Customers want your company big enough to provide the resources to meet their needs but small enough to show them the personal attention they crave.
Suppliers want your company big enough to justify the resources you require but small enough that you don't attract the attention of their competitors.
Employees want your company big enough to provide career opportunities and appropriate compensation but small enough to notice and recognize their contributions.
As owners, we want the company to be big enough to meet current market conditions but small enough to adjust quickly as those conditions change.
Our business needs to be big enough and small enough—at the same time.That’s why I call our company Extra Medium.
Extra Medium, you say? Clothing, coffee and more come in a range of sizes, but there’s no Extra Medium.
Well, there is in business. In today's volatile marketplace it’s essential for the long-term sustainability of your business to be sized just right: small enough for flexibility yet big enough for sustainability.
One way to accomplish this perfect size is by tapping into the sharing economy philosophy, illustrated by Uber and Airbnb. These companies pioneered the personal transportation and hospitality industries by sharing—not owning—the assets to deliver the product to the end user.
Uber doesn't own the car that transports a customer from point A to point B, and in most cases, the driver is not an employee. Airbnb doesn't own the property a customer is renting or employ hosts.
In both cases, these companies use a shared expense business model, connecting the consumer and the service (or product) in a cost-effective manner.
As market demand increases, they recruit more drivers or property owners. As market demand slows, their negative impact is minimized. Why?
They don't own the cars or the properties, and they don't have to lay off the service providers, because they’ve contracted out their services.
So, when you're planning the perfect size for your business, choose Extra Medium. It’ll fit just right.
Looking for a speaker for your business or service club event? Email firstname.lastname@example.org to help your business or organization Be Significant.
#BeSignificant #philyale.com #extramedium
PhilTakesSM are distributed once a week on LinkedIn, Facebook, Twitter and philyale.com. Review previous posts and locate additional information on the PhilTakes tab on philyale.com, and invite Phil to speak to your business group or service club.