What Would You Prefer – the FACE or the BOOK? by Brian CalifanoIn recent months there has been considerable regulatory interest in some of the largest technology companies in the world.  Facebook continues to face scrutiny over its privacy policies and its ability to gather information on its consumers. It’s even creating its own cryptocurrency!

Amazon is constantly acquiring companies – and as a result, is creating fear of survival amongst diverse industries, like health care and supermarkets. Google has become its own verb – when was the last time you asked someone to “search for something on the Internet”?  And with companies like Uber dabbling into food delivery, and Netflix creating content that challenges the film and TV industries, the question for small business owners becomes:

Do we even have a CHANCE to survive (forget thrive) in this kind of competitive environment?

Let’s start by looking at what these recent updates among the tech giants mean to a small business owner looking to impact the world.  Well, some of us dream of being acquired by one of these kinds of companies and sailing off into the sunset. Not that there’s anything wrong with that, but I think that for the majority of our clients and the owners of small businesses want to maintain their independence and lead their companies in a manner that is different and better than anyone can or will ever do. Here are some suggestions on how to do just that:

  • Stay in your lane – know what you do and be the best at what you do. It is OK to branch out into ancillary products if it increases the value to your clients and enhances the overall customer experience. But bigger IS NOT always better, no matter what the stock prices of the aforementioned companies indicate.
  • There will always be some kind of change in your line of business – technology improves, a new restaurant moves down the block, or your employee may leave to start his or her own venture. You must stay sharp, run your business well, and avoid complacency. If you are not growing, you are declining, and all declining businesses end up liquidated.
  • To paraphrase a famous quote, “There are no small businesses, just small-minded people”.  A company’s success is not measured by its revenue alone (yes, we said that!).  One thing that is becoming more and more valuable in this day and age is customer service and the ever declining person-to-person communication. Could this be differentiating strategy for your business?  What about pricing? Quality? 

 

Take-away: The size of the company only tells part of the story; don’t let other companies or leaders dictate how to manage your company’s resources or strategic direction. Know your customer better than anyone else and always stay ahead of what your industry is doing in the marketplace. 

Contact us with your questions.

Brian Califano & Scott MargolinBrian Califano

Scott Margolin

Co-founders & Managing Partners

AcceleratingCFO


Share this
Tweet about this on TwitterShare on FacebookShare on Google+

Posts That Might Interest You

This site uses analytics, cookies and/or other 3rd party technologies that may have access to your data, which are used to provide a quality experience. If you do not agree, opt out and we will not load these items, however, necessary cookies to enable basic functions will still load. Visit our Privacy Policy to learn more.
Contact Us:
Email us at info@acceleratingcfo.com for requests involving data we collect. View our Privacy Policy for more info.
Opt In / Out:
To change your opt in settings, please click here to opt out or in. Or, close this popup.