Today we had a “speed networking” event with members of our private sector network (as part of the InnerCity Entrepreneurs program). I met a gentleman with over 35 years of experience managing and growing companies named David Kimball who has a lot of great advice to share.

For the past few months I’ve been focusing on the steps necessary to grow 3000k into a larger and more sophisticated business. We’re growing our staff, focusing on our process, and delegating tasks and responsibilities. Mr. Kimball, in a 10-minute session, was able to offer great insight into this process. His advice: transition from being a craftsperson to a teacher/mentor.

What David was referring to is growing from an individual with a set of task-specific skills to someone who can teach others - employees, partners, outside contractors - and help them learn the process, skills, and knowledge to perform those tasks. I can’t grow the business and do everything at the same time. In order to reach the next level it’s vital for me to work with everyone here and make sure they become expert in their area and in how we do business.

I’ve been feeling this for months but Mr. Kimball was able to quickly and succinctly express what’s required. Great advice, and a testament to how indispensable experience really is.

At the most recent InnerCity Entrepreneurs (ICE) meeting we had the privilege of hearing thoughts from Joe Goodman, a co-founder of Bob’s Discount Furniture. Since the company started in 1991 they have grown from 8 employees to over 2,000 and now run a very successful furniture business across the Northeast. Furniture is a tough industry and this growth is no small feat, so naturally we wanted to know how Joe and the team did it.

One consideration at Bob’s was how to address “free” offers from competitors - such as “free” delivery and “free” financing. They decided they would not offer the same thing. Delivery and the interest on “free” financing are actually costs the business incurs, so they get built into the price of each product. Nothing is ever really free.

This has developed into the policy at Bob’s to educate customers about the cost of services like delivery and clearly separate those fees from the cost of products.

Joe advised us to try this exercise to find ways to differentiate our businesses. “We looked at what our competitors were doing and moved in the opposite direction,” he said. This led to key insights during the founding of Bob’s and many of the resulting policies stand to this day. Looking at the competition and considering opposite policies set them apart in real ways.

This is a wonderful lesson for any fledgling business: look at what your competition is not doing and consider that as a way to stand out.