When people hear the phrase “a small business owner”, they think about little mom-and-dad owned local midwestern café and thrift stores. And while it’s true, it’s only a part of it and you can’t underestimate the role of family business on the global market. Just take a look at some of those names: Samsung, Porsche, Facebook – all of those were once owned by families and now we can’t imagine the world without them.
There are definitely a few things one could learn from small business owners. Those are lessons of courage, leadership, cooperating with people, innovation and creativeness:
1. They are careful with their finances.
And it’s definitely something banks and all of those “too big to fail” should learn. Small family businesses seem to be reluctant to spend more than they earn and they are careful with spending on acquisitions.
2. They stick to their strategy.
It’s interesting, but small family businesses are always consistent with their strategy. When the times are bad and the results delivered are not satisfying, they don’t get depressed and don’t change. While it might seem too ambitious and stubborn, in many cases it seems to pay back later.
3. They invest in their future.
Many family business owners across the globe tend to train their next generation especially well. They think of their company and play for the long-run. For them, it’s important what is going to happen to their business in 20, 50 years. It’s especially clear with Indian and Asian companies.
4. They try things.
Small businesses are effective innovators. They are also not afraid to try new things, to jump and seize those opportunities they need. But they do it smartly, as they don’t have plenty of financing behind their backs.
5. They use their humanizing factor.
Smiling familiar faces, friendly service and that family touch is something faceless big corporations with many people behind them can’t provide. Family businesses stress that family part and get paid back for it.
6. They don’t do things for profit only.
Maybe it’s also a reason why people trust family businesses. Take Miya Shoji carpentry services, an owner of this business started doing it when he was just 9. The idea behind the business is that you should love doing what you do.
7. They rarely buy other companies.
It was already mentioned that family businesses don’t like big acquisitions. Indeed, they tend to cooperate with other businesses more often, but not to the point of acquisition. Many small business SEOs explain it as a too risky investment, plus it could hurt the culture.
As you can see, small family businesses prefer organic growth and try to stay the same. They don’t change their habits, but stubbornly wait for their audience to return. Those steps wouldn’t work with large corporations, but they seem to be a perfect way for a small business.