Are entrepreneurs and SMEs set to embrace social media more than big business?

I was on the train one Wednesday coming back from the RSA Social Media Surgeries in Sheffield. The session there really got me thinking.

Are SMEs better set to adopt social media?

Small and medium businesses tend to have the business owner as the main director and influencer in the business. Entrepreneurs and enterprising people take risks (how ever large or small) to set up and grow their businesses. They tend by nature of the fact that they have taken risks to set up their own business and hence have a different attitude towards risk. Which is no bad thing, in fact I think it puts them in good stead for adopting social media.

Adopting social media is about listening, participating, influencing and acting upon the conversations people are having on the various different social media sites about you and your business. Participating, influencing and acting upon this feedback is about risk.

It’s about risk and managing it
The more information and views you put out in the public domain, the more chance you will have of people engaging and talking about this information, whether that’s good or bad. So the more information, views and commentary you publish into the public domain, the greater the chance of these conversations happening.

For an entrepreneur who’s familiar and comfortable with risk taking, progressing and adopting social media will be a natural step forward. As they understand how to evaluate, minimise and respond to risks and the outcomes of the decisions. Not only that as they are still involved in the business they can have a direct influence on the social media strategy and implementation, as they are seen as the voice and front of the business.

Competitive Advantage for SMEs
Not only do they understand risk they also have the advantage that SMEs can be more agile and flexible when it comes to change, as the change process can be driven by the business owner and the change can be implemented reasonably quickly.

Perhaps this social media revolution is being driven forward by the SMEs in the UK rather than by the larger companies and enterprises. Perhaps this social change can bring about a new wave of entrepreneurs and business models that have still to establish themselves.

Now is one of the most exciting times to be in business
Now is one of the most exciting times to be a SME business owner, as social media is giving rise to a new means of doing business and communication.

What do you think? How has your SME business benefited from adopting social media?

Charlotte Britton is a Director at Rebublic of Yorkshire and Chair of the Institute of Directors, Young Directors Forum, Yorkshire and Humber.
charlotte (at) republicofyorkshire (dot) com – www.republicofyorkshire.com

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