Small Business Imperatives

Charles Brad Reynolds, a Warwick Business School MBA candidate asked the following question on LinkedIn.

What do you see as the top 5 innovations that businesses can access, cost-effectively, today that will be imperative for survival and profit maximization in the future.

My vote goes to
1.) Internet facilities for communication, marketing and purchase ordering
2.) Online and electronic banking facilities
3.) Lean Thinking concepts and practices
4.) Business use technologies (laptops, mobile phones, blackberries)
5.) Expanding network (customers, competitors, labour, suppliers, civil, etc)

What do you see as being the top innovations that businesses should be more actively trying to leverage or develop for the future.

There were a number of good answers, many of them focused on the internet and new technology.  Here’s my answer:

“I’m going to take a slightly different approach. You may or may not consider these “innovations” since they’re hardly new. But since they may be overlooked in favor of the latest electronic “toy”, their use can be considered innovative and they’re definitely going to be imperative tomorrow.

1. Relationships. If you’re going to stand out, then you must have strong relationships with your customers and other business partners.

2. Communications. Here’s where the “toys” come in. Facebook, LinkedIn, Twitter, and others. Use them IF they help your business.

3. Empowerment. Unless you want to work yourself to death, you have to have people working for you that you trust and you must give them everything they need to excel, including the ability to make mistakes.

4. Knowledge. Never before have your customers had access to knowledge as they do today. You MUST stay ahead of them or be left behind.

5. Customer Service. This is really a combination of the other four. Find out what your customers want and let them know that you have it. Empower your people to give the customer what she wants and then get out of their way.

I personally have nothing against MBA’s (well, maybe I do.  But that’s a topic for another day.) but, there’s a lot more to running a small business than the things they teach you in B-School.

Treat people the way you’d like to be treated and you’ll have a sound foundation, regardless of the tools you use to get there.

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