Can a small business leave a big legacy?

Brittany Lee Waller

When I think about legacy in business I don’t necessarily think about big shiny goal posts or plaques on the wall. It’s easy to mistake legacy with success and awards, but it is so much more than that. Instead, I prefer to think of it as having an impact and being remembered for making a significant difference within your community – no matter how small or big your business may be.

But you might be asking, ‘Simply running a small business on its own is hard, how do you survive and grow to leave a legacy?’ Well, we asked our friends and TEDxSydney partner St George, as small business banking experts, to share their thoughts.


Small business means more agility

Never forget that as a small business you are no longer designated to the refines of the corner store. Thanks to technology, a business the size of four people can stand out and up against large companies. How? Innovation, agility and diversity.

The role of a small business is to be new, fresh and different – intrinsically small businesses have a different DNA with ideas at their core. You are in the perfect position to think outside the box and create or deliver something that truly makes a difference to your customers. Whether it’s solving a local problem or finding a grander solution to a more global issue, it’s this innovation reserved for small businesses that make them so uniquely positioned.


Creating community is key

Small businesses often become pillars within their communities – remembered for years to come. As customers, more now than ever before, we love to uphold, support and rally around small business because we want to see them succeed, and perhaps they inspire us to pursue our own endeavours.

The trick is to listen and interact with your neighbours, be this online or in person – their personal relationship with your business holds the secret to your success. Subsequently, recognise the positive impact they have in your business and reward them for their loyalty.


Provide a sense of belonging

Legacy is not just reserved for those businesses that come up with ground-breaking ideas or jaw-dropping solutions. Sometimes a business, and in some people’s opinion the best businesses, are the ones remembered for how they treat their employees. Giving someone a sense of belonging within your business has an intangible effect felt tenfold.

Be sure to actively engage your employees, listen to their needs and expectations of your business. Building a cultural legacy, while it takes time, could be the greatest impact your business could have.

Got legacy on your mind? Don’t miss this opportunity to win a cash injection to get your business idea going or solve an existing business challenge by entering this year’s St George Kick Start competition. With 2 prizes per category worth $40,000, you have a 1 in 3 chance of winning! Odds are good. Why not start your legacy today and apply here.

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