According to Kip Lewis, a digital workforce is a perfect storm for talent shortages, data challenges, and the temptation for businesses to delegate critical decisions to the IT department prematurely. In response, Lewis sought and integrated more data analysis into his business to continue to adapt as needed. As the climate changed, Round Rock and Austin Lewis prioritized collecting data more consistently across all departments. He implemented a cross-departmental data analytics tool, as well as better processes for data.
Closer to home, India has experienced an exodus of international tourists due to the high price of the rupee versus the dollar. He got his wish, and in his book, “Build It: How Entrepreneurs Choose a Building Site, Develop a Business, and Build a Realistic Path to Success,” Lewis shares these seven lessons and what it took to achieve success.
In 2016, Lewis’ daughter experienced health issues, and the entire family needed to move in with him and his wife. As a result, he was not in the position to acquire real estate, and he had no choice but to take on a lease, rent to himself, or co-own a building and create a new business out of it. In 2018, Lewis built a 6,000-square-foot expansion to his facility, improved his co-working space, and added several new tenants to his property.
What would I do? How do I protect my brand? “You have to be prepared for ‘what if’ questions and ready to pivot and respond,” Lewis said. “I was forced to ask, ‘what if, before I built the things I would need in the future.” Businesses were not the only ones negatively impacted. Employees were at greater risk.
Despite the difficulties they faced, Trivalent’s leaders were not discouraged. “I looked around, and the customers were running for the hills, and I was in for the long haul,” Lewis recalls. For Round Rock and Austin investors, this lesson applies to almost any business owner who owns a service business. “There would often be people who are going to leave your business,” says Lewis. In the wake of a crisis, Lewis focused on the long term. “Business is 24/7, and I do not spend vast amounts of looking back or forward,” Lewis says.
Visit www.kiplewis.com to learn more.