Did you see the hoopla around Amazon’s “Prime Day?”
Amazon was trying to entice more of their customers to upgrade and become Prime Members by paying $99 per year for free two-day shipping. The membership also includes other benefits including streaming video and music.
On Prime Day last Wednesday, Amazon pledged more deals than on Black Friday.
And yet, even with $89 billion in revenue last year, the company generated a $241 million net loss and has shown it’s barely a profitable enterprise, even with its market dominance.
Its founder and CEO, Jeff Bezos, was quoted two years ago, “We’ve had three big ideas at Amazon that we’ve stuck with, and they’re the reason we’re successful: Put the customer first. Invent. And be patient.”
Twenty years after its founding, Amazon is being extremely patient to reach consistent profitability; market share growth continues to trump profitability.
I share Bezos’ quote because there is an important message for small business owners in Amazon’s business philosophy — the importance of patience.
Patience is a vastly underappreciated management skill.
Its importance is not written about nearly enough. Most small business advice typically focuses on skill development in marketing, finance, operations or sales. All very important skills, but they aren’t sufficient for enterprise success if practicing patience isn’t one of your management strengths.
In an age dictated by 24/7 communications and many customers’ need for instant feedback from companies, the marketplace seems to be telling you not to be patient. It’s saying you need to move even faster to keep up, to make lightning-quick decisions and immediately reach conclusions about the challenges facing your business.
Don’t fall into this way of thinking.
Don’t be fooled by the fast pace of business today to lose sight of the importance of the thoughtful, reflective decision making.
Be more intentional about being patient.
Here are some important questions I would ask myself regarding patience:
Do you have the patience to see the vision of your company through? The world is full of skeptics and will gladly tell you and others your idea will never work.
Do you have the patience to steadily implement your business plan knowing that initial plans never work out exactly as anticipated? Or are you prone to change course when you face bumps in the road?
Do you have the patience to work through issues with employees? Employee development is never a straight line up and the cost to replace an employee is much more expensive than keeping current ones.
Do you have the patience to listen to both employees and customers even when it seems like entire days are full of negative feedback and criticism?
Do you have the patience to keep the long view in mind, even when there are short-term struggles and crises?
John Quincy Adams summed up well the importance of patience, “Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish.”
Pat Sisneros is the vice president of college services at Everett Community College. Please send your comments to psisneros@everettcc.edu
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