What happens when you can’t get your favorite ingredient for your (locally!) famous food? Do business owners give up and not cook? Do they find another not quite as good but it’ll do ingredient? Or do they do something about it?! Continue reading “Supply Chain Love”
Conventional wisdom might say that if you have a web/technology-based business-to-business service company, then the pathway to rapid growth and revenues is to target large Fortune 500 companies as clients. Seattle enjoys the presence of many of those Fortune 500s: Microsoft, Boeing, Starbucks, Amazon, Zillow, and Expedia, just to name a few. Yet, Community Sourced Capital looks to businesses like A&R Solar, Starvation Alley Farms and Playback Sports as the future of our local living economy. These are the companies that make our neighborhoods more interesting to live and play in.
We get to work with these owners directly. There’s no corporate board vetting decisions and their possible impacts on quarterly earnings. Decisions are made by small business owners and CSC because they are the right thing to do and because they “pencil out.”
Both A&R and CSC experience success because of something we call social capital. Both of us are working against the grain, but we have lots of people supporting us. A&R installs solar (successfully) in the cloudy Pacific Northwest, and Community Sourced Capital runs a financial services company on the basis of sharing money. It’s a tough job, but somebody has got to do it. Somebody has to run these small businesses to bolster a new economy, and it probably won’t be big Fortune 500 businesses.
As I heard last month from a client, “it’s time for small businesses to start helping each other, no one else is.” It reflects the frustrations of small businesses owners drowning in marketing messaging from big banks and government about how important small businesses are to the health of the economy, but without action to back it up. I’d like to argue that, while we are nowhere close to being too big to fail, neither are we too small to succeed. We have to work together.
As CSC moves forward, we’re staying as true as possible to our small businesses customers, because we’re a small business too. We need each other to succeed.
This is the first in our series Small business helping small business.
What does it take to pull off Community Sourced Capital? A wide range of talents and an insatiable passion for using finance to enhance communities. No big deal.
We share this story with you because we want you to see the kind of topics we’re thinking about in addition to everything we produce. It’s one thing to start a business, and it’s another to share that experience with our network of supporters.
Following the official launch of our first “live” community lending campaigns, we brought our entire team together last week for a full weekend “hang out” and a one day “retreat” at our Hub Seattle headquarters. Brent flew in from Roanoke, Meryl came up from Denver, and Alex, Casey and Rachel enjoyed short bus rides from their homes in Seattle. We also had the incredible opportunity to have the entire team meet with our amazing mentors: Jon Kroman, Todd MacDonald, and Carol Sanford.
Todd led us through a morning exercise of exploring how our team’s interactions ripple out and affect our customer relationships; the core of our team operations will show up in our everyday interactions with non-team members, and those interactions could even show up in our customers relationships with their customers. Whoa. It was an exciting reminder of how important a healthy team is for running a healthy company. And ultimately, it re-enforces our core purpose of building community through trust-based relationships.
In the afternoon, Carol took us down an incredible path of exploring how we engage with our customers and Squareholders in order to create systems of constructive dialogue instead of just asking for “feedback” and seeing what shows up in the inbox. We want to invite our customers and Squareholders to conversations that reward everyone involved through real conversations. “Feedback” often misses this target by a longshot. We hope you hold us to this challenge.
At the end of the day, we’re still swimming along, creating and growing our community finance platform. Our team retreat was a reminder that we should never hesitate to take deep dives into re-exploring our company’s essence, what we do, how we do it, and who we are when we do what we do.
Here’s to swimming, diving, designing, playing, and inviting people to learn alongside with us, all at the same time.