06 May Your Mini-Guide To Changing From A Start-up To A Small Business
When you thought of your business idea, you had “that feeling” that it would be a success. America has had a great track record of fast-growing start-ups that turned into large businesses such as Facebook, Shea Moisture, Harpo Productions, Shipt, Netflix, Impossible Foods and Amazon. Thus, creativity in America can be a lucrative endeavor.
A lot of business activity helped each of the above companies reach its level of success. Business strategy and operations with hundreds of team members were two keys to initial success. As we live in the present and see that these companies are thriving, business strategy and activity “are” keys to growth. If you want a hint about the journey of many entrepreneurs and small business owners, keep reading:
People – Building relationships with your customers and employees will help you reach your milestones. The interaction with your patrons is referred to as customer experience and the interaction with your employees is referred to as culture. In sum, implement customer and employee retention plans within your business.
Industry – One well-known adage suggests that the only constant is change. Add to this, many businesses selling a similar product or service and you may get competition and less money in your bank account. Be involved in your industry and use proactive business strategy to mitigate surprises in your cash flow.
Longevity – Union Pacific Corporation, American Greeting Corp and Macy’s have been in existence for over 100 years. Why do you think this is so? Large businesses have done a lot of trial and error for entrepreneurs and small businesses to study and learn from. Research your favorite company to gain insight on how to stay in business.
Operations – Many CEOs are hands-on within the business environment. However, they do receive help from CFOs, COOs, CMOs, CTOs, etc. It appears to be very smart to surround yourself with very smart people. If you are a non-employee business or a solopreneur, enjoy your journey as you multi-task and wear many hats within your business. It is a best practice to have a business strategy and at some point know when it’s time to delegate and/or outsource workflows.
Teachable – Roger Ebert has been credited to have said, “what I believe is that all clear-minded people should remain two things throughout their lifetimes: curious and teachable.” These two characteristics are major to personal development not only in life but to the free enterprise system. For sure, learning is endless – be open to it.
The definition of a small business varies depending on who you ask. Some view these entities as having fewer than 500 employees and generating less than 10 million dollars in receipts. All these businesses built there companies up from the first $1 receipt – you can too! Prepare your mind and heart for the many fails and successes as you build your company. Also, continue to add new skills, embrace technology and have fun inspiring America. Happy National Small Business Week and best wishes!