Did you know 81% of small businesses said shifts in business operations will remain post-COVID? When the world as we know it changed, Salesforce turned to renowned leaders and experts, like Dallas Mavericks owner, investor, and entrepreneur Mark Cuban, Spanx Founder and Chief Executive Officer (CEO) Sara Blakely, Founder and CEO of Fubu Daymond John, Magnolia Founders Chip and Joanna Gaines, and Character Lab CEO Angela Duckworth, to hear true stories of how they’ve navigated change. We’ve curated the best entrepreneurial advice from each of their sessions, and included key success strategies for small businesses.
1. Relationships — with your customers and your team — matter more than anything else
As an entrepreneur, finding, winning, and keeping loyal customers is vital. But to make it happen, you need to build a team that shares your vision. These leaders share that you’ll need both your customers and your team to succeed, especially during times of change.
Mark Cuban: Be as successful as you possibly can, and take care of your customers as well as you possibly can. Those strong relationships, having a strong foundation with your business, give you the best cushion when things go wrong.
Daymond John: I learned that I had to be obsessed with my customer, absolutely obsessed. I learned that entrepreneurship was a team sport and that I need to trust other people.
Angela Duckworth: When you start meetings, go around with a very quick, ‘How are you feeling?’ Create a norm where people are constantly on the same wavelength about how other people are doing emotionally.
2. Technology is vital for creating stellar customer experiences
How can you stay stable during times of change? Keep in touch with customers in a personalized, authentic way. To do this, technology is vital.
Sara Blakely: We use Tableau, a Salesforce company, and it’s been really instrumental in helping us decipher the data on our website and make sense of all of the information we’re getting from consumers so that we can serve them better.
Mark Cuban: [To account for volatility], you need to have an online presence and reach outside your typical trade area. Marketing your online presence is vital so that when things are trending down, you’re able to keep in touch with your customers and still have a storefront.
Resilience is like a muscle. The more you just gut through something and not let it get you down or defeat you, the stronger your resilience muscle will become.Sara Blakely, founder and CEO of spanx
3. Build resilience
How can you build resilience so your business stays afloat, keeps moving forward, and remains strong, even in the most trying times? Take entrepreneurial advice from the pros and make resilience a habit.
Mark Cuban: You’ve got to recognize that you’re going to take some losses and you have to always be preparing for how you’re going to rebound from those losses. To me, resilience is always learning, always improving, and asking yourself what you can do to get an edge.
Sara Blakely: Well, resilience is like a muscle. The more you just gut through something and not let it get you down or defeat you, the stronger your resilience muscle will become. So much of it is just picking yourself back up and moving forward, taking that next step.
To get more insights on how to navigate change and persevere against the odds, read our latest research of small and medium businesses worldwide.
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