FACTORS IMPORTANT TO SMALL BUSINESSES
As a business coach to a few entrepreneurs, I was intrigued by the way they view their businesses and the idea of taking their business forward. Having coached quite a few entrepreneurs and businessmen, was getting a fair idea of that the way they view is different. To understand the factors important for business as they experienced it, we conducted a survey
I asked a simple question : What are the two factors that are important for your business
About the sample
- They are 20 business men and women
- They have business which are small scale from trading to manufactures to consultants
- They are mostly young with age group from 25 to 40
- They have a business experience of 5 – 10 years
- The size of their team varies from 2 to 7 people
Some Interesting Takeaways
- Uniqueness in approach: It is interesting to observe that out of sample of 20, there are 15 different factors important for business
- People are important: about 8 of the 20 businessmen have mentioned that people are important factors. They want their team to bond well, they are supporting each other and are capable to do their job. It is quite evident that the dependency on team is high and are recognizing the fact.
- Growth as a factor: Businessmen, as apparent from the survey, are looking at factors that could drive growth than growth itself. Growth is important for 25% of the businessmen surveyed. This is interesting as they are looking at their business to grow with the by ensuring other vital factors are in place which will anyway lead to growth
- Values and Culture: 25% of businessmen have rated Value and culture as important factors. Probably there was a myth that value and culture has more significance in large organisations.
- Customer Satisfaction matters – There is a value being attached to the satisfaction of the customer. They are talking of customer retention, repeat orders and do understand the value of the customers. Some of the business men spoken to keep talking about the importance of servicing and service quality. They are proudly flaunting their repeat order status from large organisations.
- Technology – There is a need felt to be on the top of the offering or adopt newer technologies. They are bringing in modern machinery to make high quality products corroborative sheets to modern security systems to meet the growing customer needs
- There are other factors like creativity, responsiveness, proactiveness, enthusiasm, pricing, interaction, clients and professionalism. They are very unique to the businessmen in the area of operations.
- One Size fits all approach may not work for the businessmen. The challenges are different and hence the approach to deal with the challenges different
- Unlike employees in large organisations, most of the employees may not have strong educational background. However, they have considerable experience in the job they do. Most of the employees would have around for long time. The expectations from them is phenomenal and so is the dependency. Challenge is make them responsive to the growing needs of the business
- There is a realization that factors important to business growth needs to be taken care of. Expecting growth to happen will not happen by itself. Values, Customer satisfaction, technology matters, besides other factors.
- The customers the businesses are interacting with are now more aware of the product, have considerable expectations from suppliers in terms of the way the business is conducted ranging from proactiveness to responsiveness to pricing to quality of interaction.
Small businesses are also impacted by the VUCA world. As the value chain gets impacted by the state of the economy, small businesses are discovering and rediscovering the factors important for their businesses. They are also beginning to take measure that will support them in the path of growth. People, customer satisfaction, values are important factors, many of the businesses are focussing on
Small business; people, customer satisfaction; factors important to business;