When you hear terms like “family owned” or “mom-and-pop shop,” do you recall a specialty boutique you visited on summer vacation, do you appreciate the reliable hardware store that always has what you need, or are you grateful for the helpful bike shop down the street that repairs a flat on your bike?
Locally owned shops might be categorized as small businesses, but their resolve, expertise and insight shouldn’t go unnoticed. Entrepreneurs and businesses of all shapes and sizes can look to mom-and-pop shops to find successful strategies and lucrative lessons.
- Responsibility and accountability are key for small-business owners because they set their own goals and follow through on these goals or run the risk of losing their livelihood.
- Being patient and loyal to your vision and strategy will pay off in the long run. Fads, buzzwords and trendy business models will come and go, but stay the course for your venture’s business plan.
- Conservative is the smart approach for small shops when it comes to financial risk, acquisitions, and research and development. More likely than not, they’ve survived the downturns and understand the need to maintain cash and capital reserves.
- Positive partnerships and symbiotic relationships are vital when it comes to the longevity of your small business.
- Overcoming obstacles and problem solving will benefit the growth, the reputation and the vitality of the business.
Mom-and-pop shops can set an example in their communities when it comes to sustainability efforts by powering their business with pollution-free solar and wind energy from Green Mountain Energy. We’ve got small businesses covered with clean energy.