Studies show that about 55% of American adults have started a business at some point in their lives. Yet, while most businesses make decent profits, not each one is able to utilize their potential to the fullest. In a candid chat, Maria Ruth Cuervo, president, Katherine Grullon Cuervo the CEO of Distrivision, of a family business revealed their top tips to achieve groundbreaking success in business, no matter which industry or economy.
Establish Your Business Values and Ethics at the Get-Go
Once you have figured out your exact business offering, it is important to set your values immediately. In a day and age where “cancel culture” has been responsible for the success and downfall of many brands, no business wants to catch heat for things that lie in its own hands.
To avoid unpleasant situations in the future, make sure to clearly define what you as a business stand for – and make sure to stick by it. Your company ethics give a fixed direction to your moral compass and employees find common ground to return to in times of conflict.
For both Maria Ruth Cuervo’s and Katherine Grullon Cuervo’s Distrivision, the goals defined were clear, concise, and practical. “Our top values have always been honesty, wellness, and love for what we do,” says the entrepreneur
Laying Strong Company Foundation Starts with A Solid Plan
Planning ensures that you remain in complete control of every outcome. Unforeseen circumstances and unexpected issues are a part of being a business owner, but they should not be enough to throw you off your game. A good leader will always have a Plan B to fall back on.
Katherine says that planning isn’t about hastily putting together a shabby business plan. It is about taking your time in carefully designing a well-thought-out plan of action that aligns with your business goals and values.
The entrepreneur learned this lesson from the best – her mother. Colombian-born mother of 2 Maria Ruth Cuervo has one of the most inspiring immigrant success stories, but none of it would have been possible without the eager to create her own legacy and having a vision for her and her family. She arrived in the US with her husband and kids, not even speaking the language nor the know-how on business in the United States.
In 2003, Maria Ruth Cuervo, launched a boutique in Central Falls specializing in carrying well-known brands from her native country. Early stages of the business was a variety retail store originally named “La Feria del Regalo” in Spanish, which translates to “The Gift Fair” in english. This was a one-stop store where buyers found quality goods at a fair price and she packaged the gifts ready to go for the customer. Service and quantity was top priority.
As her business grew, and word of mouth spread over the quality of the products she brought from Colombia, by 2006 she started focusing on helping other businesses grow providing wholesale services to markets outside of her local market, such as New York. This led to business planning for wholesale distribution services, which holds strong over a decade later.
Seize An Opportunity, Solve A Problem
At the very core, every business is about finding the perfect opportunity to solve a problem by providing unique solutions. While in this hypercompetitive atmosphere, most businesses will have difficulty coming up with unique solutions to pressing issues, Katherine says that it’s not impossible. However, it is also important to pick a problem that covers more ground and does not have a narrow, niche market.
Katherine explains, “After working for a short while, I discovered the company’s main offering was designed specifically for post-operative care. Therefore, after talking to mom, founder and president, we decided to offer our line to a new market segment for the business. It’s high-quality medical grade, helps lower complication risks and provides a faster recovery while feeling comfortable in the process and there onward, we saw this as a huge opportunity.”
Final Thoughts
Building a successful business begins with two main things – hard work and presence of mind. Put in the effort, but make sure that every little task is done with a set direction in mind. You do that, and within no time, you’ll find yourself the owner of an impressive venture.
To learn more about their story and brand, visit distrivision.com.
