Small Business Owners is a minority group. Let’s assume you were to segregate people you know in groups: employees, self-employed, unemployed, small business owners and big business owners. What percentage of your network would be owners of a small business?
It will be a minority group. Safe to assume not more than 10% for most.
Unlike other minorities, this group rarely is entitled to special benefits and privelege. What’s worst is that they often get caught in the cross-firing between big corporations, employees, governments, media and social media influencers.
Is This For Real?
Okay, let’s discuss a not so distant example – The Great Resignation.
All things great are to be associated with the great corporations, the Metas, Amazons, Microsofts and Googles of the world. The competitive business world does not acknowledge greatness in small proportions.
Back to the example. The term was first used by Dr. Anthony Klotz, a professor at the Texas A&M Mays School of Business. He coined the term in his article “The Covid vaccine means a return to work. And a wave of resignations.”
The term caught the fancy of online influencers, media and career experts. News reports about the Great Resignation, probable inflation and other related stories were all over the internet.
But how does this impact the small business community?
Such news stories when blown out of proportion create an atmosphere of fear – for the small business owner and for the employees.
The small business owner starts to worry about retaining employees and how she may have to spend more to hire and retain. It’s okay to pay more. Pay an employee for what they are worth. Well, a little more than what they are worth. Show your appreciation for their work.
But the problem is external pressure forcing such decisions.
The focus and the goal post shift. A team that plays together wins together. But when both the skipper and the players are uncertain about their association, it takes a toll on the results.
The Great Resignation was one such example. There are more – warnings of recession, “quiet quitting”, mass lay-offs by start-ups and large tech firms.
So, what’s the way out for small businesses?
You can’t be on the editing board to have any say or control over such news stories. Social networks don’t have an editing board. That space is dominated by influencers.
Here – read our news story about the dark side of influencer marketing.
Now that you cannot control what’s being discussed and reported, don’t brush the news under the carpet. Address the elephant in the room.
For any significant news, disruption or concern – convene a meeting with your team and share the information. Do your research, collect facts and build a story.
Separate facts from fiction and throw rumours in the office bin.
Ask your employees what’s their opinion. Do they have any doubts or questions? Answer and clarify. Let them know how it does or does not impact your business and their careers.
Example
If there are worries about job security with mass-layoffs across the industry, comfort them by promising no job cuts in your company. Of course, do that if that’s the reality.
Tell them what’s happening outside does not impact your business and you should rather focus on your business and customers.
If there are chances of job cuts or any other adverse impact, be honest and transparent. And offer all help you can to employees who are impacted by the decision.
Wrapping Up
As a smal business owner, your key assets are your people: employees, customers and suppliers.
As long as you manage to keep them engaged, satisfied and informed, you won’t have much to worry about. There are advantages to being small. A lot of what goes around bigger corporations and large start-ups, does not impact smaller businesses.
Your problems are different and so are your solutions. Want to sustain your success and growth. Take charge. You are the best person to steer your ship. The next best are your employees. Talk to them and involve them in decision making and initiatives. And finally, offer as well as seek help from fellow small business owners.
The strength of all minorities lie in their unity.
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