Small Businesses and Startups Have More in Common Than You Think
By Jason Richelson, entrepreneur.com
On the surface, launching a startup and running a small business is
like comparing apples to oranges. Startups are perceived as sexy and up
and-coming while small businesses conjure images of local mom-and-pop
shops, the quintessential Main Street America.
However, at the
heart of each of these business models are six core qualities
entrepreneurs need to succeed and,
believe it or not, they have little
to do with hard-hitting technology and everything to do with
communication and self-improvement.
Whether you’re selling
software or pouring coffee, the hardest thing about managing a business
is interacting with those around you. To ensure employee satisfaction
and provide customers with the best possible experiences, here are
essential qualities small-business owners and startups alike should
embrace.
1. Tech-savviness
Even
if you aren’t running a software startup, business owners must
understand how technology works to run smarter businesses and compete
with other leaders in the space.
By engaging with software,
small-business owners will become fluent in effective management
strategy and find seamless ways to insert technology in everyday
operations. For instance, a deep understanding of software can also help
business owners stay on top of consumer trends by evaluating available
data and, in turn, provide tailored services for customers.
2. Excitement
Motivation
is an essential part of any business’ success. To keep employees
excited about coming to work each day, business owners must motivate
them to grow within their roles. Even if you only have one location,
create pathways for employees to move up within your store. Workers want
to feel as though they have a career path; growth is what enables that.
To engage staff about progression, be excited yourself and remind them
of the key reasons they jumped onboard in the first place and the
opportunity that’s still available.
3. Experimentation
Just
because the term pivot is traditionally tied to startups, doesn’t mean
small businesses aren’t doing so, too. Like startups, small businesses
should embrace experimentation and test different strategies to find
what works best for their business and customers. By testing different
variables -- vendors, products and software, to name a few -- business
owners can see which stimuli best affects the outcome of their
operations and provide customers with the most exemplary experiences.
4. Equity
To
engage longstanding employees and encourage a vested interest in the
company, consider offering staff equity after working a set amount of
time.
Small-business owners can also adopt this practice through
profit sharing based on how many hours one works, though this can become
difficult as businesses grow.
5. Confidence
Across
the board, tech startups are perceived as being data driven. However,
just because business owners have access to a plethora of data doesn’t
mean they should always remain immersed in it. Despite popular belief,
businesses cannot be 100 percent data driven. It’s inefficient to rely
solely on hard numbers, so founders must learn how to trust their gut in
different situations. At the end of the day, dwell on those numbers
that are most important and let them inform your decisions -- you’ll
find your instinct is consistent with those most crucial points.
Also,
a startup requires increased collaboration, so founders must learn to
listen to gut reactions and not shy away from making decisions. The same
can be said for small businesses -- employees want to know which
direction they should go. Give them the right goals and get creative in
finding ways to achieve them.
6. Transparency
Of
all the qualities a business should maintain, transparency sits right
on top. Employees need to know where a business is heading and customers
value a glance into internal operations -- whether it’s a glimpse at
ingredients or ensuring a company endorses ethical suppliers. Customers
also value "trying before they buy," so invite them to "tasting rooms"
and offer free trials to grant them first-hand experience with a
product. By putting offerings on display, business owners can rightfully
earn customers’ business.
While startups and small businesses
have their fair share of differences, success is success. Grooming these
qualities will not only build stronger managers but smarter businesses
that cater to the needs of customers, whether in Silicon Valley or just
down the street.
Jason Richelson is the founder and chief strategy officer of ShopKeep, a point-of-sale platform for the iPad.
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