Smart to Think as “Merchants” and Entrepreneurs

How can you create and sustain success in today’s highly competitive business environment?

If you’ve ever heard me speak, you’ve probably heard me talk about the Five Critical Success Factors for Business Growth and Profitability.

Number One is a dynamic leadership. Dynamic leadership must be displayed by the “Top-Banana” and the entire leadership team.

Dynamic leaders are not only proficient in managing and motivating staff, but they can also create a smart competitive strategy. A strong part of that strategy should be a marketing plan that makes their competitors’ plans look weak in comparison. This holds true for businesses of all sizes. (You will receive more on this topic in the future.)

For today, how about giving yourself, your marketing department, (that would be you if you are a small business owner) and all of your employees a mind-set to help you stay on course.

Think and act as a “merchant.” Not so long ago, Dick Anderson, who is now the former President of Lands End, stated, “We are all merchants. And for me, that is an honorable and vital identity… I’m more comfortable considering myself a merchant.” He described it in this way:

“A marketer deals with many; a merchant deals with one. A marketer moves from the mind; a merchant moves from the heart. A marketer is logical; a merchant is perceptive. A marketer bets his all on a system; a merchant bets on everyone in his or her store. ”

Interesting and great food for thought. I believe management should think and act as entrepreneurs, and also instruct everyone in their company to do so.

For example, Sales people with territories should think of their territory as their own business. Customer service staff should think of their department as their business. Employees who receive stock or profit-sharing should definitely think as business owners because they are.

How can you establish this type of mind-set in your business? If rewards for meeting goals are in the picture, it will make the job easier.

For example, reward an employee who provides an idea that when put into action improves productivity, profitably, or customer service.

Better yet, ask all of your employees to think like an entrepreneur and bring forth an idea to help drive more business to you. If their idea works, give them a reward they will love.

Recognize and reward people who display initiative beyond their job description. If you are a retail store, you can also give sales people a percentage of the profits.

Depending on your business, you can give employees a bonus. The last way to get people to think like merchants and entrepreneurs is to be the type of person people want to succeed.