreneur? A small business owner? A solopreneur? Let us know what you think!