As Your Business Grows, You Have To Think Small (6 Tips On How To Think Small)
As your business grows, you have to think small. It is important to go back to thinking in bits and pieces instead of thinking bigger.
The notion of the statement above seems counterintuitive, right?
But thinking smaller doesn’t mean what you may have in mind. Actually, the idea came from the founder of Wal-Mart, which is Sam Walton.
What it implies is that as our company grows bigger and bigger, we need to go the basics, which means to remind of our corporate goals. And then, we must be able to learn how we can motivate ourselves and our associates.
It also teaches us how to scale our business further, even if we have small resources.
For today’s topic, we will look into the idea and how thinking small can help your business develop.
So without further delays, let’s begin…
As your business grows, you have to think small (6 tips on how to think small)
Tip 1: You can only grow one store at a time
One of Wal-Mart’s strategies in improving its retail stores is to concentrate one store at a time.
The company made sure that each store is tailored to its community. For example, you find more beach towels in California compared to the Northern areas of the United States.
Tip 2: Lots of communication
Another important tip in the idea of as your business grows, you have to think small is communication.
The company emphasizes transparency and encourages every associate and employee to communicate any concerns that involve the condition of the business.
Tip 3: Keep your ears on the ground
To know the condition of your business, you will have to look at financial reports and statistics regularly.
But aside from these documents, it is important to visit your physical store, check your customers’ concerns, talk to your employees, etc.
And by doing so, he gets a much better glimpse of how one specific store is performing instead of just relying on financial statements.
Tip 4: Push authority and responsibility down
Another business management trait that we can learn from Wal-Mart is to push people with authority or supervisors to make decisions of their own.
He encourages them to know their stores a little better and the statistical facts internal and external to come up with solutions whenever their region is in crisis.
Tip 5: Force ideas to bubble up
To come up with creative solutions to any problems that the company is facing, they have to force ideas to bubble up.
And the only way the company is going to achieve such task is through their regular meeting where each department shall pitch their ideas.
Tip 6: Stay lean and fight bureaucracy
For one thing, Wal-Mart has become among the most successful retail stores because they emphasize productivity and optimizing its store individually.
Sam Walton shuns the idea of putting up fancy offices for his top management or any actions that would boost the confidence of his executives. He does not want them to think that they are working for a large company.
It’s actually a good business concept to implement because it prevents any distinctions or clashes of the egos. He wants his executives to stay humble
And what it does is that it creates an environment where it promotes unity to a common goal. And this doesn’t always necessarily mean the growth of the company, but the growth of the company’s customers.
He wanted to make sure that they are receiving quality products and customer service.
I hope today’s topic has made the idea clear of why as your business grows, you have to think small.
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Through my program, I have helped many struggling dropshippers turn their businesses around that created their own success stories.
If you want to talk to me personally, then book a 45-minute mentorship session with me, and I’d be happy to help!
Well, I believe that is just about it!
Thank you for the time!
And I hope to see you on the next topics!
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