Some may have heard of William Smith before, especially if they operate in the world of family businesses. He has recently founded his own firm, Double Iron Consulting, which has the primary goal of helping small to medium sized family businesses grow sustainably.
In the past, William Smith ran Royal Cup Coffee. The business has been owned by the Smith family for three full generations, which is an impressive accomplishment. Although Bill Smith has since stepped down from his position at the head of the company, he learned an enormous amount from being the driving force behind Royal Cup Coffee. That means he’s a valuable asset to other small businesses looking to grow.
This article shows how family businesses similar to his own find success through sustainable growth. While other companies may struggle in today’s economic climate, family businesses can thrive because of their strengths. Bill Smith’s goal is to help family companies grow through partnering with his new consulting firm.
Who Is William Smith?
You might recognize the name Royal Cup Coffee. It’s a coffee business owned and run by the Smiths for a full three generations – that’s impressive, given that many family businesses only stay that way for two generations. William Smith got involved with the company at a young age and learned a lot from his time there.
He spent a considerable amount of time, even in his early years, gaining real-life experience with the coffee business and learning about how it works. More importantly, though, he started to understand what major pitfalls family businesses tend to face and what sorts of challenges Royal Cup Coffee would likely have going forward.
He navigated some very challenging waters, helping the company to overcome many of the difficulties of growth and marketing in an ever-changing world. Those skills have continued to serve him well and have allowed him to move into a new area with his recently-founded firm.
Bill Smith still helps out at Royal Cup Coffee as a director on its board. That leaves him plenty of time to help family and other small businesses solve their problems and remain strong as they grow and change.
How Do Family Businesses Grow Sustainably?
Growth can be one of the most challenging things for a business – especially a family business – to undertake. Things that used to work well on a small scale, with just one or two employees, can become far more difficult to manage when you try to grow. Growing sustainably is crucial if you want to ensure that the business remains sound and stays true to its principles.
There are multiple aspects to sustainable growth, as William Smith knows very well. This includes things like:
Being A Steward
Plenty of individuals who “own” small businesses feel they are just protecting them until it is time to pass them on to future generations. These owners generally think about the company first and their own gains second. Royal Cup Coffee’s success depended a lot on successful stewardship from one generation to the next.
Ethics may vary from company to company, but they often include being committed to fairness, showing integrity, and prioritizing respect for each other. In some families, there may be religious or ethical aspects to the family ethics as well.
Most small businesses take a “slow and steady” approach to expansion, which is frequently effective. This idea often ties in with the sense of stewardship and relates to finding projects that will pay dividends down the line rather than immediately.
Feeling Emotionally Attached
A sense of protectiveness toward the business isn’t uncommon in family businesses. This may involve a high degree of passion and can show itself in a variety of ways. It’s particularly common in family businesses that have already passed through several generations.
All of these are areas that small business owners should consider to grow a family business. They are areas that need to be considered within their plans. Fortunately, that’s where William Smith’s new company comes in.
What Is William Smith’s New Business?
Double Iron Consulting was created by William Smith to help family businesses navigate the challenges associated with growing. The business is good at providing its customers with a laser focus on their priorities, showing them where they need to invest their energy and how to do so.
The consultancy firm will assess the companies it works with by taking a completely fresh and objective perspective. Business leaders who begin working with Smith’s firm will connect with consultants. These consultants start by taking notes about the business’s strengths and weaknesses, the goals of the owners, and more.
The consultants will then help the company to develop a strategic plan for going forward, using the fundamental drivers of growth that will propel the organization toward success.
The strategy includes three key steps, as follows:
Double Iron Consulting will assess the business, understanding what works well and what roadblocks it may encounter hit during the expansion process. They will spend time figuring out everything about the business’s foundations, so they can determine the best route forward. This outside perspective can be extremely useful for family-only businesses.
The Focused Implementation
At this phase, the consultancy firm will help the business determine its priorities so that people and resources can be dedicated to the right areas to increase growth and maximize success.
The Evaluation And Adjustment
Once the strategies are underway, consultants will provide feedback and advice to help the business make adjustments to the strategy. This should make the business more efficient, ensuring that great results are achieved, and any ineffective strategies are abandoned.
All in all, William Smith’s new business provides help from start to finish, giving businesses the tools they need to understand where they currently are, where they want to be, and how to get there. Their guidance, coming from someone with an in-depth understanding of family businesses, is often invaluable.
As you can see, Double Iron Consulting is particularly well-positioned to provide family businesses with help when it comes to expanding into new markets and growing their customer bases.