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Do You Relate to this Sensible Shrewd Successful Small Business Owner

July 11, 2019

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Published first on July 5, 2019 on LinkedIn Pulse

Imagine this: Andrew and Grace began their business eight years ago, after Andrew was laid off from his previous long-term employer.

A&G Fabrications has 60 staff, leases a large modern building in the marine industrial park, providing custom fabrication services to their regional marine sector.

Andrew’s son Mark is a communications specialist and provides custom IT and electronics to the sector, as part of the A&G business.

Opportunity to Grow

The demand for the business was enough for their accountant to suggest they should consider growing into additional premises and hiring more staff.

The family discussed the advice and were torn between taking advantage of the idea but wary of the cost of growth in a market noted for being fickle at the best of times.

Grace asked “Why do we have to grow anyway? Just because there’s a current demand?  Is that enough reason?”

Andrew nodded. “I’m not comfortable with the extra cost, even though we can afford it right now.”

Mark chipped in “Mum, we’ve a terrific opportunity now, it’s worth the risk.”

Grace said “Yes, but we’ve competition, and I see them growing too. Times are good right now and people are spending, but what if it changes, as it always does?”

Silence as they all sat back, pondering their situation.

A Better Alternative

Suddenly Andrew sat bolt upright “I know what we should be doing first.”

Grace and Mark stared at Andrew, waiting.

“We need to make sure that we’re the preferred employer in our market, before thinking of expansion.

That means we’ll attract the right staff that can help us build the business.”

Andrew looked at his wife and son, a big grin stretched across his face.

“OK, Dad, why don’t we also aim at being the preferred provider in our market?” asked Mark.

Grace offered “I think we need to focus on becoming the preferred employer first, because they’ll help us become the preferred provider. Having great staff who really want to be here will make becoming the preferred provider much easier, don’t you think?”

A Plan is Needed

Andrew added “We need to plan it carefully. If we’re to be the preferred employer, we need to get the team to help us understand what that means.

Mark, eyes sparkling, said “Yes, it’ll be fantastic to get clarity about all that.  It’ll make us more recession proof than anyone else.”

Grace added “And at the right time, we also need to identify the right clients in the right market as well. It’s ridiculous trying to be number one for everyone in every market.”

They went back to the accountant and delivered their decision. The accountant smiled and nodded. “You are right, that’s very sensible and shrewd.”

The accountant gave them the contact details of a business adviser he trusted.

Together they created a plan based on solid input from their staff and clients.

Execution of the Plan

The execution of the plan took just over three years, and it went relatively smoothly, mainly because the staff were also enthusiastic, having shared ownership of the journey.

After all, imagine your staff’s reaction to the idea of becoming the preferred employer, where staff wanted to stay, and others wanted to join?

The only hiccup they had were a few employees who didn’t really want to be there anyway.

Andrew helped them find work elsewhere, proving to the remaining staff that he cared.

Clients eagerly helped the family understand what they’d consider to be a preferred supplier.

The idea was a win-win-win.   Their results with both employees and clients were outstanding.

Marketing

The hardest part was how to cost effectively articulate and market their positioning, given they had little experience as marketers.

Their business adviser pointed them to a reputable digital marketing agency and advised them to enter business quality and innovation competitions.

Mark’s products and service won second prize in their first entry.

Client testimonials on their website, the company’s one-minute videos on social media (mainly LinkedIn) and the exposure they gained from entering business competitions was their marketing strategy.

Late in the plan, their business adviser commissioned a regional industry survey proving that their market regard them as the preferred choice.  That survey result was an excellent addition to their marketing.

The lack of staff turnover and waiting list of talent wanting to join the company was the evidence of being the preferred employer.

The cost of becoming the preferred employer and provider was much less than the estimated cost of expansion and with less risk.

Downturn

Soon after there was a downturn. Their competition shrank, some bowing out.

A&G Fabrications remained healthy, albeit with lower revenue, though not enough to lay off staff.

They are poised to expand when the time is right.

Do you think like Andrew, Grace and Mark?

The Mind Map to Become the Preferred Employer and Provider

Would you like the mind map to become the preferred employer and provider in your market?

Just send me an email to dds@metattude.com with subject line Please Send Me My Mind Map, and I’ll send it to you by return email.

There’s no opt-in needed.

To your success,

David Deane-Spread

Creator of the ABC Model of Rapid Business Improvement™

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