At GrowCo, we learnt more about a range of businesses that have not only attracted great rounds of funding and investment, but also generated exceptional momentum.

Reflections on Small Business Growth from GrowCo

On The Money Show With Bruce Whitfield, Pavlo Phitidis shares what he learnt about small business growth, scale, competition, funding, and fame, while attending GrowCo in New Orleans:

Travelling to GrowCo

Of course, long distance travel isn’t pleasant, but business class flights and luxury accommodation do make it a little easier. Before heading to New Orleans, we did a little sightseeing in New York. Staying in the Marriott Hotel in New Orleans, we were perfectly situated to learn more about the city’s thriving small business scene, while absorbing learnings on small business growth at the conference. This fast-paced travel experience was invigorating, and I enjoyed attending 58 meetings in just 14 days.

Small Business Growth in the USA

The way business is conducted in the USA, is vastly different to the South African business landscape. The pace and speed at which small business growth occurs in the USA is invigorating. At GrowCo, we learnt more about a range of businesses that have not only attracted great rounds of funding and investment, but also generated exceptional momentum. Presentations by Ali Webb of Dry Bar; Chieh Huang of Boxed; Rachel Blumenthal from Rockets of Awesome, and Daniella Yacobovksy from Bauble Bar were highlights.

Scale and Growth

Most notably, learning more about Harry’s from Jeff Raider, was both educational and insightful. Harry’s is an exceptional example of small business growth, done right. A 6-year old company, Harry’s has received two rounds of funding of 100million US Dollars each. Focused on servicing the male grooming market, Harry’s utilized its first round of funding for securing its full value and supply chain, and then focused its second round of funding on expanding into retailers and bigger stores.

Competition

Competition shouldn’t be something that sends you off course on your small business growth plan. Instead, it should work to inspire you to adjust and strategize, towards getting ahead. In terms of corporate behaviour, competition can be fierce, because small businesses need to constantly prove not only their worth, but their adaptability too. As a small business owner, being able to work fluidly with bigger businesses is imperative, but it must never be to the detriment of your own company growth.

A corporate sale can take years, but in the US environment, competition is not only healthy, it also presents true challenges at pace. Finding the right kind of partners and collaborators, and the right kind of technology to support your small business growth, is far easier and quicker to do in the USA, when compared to SA.

Funding

Noting how funding was channeled into rehabilitating certain regions of New Orleans was an intriguing revelation. Hurricane Katrina devastated large parts of the region, but the approach towards channeling funding towards rehabilitating some areas, and not others, was insightful. Areas were selected for rehabilitation where it was most likely to have the greatest effect, most easily. Finding the right kind of funder for your small business growth is key, and it’s also vital that the culture of your funder matches your business development phase. This culture and approach will have a direct effect on the way you grow, and the momentum you’re able to create for your business.

Fame

Rising above the noise of your competition and business landscape is an important small business growth tactic. In turn, creating a positive narrative around your business will enable you to attract customer and media attention. In New Orleans, local business people unified around rebuilding the region post-Katrina. Working with communities to create positive change and rebuild, small businesses employed local colourful characters as shop ambassadors. Utilising media and community networks, small business owners were able to control and maintain a positive narrative around their initiatives, thereby attracting further attention, foot traffic, and growth.

Does your small business growth plan need help? Aurik

Tags: The Money Show, Business Growth

KVD: A fisherman’s tale
Building your Business Business Growth

KVD: A fisherman’s tale

American Kevin VanDam is one of the top-ranking bass fishermen in the world with two Major League Fishing Cups, four Bassmaster...

Read more

How to build your business: Break it to build it throughout the growth cycle
The Money Show Building your Business

How to build your business: Break it to build it throughout the growth cycle

You build your business within the context of your business environment. When your business environment changes more rapidly...

Read more

More small business growth insights from GrowCo
The Money Show Business Growth

More small business growth insights from GrowCo

On The Money Show with Bruce Whitfield, Pavlo Phitidis shared further small business growth insights, gleaned from attending...

Read more

Learning lessons from the GrowCo conference

Learning lessons from the GrowCo conference

GrowCo gives attendees the opportunity to learn from the best in the industry with more than 600 people attending – including...

Read more

Reflections on Small Business Growth from GrowCo
The Money Show Business Growth

Reflections on Small Business Growth from GrowCo

On The Money Show With Bruce Whitfield, Pavlo Phitidis shares what he learnt about small business growth, scale, competition,...

Read more

Characteristics of a business owner’s spouse can  be make or break
Asset of Value Business Development Family Business

Characteristics of a business owner’s spouse can be make or break

What’s it like to be the significant other or the spouse of a business owner? People generally believe that when you are...

Read more

Turning a sweet start into a smart start: Making money from honey with your start up business
Business Opportunities The Money Show Start Up

Turning a sweet start into a smart start: Making money from honey with your start up business

What happens when your small side business suddenly shows a whole bunch of potential? How do you turn a hobby into the startup...

Read more

Creating a Succession Plan for your Family Business
Succession Business Succession Succession planning

Creating a Succession Plan for your Family Business

The statistics are terrifying. A mere 28% of family businesses, across the globe, successfully move from founder to next...

Read more

How to break a bad deal and not break your business
The Money Show Business Exit Exit strategy

How to break a bad deal and not break your business

Britain broke market access with BREXIT, and Trump broke the Iran deal with just a tweet, but neither seemed to consider...

Read more

Strategies for Business Growth that Go Beyond a Blind Belief in Brand Value
The Money Show Business Strategy Strategic Planning

Strategies for Business Growth that Go Beyond a Blind Belief in Brand Value

No business is ‘too big to fail’. Blind idealism didn’t work out well for Kodak, and now another iconic brand is filing for...

Read more

Identifying and Preventing Burnout when You’re a Business Owner
The Money Show Growing business value Building your Business

Identifying and Preventing Burnout when You’re a Business Owner

Burnout creeps up on you like the Dementors of Harry Potter fame. You may not see it at first, but it slowly takes over and,...

Read more

Big Questions from Business Owners Like You
The Money Show Growing business value Growing Business Systems

Big Questions from Business Owners Like You

The Money Show with Bruce Whitfield, Pavlo Phitidis set out to answer some big questions from business owners, like you:

Read more

Small Business Financing: To Debt, or Not to Debt?
Business Opportunities The Money Show Business Growth

Small Business Financing: To Debt, or Not to Debt?

Finding the right small business financing solution for your growing business is critical. Is going into debt the right option...

Read more

How to Protect Your Margins & Grow Your Business in a Cost Inflationary Environment
The Money Show Accelerating Growth Business Growth

How to Protect Your Margins & Grow Your Business in a Cost Inflationary Environment

Everyone is beginning to feel the pressure of an increase in VAT, petrol levy, and other price increases. Rising costs will...

Read more

The Key Components of Collaboration
The Money Show Building your Business Business partnership

The Key Components of Collaboration

While we’ve been looking to fill 13 positions within our company, Pavlo has also been dealing with several international...

Read more

How to Present Yourself Online
The Money Show Building your Business Strategy Online business

How to Present Yourself Online

How you present yourself online is an all-important component for your personal, and business, brand. On this week’s The...

Read more

Business Accelerator 2018
The Money Show Business Development Building your Business

Business Accelerator 2018

Business accelerator programmes can be great catalysts for your growing business. Getting the right kind of help as a business...

Read more

How to get the right headspace to survive and thrive in tech-driven opportunities and change in your business
The Money Show Building your Business Business Growth

How to get the right headspace to survive and thrive in tech-driven opportunities and change in your business

Increasingly, technology plays a deeper and more pervasive role in business, and in our lives. Importantly, technology that...

Read more

Building the future we want as business owners in SA
Business Opportunities In the News Positioning your Business

Building the future we want as business owners in SA

South African entrepreneurs can play a big role in bringing the promises made during this year’s State of the Nation Address...

Read more

Kushesh Express, achieving rapid growth in a competitive environment
Growing business value Asset of Value Building your Business

Kushesh Express, achieving rapid growth in a competitive environment

Kushesh loosely translates to “very quick” and is a fitting name for courier company Kushesh Trading, which services the...

Read more

Innovation and Entrepreneurship
Blog In the News The Money Show Innovation

Innovation and Entrepreneurship

I recently hosted an innovation workshop for more than 100 franchisees and a franchisor of a well-established, successful...

Read more

Small Business Venture Capital Investments: What You Should Know
The Money Show Growing business value Building your Business Business Systems

Small Business Venture Capital Investments: What You Should Know

Section 12J investment funds are an attractive option for investors. When first created during the mid-1990s as part of the...

Read more

Build Your Business with these 5 Habits
AoV Mindset The Money Show Asset of Value Building your Business

Build Your Business with these 5 Habits

Welcome to 2018! A whole year ahead, to plan, implement, and prosper. I hope you had a great break, and were able to gain...

Read more

What Entrepreneurial Opportunities Await in 2018?
In the News The Money Show Growing Strategy

What Entrepreneurial Opportunities Await in 2018?

The tumultuous events of 2017 have already shaped the entrepreneurial opportunities for 2018. The innovators respond first,...

Read more