On November 18, 2024, Route 38’s CFO, Baruch Swinkin, spoke at the Jerusalem Business Conference, in partnership with AACI and Nefesh B’Nefesh, about the business lessons he has learned since he and his partners founded the company. This is a summary of that talk.
Build relationships, not transactions
Long-term relationships are the hallmark of any successful business. It’s tempting, especially when a business is new, to go after every money-making client. But when you’re just concerned with money, you lose out on creating long-term relationships, which are much more valuable than short-term sales. When you meet people, think about how you can help them, instead of how they can help you. Be generous with your time and expertise and your business will grow organically.
Relying on the grand slam client
Don’t put all your eggs in one basket and rely too heavily on one client that you think will take your business to the next level. If it all falls apart, you could end up with a financial and emotional fall-out that’s hard to come back from. Instead, build your business slowly and steadily, one client at a time.
Giving away your secret sauce
Everyone has a secret sauce that makes their business successful. It might be a skill or a process or a personality trait. This unique value proposition shouldn’t be shared with others, since they can use it to start their own competing business and hurt yours. Keep your cards close to your chest and keep doing what you do well.
Targeting the wrong market
Don’t advertise to people that aren’t the right fit for your services. Spend some time figuring out who your target market is and how to reach them. Concentrate on getting to that market and don’t waste resources on people who don’t want your services.
Learn to let go
As your company grows and more staff comes on board, you need to learn to let go of control and not get in the way of your staff. Stop focusing on minutiae and show your staff that you trust them to take care of things that once used to be your job. Otherwise you risk holding back your staff progress and your company’s growth.
Route 38 is now offering business consulting services. Contact us at info@route38.co.il to find out how we can help your business grow and succeed.