More small business growth insights from GrowCo

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 GrowCo in New Orleans, and from visiting Chicago:

Specializing to generate small business growth

Attending GrowCo is inspirational and motivating beyond measure. Although the speakers and presentations were all incredible, a few stood out for me, in terms of their small business growth stories. Founder of Drybar, Ali Webb, shared their unique growth story. Drybar is a specialized chain of hair salons, offering one specific type of service: blow-outs. Focusing their primary service offering has paid off, with Drybar now operating a successful chain of salons across the country. Beyond its super-focused offering, Drybar solves a significant problem that many women deal with. Rather than offering a service, or selling a product, Drybar’s focus remains keenly on solving a specific problem for their customers and creating remarkable customer experiences. Solving their customers’ problems, quickly and conveniently, Drybar then turned their attention towards imbuing a culture of customer loyalty, by implementing membership benefit programmes, and similar initiatives.

Online retailing is critical for small business growth

Later on at GrowCo, I sat in on a small session with two remarkable online retailers: Rachel Blumenthal from Rockets of Awesome, and Daniella Yacobovsky from Bauble Bar. Online retailing is accelerating at a remarkable pace in the USA, and small business growth opportunities are exploding. The most fundamental issue related to online retailing remains the Customer Acquisition Cost (CAC) – the costs of advertising and marketing, used to attract customers to your online store, service, or product. In the online setting, this concept has begun to sophisticate the processes of customer retention and referrals, with small business owners looking for ways to stay in touch with their customers, without having to rely upon a larger company or platform.

Scale and Growth

Business owners often make the critical error of chasing growth, before they have scaled their business enough to cope with the demands of small business growth. Just as a child grows into an adult, and can therefore carry more weight as it grows, so too must a business be given the time and capacity to grow. Being able to re-build, re-engineer, and scale, your business at a rapid pace is essential. Notably, hiring great managers, with excellent growth management skills, is important.

Competition

South African business owners may believe that our business landscape is highly competitive, but competition in the USA is far fiercer. The small to medium-sized business landscape is made up of highly specialized niche offerings, who must meet the regulatory requirements for operating a business. Technology is wrapped closely into every business, whether operational or within its service delivery – failure to wrap technology into your business will lead to a competitor easily overtaking you.

Funding

Here again, the differences between the South African and US business environments is easily seen. Within South Africa, being able to access funding to invigorate small business growth is onerous, whereas in the USA, it’s far easier to get the money you need, once you’ve been able to demonstrate some level of traction. With multiple funding options available to small business owners in the USA, accessing capital is much easier.

From GrowCo to Chicago

Once we’d wrapped up our time in New Orleans, I headed to Chicago, to visit this all-important distribution point and essential meeting place. Meeting with keenly interested investors who are eager to buy up companies within Africa, I was struck by their long-term view: while the continent may seem somewhat unruly and difficult to invest in now, it won’t always be that way. Being able to lay claim to some element of the African marketplace now is a growing imperative for many keen-eyed investors.

Eager to find new ways to help your small business grow? Aurik can help.

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