The Balance of Business Progression

Hockey Stick Growth and the Acceleration of Change

You know that moment when your growth just takes off like a rocket? That’s what we call "hockey stick growth." The idea is that as you start growing, the rate at which you grow increases dramatically. Kim and I talked about how these changes can sometimes feel like you’re on a rollercoaster, but they’re essential.

Personally, I’ve moved from being an early adopter of tech to someone who waits for a bit more stability. There’s value in letting others work out the kinks and bugs. Nonetheless, staying still just isn’t an option in today’s fast-paced world. We have to keep moving forward, or we’ll get left behind.

Adopting New Technology: The When and How

Kim shared some real gems about her experience with tech, particularly with Dairy Queen. Her strategy of waiting a year or two before jumping into new tech solutions saved her a ton, and it’s definitely something worth considering.

Introducing new tech to older generations can be especially tricky. You need to balance being innovative without rushing into things. For instance, Kim made a smart move by investing $9,000 in a high-efficiency food warmer to handle high DoorDash volumes. This improved operations significantly, proving that sometimes, spending on new tech is worth it.

Brainstorming and Evaluating New Ideas

I love a good brainstorming session, and it turns out Kim does too. These sessions should be open-minded playgrounds where ideas can bounce around freely. It’s all about exploring every possibility before honing in on the best ones.

When it comes to new ideas, especially from the younger crew, it’s important not to dismiss them outright. Kim likes to take a “not yet” approach instead of a flat “no.” This gives her time to really think things through. Often, she tests ideas in one store before rolling them out more widely—a smart, low-risk strategy.

The Art of Persuasion and Decision-Making

Selling new ideas to folks like Tom, who initially rejects them but might come around later, is a bit of an art form. You have to lay out the benefits and costs clearly. Kim and I agree that giving people time to mull things over is better than forcing a decision right away. Rushing someone usually results in a "no," but giving them some breathing room can turn that into a "yes."

It’s also crucial to communicate effectively. Clear and simple pitches, laying out both the pros and cons, can make a huge difference. And practicing your presentations helps in gaining the confidence to sell your ideas well.

Moving Forward Together

We have to keep moving forward, even as changes seem to come at us faster than ever. Sure, dealing with different generations can be tough, but it can also be our biggest strength when managed well. By balancing innovation with caution and welcoming new ideas, we can leverage the best of what each generation brings to the table.

Thanks for tuning in! For more episodes, check out our website, mixingfamilyandbusiness.com, and don’t forget to subscribe to our podcast, which drops every Tuesday. Feel free to share your thoughts with me at [email protected].

Let’s keep navigating this journey together, balancing family, business, and innovation!