Life & Business: Dash Solutions CEO Stephen Faust on Lessons Learned from 20+ Years Growing a Family-Owned Company
Stephen Faust has been a part of Dash Solutions, a payment and engagement solutions provider, for more than 20 years. Since taking over the CEO role and now unveiling their new brand transformation (formerly Prepaid Technologies), he’s learned many invaluable lessons from the family-owned company.
He revealed to Edison Partners on the Electrifying Growth podcast three main things:
- The importance of maintaining your ego
- Leveraging your employees as recruiters and fans of your brand
- The role of mentorship for people, leaders and the organization at large
Stay Humble to Avoid Getting Complacent
Entrepreneurs and early-stage companies: Stephen’s message is clear. Remaining humble despite your success is what will keep your company strong for years to come.
As you and your company grow, it can be hard to remain humble and on-your-toes. Easier said than done.
But the payoff is great, as Stephen alluded to. Humility is what will allow your company to withstand economic downturns, slow sales cycles, and decades in business.
Your Employees Are Your Best Recruiters
Stephen emphasizes the importance of hiring the right people who will represent your company’s culture and values, no matter their background. And if you treat your employees well and they benefit from your intentionally-designed employee experience, they’ll be your biggest fans.
Recruitment has never been so easy!
Mentorship Is Underrated
Stephen stressed the importance of mentorship in Dash Solutions and the success it has brought them. Although they don’t have a formal, structured mentorship program, they’ve leveraged mentorship in a few different ways.
Namely, Stephen’s relationship with their board.
You’re the average of the five people you spend the most time with. So surround yourself, your employees and your leaders with no one but the best.
Three takeaways from Stephen’s episode are:
- Remain humble as you grow
- Your employees will be your best recruiters if they enjoy working for you
- Mentorship is important to not only employees, but your leaders and executives too