In the previous post we explained that there is a subtle, but important difference between working ON your business and FOR it. The difference stems partly from how the business owner is thinking about the future of his business. Is he preparing the business for long-term success or worrying about day-to-day cash flow? Great companies are created when the founders focus on long-term viability of business and lay strong foundation, even if it means sacrificing short-term gains. Just look at the examples of great companies of today – Microsoft, Dell, Facebook, Apple and so on! All of their founders worked didn’t focus on short-term gains in the early stage of their companies.
On the surface this sounds like a trivial question to ask. After all, when you own your business you are expected to take care of everything. Whether you do it by working FOR or ON your business should not be relevant. However, when you read the question carefully you realize that there is a subtle difference between the two. How you approach it can have long-term implications for you and your business.
So what is the difference between working FOR and working ON your business?
About the Author: Kyle Lagunas is the HR Analyst at Software Advice. On the surface, it’s his job to contribute to the ongoing conversation on all things HR. Beyond that, he makes sure his audience is keeping up with important trends and hot topics in the industry. Focused on offering a fresh take on points of interest in his market, he’s not your typical HR guy.
Organizations invest a lot in their workforce, and it’s no surprise that they expect to see a return on their investments (ROI). But as business leaders look for the best ways to maximize the ROI of their workforce, the onboarding process is often overlooked. For many, the onboarding experience is reduced to a mere checklist of tasks to be completed and forms to be submitted. The fact that such organizations fail to understand, though, is that an employees that experience a smoother onboarding process will be more connected to the organization, better trained and, thus, quicker to produce.
When buying a franchise business you should make sure the franchise you are looking to get into is good and will make you successful as well. After all, selecting the wrong franchise can hurt you and may even wipe out your hard earned savings. Below we have listed traps many novice business buyers fall into when choosing a franchise.
In the previous post we mentioned that small businesses can improve brand and increase sales by 10%-20% by teaming up with “cool” businesses. Subway’s partnership with American Heart Association to position them as a healthy food purveyor by teaming with an organization that promotes heart health is a great example. Recently, Ford announced partnership with a Zipcar to improve their brand perception in the minds of college students based on the same principle.
Small businesses such as yours can also realize benefits from such partnership. It can improve the brand image of your company by “rubbing some the coolness” from your partner to your business. In the process, it can bring new customers and increase sales from those new as well as existing customers. The association can also teach you a great deal about how to work with and attract different customer base.
The key to successful partnership is to understand your overall objectives as well as the target customer base you want to attract and find businesses that are deemed as “cool” by those customers. This needs careful planning on your part. We have come across number of ways in which businesses have gone about implementing this. Below we explain some of the tactics based on our experience and observations.
Small business owners can improve their brands, while increasing sales by 10-20% by teaming up with the “cool” businesses! On August 31 Ford announced partnership with Zipcar by which Ford will sell cars to Zipcar at a discounted rate for them to use for their rental fleet. For those not in the know, Zipcar is a next generation car rental company with a very different business model. They typically rent their cars on a per-hour flat fee that includes fuel and insurance to mostly young customers, college students and such, who do not own a car. By associating with Zipcar, Ford will improve their brand image and get more sales from the younger generation. This is a brilliant move on Ford’s part to attract buyers at an early age who typically tend to stick with them for years to come. You can find similar tie-ups at many places in the business world.
We have highlighted virtues of focus in the last couple of posts. The decision NOT to pursue something is the most important decision small business owners will make to be successful. You can use the framework described in the previous post to get better understanding of how to apply this principle in everyday decisions.
In this post we want to show examples of companies that have used this principle and have become wildly successful. They are the companies whose products we use every day. After studying their business model and decision making we have come to appreciate the way they go about doing their business. Here they are: