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Unfortunately, most mom-and-pop businesses are around because they've built a clientele, hired good employees, and mastered the basic economics in their local e
by AlbertCory 3y ago
Unfortunately, most mom-and-pop businesses are around because they've built a clientele, hired good employees, and mastered the basic economics in their local economy, which is all they need. Sophisticated fintech for them is just a frippery, as is big-time professional management.
- edmundsauto 3y agoI would bet the weaknesses of most mom and pops, and where professional management excels, is in the efficiency and vendor relationships. Lots of small mom and pop places pay exorbitant amounts for things like credit card processing, cash management and banking, tech, inventory management, etc. If team shares can be a good partner to complement the strengths of the small business owners, they can increase the profitability significantly. By leaving the community element in place, theoretically it could be the best of both worlds.
- AlbertCory 3y ago"theoretically" doing a lot of work there. Also: "Lots of small mom and pop places pay exorbitant amounts for things like credit card processing, cash management and banking, tech, inventory management, etc." is totally unsubstantiated. Like they're too stupid to know what they're doing? We'll have no trouble at all finding stories of old businesses that changed ownership to a soulless group of MBA's, the customers heard about it, complained that it wasn't the same anymore, and quit coming. I doubt you can find many stories going the other direction.
- edmundsauto 3y agoEdit, never mind, prefer not to engage here.