In his piece, Why the 21st Century Will Belong to Family Businesses, Josh Baron lists the five reasons family businesses have innate strengths when compared to other forms of ownership, especially public companies.
These strengths include providing a “higher calling” that attracts and retains talent and providing rapid response to complex challenges. More importantly, these strengths include the support of and connection with local communities.
But one strength Baron left out of his very fine article is that of trust.
As the owner of your small industrial company, you have dozens of first-name relationships with your customers: you may play golf together, belong to the same religious organization, or volunteer time for the same community events.
Your customers know if they have a problem, they need only pick up the phone and call you. That’s trust. Trust you’ll pick up the phone. Trust you’ll follow through on your commitment. Trust in your integrity as a small business owner.