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Episode 108 – Thinking Like a BIG Business
Thinking like a big business is going to change the way you act and run your business. This change is going to allow you to adapt to changes & reach your growth goals.
What thinking like a big business can do for YOUR Business
What does it mean to ‘think like a big business.’ This means you are planning things out, standardizing practices, preparing for troubled waters, documenting everything and adopting SOPs (Standard Operating Procedures) for essentially everything.
Think Strategically
Often times small business just think job-to-job. When is my next order, when it is due, etc. Often times the thinking strategically is left out. You have to think with your long term and short term goals in mind with every decision. Some decisions today are really frustrating to make, but you know its one you have to make for a long term win.
e.g. We just did an experiment with cheap vs premium digitizing service. Basically $10 vs $100. Spoiler: the cheap digitizing had 10k more stitches, took 20 min longer to sew out and had a bunch of thread breaks…. PLUS.. looked terrible. Thinking small might have you say, “let me just get the job done and move on. This is only a $600 job, how can I spend $100 on digitizing” – THINKING BIG would say. This job is for the Fire Chief. If I make this look amazing and impress the Chief, i could land a ton more business from the Fire Dept, in addition to the notoriety that my embroidery business does the work for the county fire dept.
Use Technology
Whenever possible use software and hardware to make your job easier and more efficient. Investing in something that streamlines your shop means you are going to produce orders more productively and streamlined. Delivery faster, less mistakes = more satisfied customers.
e.g. investing in a all-in-one hooper means you hoop faster and more accurate. Using a CRM for managing customers means you won’t forget to follow up. Using your phone calendar means you won’t forget to show up for appointments.
Maintenance SOPs
Your equipment won’t maintain itself. You need to create standard operating procedures for keeping your equipment clean, maintained and up to date. Well oiled machines perform well (literally and figuratively). This means writing down and posting SOPs for your equipment including (but not limited to):
– Pre-Job preparation
– Post-job clean up
– Daily maintenance
– Weekly maintenance
– etc etc.
e.g. Have you ever noticed in a bathroom they have posted the times to clean and sign off on who did it? You should do the same thing. Have a maintenance sign off form. Even if you do it 100% yourself.
Supply SOPs
There are two things you need to do when it comes to supplies.
This is how a retail store runs. They are consistently counting whats on hand and creating projections for what they will need in the future. A grocery store knows that pumpkin spice is going to fly off the shelf Sept-Nov. Compared to selling almost none during the spring. This is how you need to run your shop. If you know you are going to use a ton of white vinyl in Sept.. stock up early so you don’t run out.
Make Brand Based Decisions
In previous episodes, we have discussed the personality of your business. The look and feel of your business should match in all of your customer facing property and collateral. In other words, your website, facebook page, invoices, quotes and emails should all feel like your brand and your business.
Know your Expenses
A big business knows every expense and how to categorize them. If you aren’t tracking your expenses diligently, you could be running yourself into debt and out of business.
R&D should always be on your mind
You should always be researching the industry and thinking about the next big thing for your business. Having the knowledge means when the timing is right, you will know when to jump on an opportunity. Also, be sure you know how to use your equipment to all its abilities. Don’t know how to embroider caps? Spend time each week practising. Big businesses are always looking forward and are educated about the industry. Knowledge is power.
Treat Big Businesses as Equals
When you have the opportunity to land a big account, be sure to pursue the opportunity as a big business would. What are some things a big business might do differently:
– Their decisions are multi-dimensional – Be sure to properly qualify them before quoting them. Do they have certain quality standards? Why are they changing vendors? is a low price more important than a premium garment?
– They may not move quickly – Be sure to understand their pace. Find out their timeline and be sure to stick with it.
– The person you speak to might not make the decisions – Find out how the decision is being made so you can better deliver value to them.
– They want to partner with good businesses – If you are thinking and acting like a big business, it will get noticed. You look like someone who will be a trusted partner.
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By Custom Apparel Startups
4.7
2727 ratings
Thinking like a big business is going to change the way you act and run your business. This change is going to allow you to adapt to changes & reach your growth goals.
What thinking like a big business can do for YOUR Business
What does it mean to ‘think like a big business.’ This means you are planning things out, standardizing practices, preparing for troubled waters, documenting everything and adopting SOPs (Standard Operating Procedures) for essentially everything.
Think Strategically
Often times small business just think job-to-job. When is my next order, when it is due, etc. Often times the thinking strategically is left out. You have to think with your long term and short term goals in mind with every decision. Some decisions today are really frustrating to make, but you know its one you have to make for a long term win.
e.g. We just did an experiment with cheap vs premium digitizing service. Basically $10 vs $100. Spoiler: the cheap digitizing had 10k more stitches, took 20 min longer to sew out and had a bunch of thread breaks…. PLUS.. looked terrible. Thinking small might have you say, “let me just get the job done and move on. This is only a $600 job, how can I spend $100 on digitizing” – THINKING BIG would say. This job is for the Fire Chief. If I make this look amazing and impress the Chief, i could land a ton more business from the Fire Dept, in addition to the notoriety that my embroidery business does the work for the county fire dept.
Use Technology
Whenever possible use software and hardware to make your job easier and more efficient. Investing in something that streamlines your shop means you are going to produce orders more productively and streamlined. Delivery faster, less mistakes = more satisfied customers.
e.g. investing in a all-in-one hooper means you hoop faster and more accurate. Using a CRM for managing customers means you won’t forget to follow up. Using your phone calendar means you won’t forget to show up for appointments.
Maintenance SOPs
Your equipment won’t maintain itself. You need to create standard operating procedures for keeping your equipment clean, maintained and up to date. Well oiled machines perform well (literally and figuratively). This means writing down and posting SOPs for your equipment including (but not limited to):
– Pre-Job preparation
– Post-job clean up
– Daily maintenance
– Weekly maintenance
– etc etc.
e.g. Have you ever noticed in a bathroom they have posted the times to clean and sign off on who did it? You should do the same thing. Have a maintenance sign off form. Even if you do it 100% yourself.
Supply SOPs
There are two things you need to do when it comes to supplies.
This is how a retail store runs. They are consistently counting whats on hand and creating projections for what they will need in the future. A grocery store knows that pumpkin spice is going to fly off the shelf Sept-Nov. Compared to selling almost none during the spring. This is how you need to run your shop. If you know you are going to use a ton of white vinyl in Sept.. stock up early so you don’t run out.
Make Brand Based Decisions
In previous episodes, we have discussed the personality of your business. The look and feel of your business should match in all of your customer facing property and collateral. In other words, your website, facebook page, invoices, quotes and emails should all feel like your brand and your business.
Know your Expenses
A big business knows every expense and how to categorize them. If you aren’t tracking your expenses diligently, you could be running yourself into debt and out of business.
R&D should always be on your mind
You should always be researching the industry and thinking about the next big thing for your business. Having the knowledge means when the timing is right, you will know when to jump on an opportunity. Also, be sure you know how to use your equipment to all its abilities. Don’t know how to embroider caps? Spend time each week practising. Big businesses are always looking forward and are educated about the industry. Knowledge is power.
Treat Big Businesses as Equals
When you have the opportunity to land a big account, be sure to pursue the opportunity as a big business would. What are some things a big business might do differently:
– Their decisions are multi-dimensional – Be sure to properly qualify them before quoting them. Do they have certain quality standards? Why are they changing vendors? is a low price more important than a premium garment?
– They may not move quickly – Be sure to understand their pace. Find out their timeline and be sure to stick with it.
– The person you speak to might not make the decisions – Find out how the decision is being made so you can better deliver value to them.
– They want to partner with good businesses – If you are thinking and acting like a big business, it will get noticed. You look like someone who will be a trusted partner.