Geoff Foster is a successful entrepreneur who grew his business in 2020 while maintaining a company culture that most employers dream of having. He is the standard by which business owners should be measured, and he thinks 2021 will be an even better year. What’s his secret?
Keys Takeaways From Geoff Foster:
- If you come up with a $31 million idea and you get a $99 plaque for it, it may be time to start your own company.
- When COVID hit, we didn’t shortcut the health and welfare of our employees. We purchased enough equipment to help them work safely and/or remotely. Without them, we can’t operate.
- One of our greatest strengths is the diversity of our workforce. They see problems and opportunities from different angles. Together, we rarely miss anything because of all our different viewpoints.
- In the first months of the pandemic, our clients stopped their manufacturing, but we didn’t stop our business. Thanks to the PPP Loan program, we were able to pay our employees and our bills. The program was exactly what we needed. The lesson we learned from it – when disaster strikes, look all around to see who is offering assistance. It may come from places you don’t expect.
- Our diverse portfolio of clients also helped us in 2020. Some clients slowed down their production, but others increased production. The lesson here is “don’t put all your eggs in one client basket.” You also want to have banking relationships with more than one financial institution in case one bank can’t help you when you need it.