The road to business success is rarely linear and just having an “entrepreneurial spirit” is not enough. According to experienced business leaders, you also need to be disciplined, stay true to your brand, and constantly focus on innovation (even during periods of growth) to achieve longevity.
During the Small Business Forum 2024 CO— 100, Barbara Thau, Editorial Director of Features at CO—, spoke to a panel of leaders about these and other key factors that can help small businesses grow and thrive.
By taking an entrepreneurial and disciplined approach
Farooq Kathwari, CEO of Ethan Allen, said that a combination of disciplined business practices and an entrepreneurial spirit is the key to business success.
“Many businesses are just disciplined [and] many businesses are just entrepreneurs,” said Kathwari. “When you balance the two together, it gives [you] an opportunity to be around 90 years.”
Ethan Allen started as a manufacturing company and integrated retail into their business model. Kathwari explained that the business model created a structure that allows the company to deliver custom home furniture across the US at competitive prices.
“Today, 75% of our products are made in North America and 75% are made to order when you place an order.”
With Ethan Allen’s adaptive business structure and commitment to manufacturing products in the United States — unlike much of the furniture industry — the business has found great success for nearly a century, Kathwari explained.
Staying true to your brand’s roots
Shea Moisture, a globally recognized multicultural hair care brand, began as a small business providing products to black women struggling to find hair care that suited their needs at mainstream retailers.
According to Simone Jordan, the company’s Global Head of Targets and Partnerships, the key to Shea Moisture’s growth has been maintaining the brand’s core values while expanding.
“What we need to understand – and we understand – is to continue to grow and scale, we need to continue [the consumer’s needs] at the heart of what we do,” explained Jordan.
Although consumer needs will change, Jordan explained that Shea Moisture works with the consumer as its North Star, even as it scales. This business strategy has been crucial to the company’s success.
Jordan also shared the importance of connecting directly with consumers within the community and at events.
“I was [here] when the business was a family business,” Jordan said, noting that the business now operates under parent company Unilever. “I’m still here [as] Black leadership and [can] we focus that customer on what we do. This is how we remain successful and serve this customer even today, [by] being in [and] with the community.”
Innovation while scaling
Nick Marsh, CEO of Founders Table Restaurant Group, talked about his experience scaling Chopt Creative Salad Co. Today, the restaurant group operates in multiple locations and continues to expand its customer base through creative innovation.
“You can only scale something if it’s great,” Marsh said. “It’s a lot easier to scale something that the consumer loves and the people who work here are passionate about it than it is to scale something that’s mediocre.”
For Chopt, the key to growth has been a focus on quality and creative innovation, even during periods of growth. Marsh pointed out that Chopt distinguishes itself by offering unique menu items, often in collaboration with unexpected partners, such as NASCAR driver Jimmie Johnson.
“People ask me, why is a NASCAR driver promoting Chopt? For two reasons. One, we think it’s creative and interesting,” he explained. “And two, he loves Chopti and eats at our Park Road location all the time. We’re willing to make a small move that others wouldn’t.”