“Shark Tank” investor Lori Greiner shares her secrets for overcoming obstacles, mastering quality control, and harnessing evolving technology to create a brand that customers truly connect with.
What advice do you have for women and minority business owners who may face additional barriers in their industries?
The good thing is that some major retailers offer wonderful women and minority initiatives. It’s important to learn about them and to try to utilize some of these wonderful programs if you are a woman-owned or minority-owned business. The important thing I always say is, “Never think about yourself as a woman in business or a minority in business, where you mentally put yourself as a person with a disadvantage. It’s so important to think of yourself as a person in business — as good as, if not better than, anyone else.”
What are some smart ways to grow without losing control over quality, customer experience, or financial stability?
The smartest way to grow is slowly and carefully. For example, master your first product really well so you know it is consistently meeting your quality requirements and that your customers are happy with it. Then, you can expand into your next product.
Always be careful not to hire too many staff before you can personally train them and cover them financially. Make sure that you hire slowly, meaning you make sure that each person you hire has been carefully interviewed and vetted,, so that they will hopefully be a great employee that you will keep for years.
There’s a saying: “hire slow, fire fast,” meaning carefully choose who you hire, but if they’re not working out, let them go right away. It’s important that they know the job you require and that they meet your standards personally and professionally. It’s also important that they know what you expect them to do. Once you get the right people in place, you can then hire more people as you need them, following these standards.
The same thing goes for financial stability. Don’t expend more money than you are able to afford at any given time. If you’re going to take a loan or borrow money, make sure you do so carefully and that you are able to cover your current expenses and have a plan in which to pay it back. Carefully measured growth is good, but irresponsible growth is bad.
You have to stay hands-on and pay attention to your customer feedback and make sure that your team is also doing the same. You don’t lose control when you maintain control. I’m a big believer in that you always have to stay hands-on and be involved in all areas of your business.
What key factors separate a winning product or service from one that struggles to gain traction?
I always believe that the best products and services are those that solve a problem, that help people, and that appeal to and are utilized by a large cross-section of people. It also greatly helps if your product is unique and different from what’s already on the market. Your product or service should always be affordable; don’t price yourself out of the market.
What advice do you have for small business owners on crafting a compelling brand story that resonates with customers?
Your own story is always the best story to share when you’re a small business owner. You’ve gone through so many different things in building your business and/or product that are unique to you. People find these stories interesting and relatable, and they like to get behind people they can connect with.
What’s the most interesting part about you and your journey? What’s the most interesting thing about your brand or business that’s different? We are all uniquely different, and while you may think your story isn’t that interesting, others will. Always pick the things about you that are likeable, and be human.
As technology and consumer behavior evolve, what do you see as the biggest opportunities for small businesses in the next five years?
There are so many wonderful ways in which to grow your small business today, utilizing advancements in technology that didn’t exist before. Importantly, leveraging AI for anything from personalized experiences to helping you understand brand building and sales. You can learn things and get assistance with things so quickly.
Utilizing social media for brand building and sales is such a smart, affordable, and easy way to go. It really just takes your own creativity and efforts, and you can reach millions overnight.
Focus on creating positive, personalized customer experiences. You can collect data, you can reply directly, and you can make people feel they’re immersed in your brand. People can see, feel, and wear your product simply by utilizing new AI-powered tools. Really, the possibilities are endless, and becoming a student of different AI technology apps will be tremendously helpful as you go forward.
