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Best practices (and pitfalls to avoid) in second-generation businesses

21 May, 2021

Contributed by Vincent Finaldi, an EO New Jersey member and vice president of TeleCloud, a second-generation business that provides seamless VoIP communications solutions. Vincent also invests time in his passion project, $econd Generation, a video podcast that addresses second-generation businesses and the unique challenges of growing past the founder, navigating through family dynamics and continuing the family legacy.

Small businesses are significant contributors to the economy of nearly every country. In the US, small businesses are called “the backbone of America”, a description I wholeheartedly agree with. These family-owned and operated businesses create two-thirds of new jobs and employ close to 48% of the US total workforce. Family-owned and operated companies hold a special place in my heart. If small businesses fail, it directly impacts our nation, society and especially the family members of those they employ.

The odds are stacked against small, family-owned businesses. Consider these staggering facts:

90% of startups fail within the first year
After five years, of the surviving 10%, an additional 50% fail
70% of businesses do not survive the transition from first to second generation
If your business has made it into the third generation, you’re among an elite 10% of successful companies. It is extremely difficult, based on the odds and realities of running a business, to remain relevant and competitive.
Only 3% of those remaining businesses transition from third to fourth generation

As these data illustrate, a company’s probability of success with multiple generational transfers is not high. It’s a feat that is astounding and extremely difficult.

Categories: Best Practices BUSINESS GROWTH Company Culture Entrepreneurial Journey general Legacy Lessons Learned

Tags: business succession eo new jersey EO NJ family business lessons learned multigeneration family business succession

How to Conduct Strong, Customer-Focused Surveys

19 May, 2021

Contributed by Annabel Maw, the director of communications at JotForm, a full-featured online forms platform for easy data collection and management.

Why would a small business want to survey its customers? Because surveys reveal what customers are really thinking and what they really want. The simplest way to learn about someone’s shopping preferences―along with their values, priorities, opinions, and beliefs―is to simply ask them. Companies go to great lengths to guess what customers desire, but they could use surveys to gather far better data with a fraction of the effort.

With surveys, you get statistically significant and reliable insights. Respondents answer anonymously, which means they’re more likely to offer honest, unguarded opinions. Surveys can help businesses learn more about customer feelings regarding specific products or services―or to help them gauge customer satisfaction. They could also survey employees to study engagement, potentially using a survey to ask about target demographics. The importance of data in business is clear, and that makes it worthwhile to survey anyone and everyone as often as possible.

Ways to Conduct Surveys (and Common Survey Mistakes to Avoid)

Countless survey tools make it easy to build and administer a survey. Look for tools that allow you to customize the look of the survey with your brand’s colors and logos. You should also be able to customize the different fields within the survey: multiple-choice, drop-down, short answer, star-rating, etc. Back-end features that help you analyze and report on survey data are helpful, too.

Choosing the right survey tool is important, but it’s just as crucial to avoid two common survey mistakes:

Asking the wrong questions of the wrong people can prevent you from getting many good insights.
Most people won’t complete your survey unless you properly incentivize them.

Categories: Best Practices BUSINESS GROWTH Guest contributors

Tags: Annabel Maw business growth business survey customer survey JotForm survey mistakes survey tools

Mothers Share 6 Entrepreneurial Lessons Learned From Raising Kids

7 May, 2021

Anyone who has children knows that raising them involves a lot of learning, both for the kids and their parents. Parallels between entrepreneurship and parenthood are plentiful. Parenthood, like entrepreneurship, is one of life’s ultimate learning experiences.

We asked EO members who are mothers: “If parenting is akin to entrepreneurship, what entrepreneurial lessons have you inadvertently learned from your kids?”

Here are six lessons that they shared:

1. Ask precisely for what you want

“My youngest child is extremely determined. When she sets her mind on something, she will get it. She’s taught me to dream big and never settle. When she wants a toy, she is relentless. I am amazed how at such a young age, she has learned to phrase an ‘ask’ and make it impossible for me or anyone else to say no. As an entrepreneur, it has taught me how to ask precisely for what I need and might want.”

― Liza Roeser Atwood, EO Idaho, Founder and CEO, Fifty Flowers

2. You’re more adaptable than you think

“As a born planner, I never planned to have a baby and start a business at the same time. But that’s what happened: My daughter was born in April 2013; my first gym opened in June 2013. After a two-week maternity leave, I started running staff meetings at my house while breastfeeding and figuring out the new baby routine. After the gym opened, she slept in her car seat under the front desk while we worked 6am through 11pm, seven days a week for the first year. It was unprepared, unplanned and totally hectic.

“Reflecting back, I now realize that sometimes the best things in life are unplanned. My daughter turns six this year, and she’s a happy, charming and social girl. I’ve also learned that both she and I are more adaptable than I thought!”

― Alice Kao, EO Los Angeles, Co-founder and CEO, Sender One Climbing

3. There’s value in acknowledging emotions

Categories: Entrepreneurial Journey general Inspirational LEADERSHIP Lessons Learned WOMEN ENTREPRENEURS

Tags: eo arizona eo idaho eo los angeles eo new jersey fearless female entrepreneur momtrepreneur parenthood self talk womentrepreneur

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