The most powerful business concepts I have discovered so far.
All implemented/learned running a small fastener business
(some will seem impossible for traditional SMB, they aren't).
Not a complete list, but ones that have helped me build the company, wealth, and relationships
All implemented/learned running a small fastener business
(some will seem impossible for traditional SMB, they aren't).
Not a complete list, but ones that have helped me build the company, wealth, and relationships
1. Customers are people.
So many business and sales tactics can be ignored. Everyone is human, and if it would make you feel great, special and served, chances are it is what they want too.
Be personal, thoughtful, empathetic, and truly look out for their well being and biz
So many business and sales tactics can be ignored. Everyone is human, and if it would make you feel great, special and served, chances are it is what they want too.
Be personal, thoughtful, empathetic, and truly look out for their well being and biz
2. Share the company success with those who are helping you get there. Everyone is replaceable, but your current team are the ones helping.
Share in that upward journey with everyone.
This builds incredible loyalty and the entire business will operate smoother
Share in that upward journey with everyone.
This builds incredible loyalty and the entire business will operate smoother
3. Build an Async foundation
With small business, meetings and synchronous collaboration is extremely expensive. We did this in 2014 and the effects were revolutionary.
Create a written culture to work together through async tools and systems.
This also creates an audit log.
With small business, meetings and synchronous collaboration is extremely expensive. We did this in 2014 and the effects were revolutionary.
Create a written culture to work together through async tools and systems.
This also creates an audit log.
4. Remote OS
Once our async platform was in place, we were able to work from anywhere.
This created immense flexibility!
Now our team could cover more ground, faster, without "catching up".
85% of business could be run from anywhere
Once our async platform was in place, we were able to work from anywhere.
This created immense flexibility!
Now our team could cover more ground, faster, without "catching up".
85% of business could be run from anywhere
5. Scalable systems.
Many small business systems are created to fix a problem. They are bandaids.
Every form, system, report, process or work instructions had to pass this test:
"Will this work if the volume increases 100X?"
100x the shipments, the orders, the payments, etc
Many small business systems are created to fix a problem. They are bandaids.
Every form, system, report, process or work instructions had to pass this test:
"Will this work if the volume increases 100X?"
100x the shipments, the orders, the payments, etc
6. Cash Optionality
Building a cash reserve is HUGE!
It buffers the bad times and allows you to capitalize on opportunities when they come along.
Most business transforms occur in step functions when something comes along every 3-5 years.
Building a cash reserve is HUGE!
It buffers the bad times and allows you to capitalize on opportunities when they come along.
Most business transforms occur in step functions when something comes along every 3-5 years.
A cash buffer allows you to weather storms with low risk and stress, even grabbing new customers and market share as others are struggling.
A cash reserve allows you to make those life-changing investments, or get those next level customers when the opportunity presents.
A cash reserve allows you to make those life-changing investments, or get those next level customers when the opportunity presents.
7. Time Optionality
Push all task forward in the system / process change as possible.
Label the parts as part of receiving, not shipping.
Doing all tasks as soon as possible reduces later rush and mistakes, lowers wasted "task re-acclimation", ...
Push all task forward in the system / process change as possible.
Label the parts as part of receiving, not shipping.
Doing all tasks as soon as possible reduces later rush and mistakes, lowers wasted "task re-acclimation", ...
reduces errors when controlled information is pushed until later, and allows you to execute faster when needed.
This seems so little, but the times it has helped (and burned us when not applied) are way to numerous to mention.
This seems so little, but the times it has helped (and burned us when not applied) are way to numerous to mention.
8. Lower friction for action for all stakeholders.
If asking a customer to make a decision, put all details in an easily digestible format for them to make it, right there.
If forwarding an email to a coworker, put why, what you want from them, and highlight was is important.
If asking a customer to make a decision, put all details in an easily digestible format for them to make it, right there.
If forwarding an email to a coworker, put why, what you want from them, and highlight was is important.
Lower the friction to getting things answered, completed or decided; both internally and externally.
This compounds.
Make everyone's job downstream easier. Make it easier for customers to deal with you, make it easier for others to help you.
This compounds.
Make everyone's job downstream easier. Make it easier for customers to deal with you, make it easier for others to help you.
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