. They are our neighbors – the baker, the builder, the banker, the stores that provide for our everyday needs and the startups that create solutions to drive our nation forward.
The challenges for small businesses, though, aren’t getting any easier. Markets and consumer demands are changing fast. Big companies will always have more resources to try to copy or catch up to ideas. I’ve seen these challenges first-hand running a home-building business and then starting a regional bank.
Here are a few guiding principles I’ve used with my own businesses that can help other small businesses grow too:We’re in an age of disruption, where whole industries are being transformed. Amazon is reshaping retail. Fintechs are altering the financial world. Don’t count on the status quo to continue, because it won’t.Continually look for ways to expand your capabilities and improve your services. Don’t be afraid to scrap a business model for a fresh approach.
With all the changes taking place in the economy today, the future can be daunting, but there is an abundance of opportunities for small businesses in almost every field. Just look at banking – an industry that’s traditionally slow to adopt change is going through radical shifts forcing existing players to reinvent themselves as new competitors emerge each day.
Consumers are more open than ever to try something new, especially if you are providing the product or service in a better, faster or more convenient way. I’m the Chairman and CEO of ConnectOne Bank , a full-service commercial bank proving that putting people first is a better way to do business. @FrankSIII
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