Practice Patience, an Underrated Virtue in Business

In this edition of "Ask the Board," we asked Jason Stucky, the owner of two Color Me Mine franchises in Illinois, to explain why patience can do wonders in your journey as an entrepreneur or small business owner.

If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about how patience can benefit your business.

In this edition of "Ask the Board," we feature Jason Stucky, the owner of two Color Me Mine paint-your-own-pottery franchises in Illinois. Stucky shared his thoughts on why patience is so important for entrepreneurs and small business owners.

Patience is defined as "the capacity to accept or tolerate delay, trouble, or suffering without getting angry or upset." As a successful franchisee, I have learned that it's the key to business growth and fulfillment. Here's what patience can allow you to do as an entrepreneur or small business owner.

Evaluate whether people are doing the best they can with the tools they have

Patience can make it easier to diagnose the "why" behind something, such as why overall work performance or a particular project has fallen short of expectations. If the "why" is grounded in "they don't have the skill set," then it's the failure of the manager to have allocated that task to begin with. If the "why" is grounded in effort, energy, or work ethic, then it calls for the employee's accountability and legitimate constructive feedback.

Refine your leadership approach

Patience has been crucial in my leadership approach, especially while managing a team of young employees. I've always understood that making mistakes is part of the learning process, so I give my team the space to grow. Through this approach, I've been able to foster loyalty and responsibility among my staff.

Retain employees

I have a more laid-back, patient management style, which was influenced by my upbringing working with my dad and early work experiences at Petco. This has helped me create a supportive and team-centric environment, where everyone feels comfortable and open.Although I handle less of the day-to-day operations, I keep myself available to my staff as a resource on anything they may need. All of this has helped me maintain strong employee relations and retain staff, even during high turnover seasons.

Excel with customer service

From my early days in retail, I learned that customer perception is everything. By being patient in maintaining both the physical and experiential aspects of my studios, my customers leave with positive impressions and continue to return. The studio could be messy, but if the customer is having a great experience, they'll perceive it as clean and orderly.

Sustain business growth

Patience has been crucial in my approach to opening and scaling my businesses. When opening my two Color Me Mine studios, I waited for the right opportunities and the right timing to ensure my openings would be a success. Today, I nurture my businesses with care and patience knowing that it will yield long-term profitability.

Source: https://www.uschamber.com/co/good-company/ask-the-board/patience-in-business