Stephen H Baum Leadership

Small Business Owner as Strategist

Small business may be the job engine of the economy, but owners are not always accorded the respect they deserve.

Take the idea that they are tactical and not very good at strategy. Here is a reminder that many are as good or better than their large corporation counterparts at thinking strategically.

Each year, the Town of Greenwich, CT holds a sidewalk sales event with tents (for shade), signs and goods in the walkway. Everything from shoes to gym clothes to food to art to housewares and horseback riding apparel is on display. There is a lot of it, too, requiring the merchants to start the day early and do a lot of work to set up. And a lot of work to close down two days later.

One merchant runs a store with everything needed for running hiking, swimming, gymnastics and much more: apparel, gear, whatever.   “Is the sidewalk sale worth it?” I asked.

You judge his answer:

“It makes my business work. Sure, I get some people in my store who have never entered. Sure it is a lot of work. But it is what let’s me take chances on what I choose to buy, put some things on sale that are really different or quirky. Then, once a year, all my (purchasing sins) are cleansed and cleansed for cash in two days. It is key to inventory management.”

He got his “MBA” from the school of hard knocks.

That’s just my view. What’s yours?

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