This month, we’ve been dissecting the art of growing a small business. It’s not always an easy journey but it can lead to incredible success. To shed light on this topic, we’ve turned to Theo Kanellopoulos, our CEO at OITC, who shared some invaluable advice.
Outcome Over Everything
First, Theo encourages small businesses to put outcomes first, even if it means spending money. Here’s what that means:
- Long-term wins: He says it’s important to focus on what’s best for your business in the long run. Sometimes, that might require making short-term sacrifices.
- Word of mouth matters: He points out that word of mouth is a fantastic way to grow when you’re just starting out. People talking positively about your business can be more valuable than any quick marketing fix.
- Brand reputation is gold: Your business’s reputation is like a superhero in the business world. It’s incredibly powerful and can outlast any trendy marketing strategy. Consistently doing the right thing can help your brand shine.
Feeding Your Business
In the second piece of advice, Theo uses an interesting analogy: businesses need to be “fed.” Let’s dig into what that means:
- Money as food: Think of money as the food your business needs to grow. Just like you wouldn’t want to go hungry, your business needs resources to thrive.
- Delay personal rewards: Theo suggests being patient. Instead of taking money out of your business for personal pleasures, consider leaving it there to help your business grow.
- Sustainable growth: By reinvesting your profits and carefully managing your expenses, you’re essentially feeding your business what it needs to keep growing sustainably.
Theo’s advice may sound simple, but it’s powerful.
By putting outcomes first and ensuring your business is well-fed, you’re setting the stage for long-term success. Remember, while there may be no quick fixes, following these fundamental principles can guide your business towards steady and enduring growth. So, prioritise wisely and nurture your business with the right resources, and you’ll be on the right path to success.