The life span of businesses in the U.S. keeps declining. In 1958, a publicly traded company had a life span of about 61 years. That’s down to 18 years today.
As to small businesses, they too “lived” longer years ago. But today, the average life expectancy of one of the 31 million small businesses in the United States is about 8.5thirty-oneirty-oneears. This may be even shorter now due to COVID.
So, when we hear about a company such as Waterless Co., Inc., manufacturers of no-water urinals and other restroom products, celebrating its 32nd anniversary, business owners might want to get some insight into how they did it.
Here are quotes from Klaus Reichardt, CEO and founder of Waterless Co., Inc., on how he did it:
Believe in your product or service. “Running a business is not for the faint of heart. You have to believe in your product or service to get others to believe in it too.”
Give it time. “It took months of knocking on doors before we got our first major customer. Give a new business a reasonable amount of time to take off.”
Know the start-up costs. “This varies depending on the type of business but have a good idea how much money it will take to get the company moving. And don’t expect profits right away. Typically, profits are two or three years down the road.”
Have well-defined values. “Most businesses become a reflection of the owner’s values. If you have strong ethics and solid values, you will attract not only employees with similar values but customers as well.”
Adapt to change. “Due to COVID, building construction and renovation virtually came to a halt. Those were our main markets. But at the same time, more homeowners decided to install home urinals. We changed direction fast, got our home urinals green certified, and that has proven to be a wise decision.”
Listen to your customers. “Always view your customers as the gift that keeps on giving. Their feedback on your products and services is what helps improve your offerings, helping the business grow stronger, and more profitable.”
About Klaus
Klaus Reichardt is CEO and founder of Waterless Co, Inc, pioneers in advancing water efficiency. Reichardt founded the company in 1991 with the goal of establishing a new market segment in the plumbing fixture industry with water efficiency in mind. Reichardt is a frequent writer and presenter, discussing water conservation issues. He can be reached at klaus@waterless.com
