I started writing today about the bread business, but then realized that all of these important features also apply to any local, retail business. I’m picturing my favorite Great Harvest bakery, coffee house or flower shop and the places I return to regularly do all these things well (or at least the parts I can see as a customer.)
Successful local businesses are healthy in four important areas:
- Financial Health. This can be intimidating, but less so when you keep
it simple. Find one to three (and no more!) numbers to measure regularly. For a bakery, it’s sales, ingredient costs and labor costs. For your business, it’s something similar. Watch these metrics and then make changes as soon as possible. That’s one of the benefits of small business, you can quickly make changes – as long as you have the numbers. Don’t let this slip through the cracks. - Work/Life Balance. Ever noticed how your own attitude influences your co-workers and family? I definitely have. And the same is true for small business owners. If the owner is burned out and unhappy, the atmosphere in the business will be the same. Not a contagious feeling for your customers. A friendly, welcoming business makes a big difference.
- Quality Products and Services. Consistently baking healt
hy, whole grain bread and products are a focus for Great Harvest bakery owners. Paying attention to the changes in the fresh milled flour and natural ingredients and then adjusting to produce a perfect loaf each time takes skill. The same is true for any type of business – the variables are different, but it’s up to the business owner to pay close attention and make adjustments quickly. - Healthy Balance of Internal and External Focus. I’ve seen businesses lose their way when the owner isn’t able to simultaneously manage the operations and introduce the product or service to new customers. Both are important. Smart business owners realize which tasks they enjoy and can complete, and then hire or outsource to fill in the gaps.
Does this list remind you of a small business in your town? What do they do well that keeps you coming back?
Financial health photo from renjith krishnan / FreeDigitalPhotos.net
