This is the line that drives me and excited me. It’s the one that at one point haunted me... but now it’s my fuel.
Small business owners who just figure business is a constant grind for survival...
... employees who are weighted under greater and greater workloads, being penny pinched by suppliers and bullied by customers. No time time to enjoy the success you’ve achieved, and never enough cash to do what you really want to do.
I saw it with my father, I walked it myself
It doesn’t have to be this way.
Someone told owners that it’s tough, to outwork every problem, and to do it yourself.
The entrepreneurial attitude that forged your company, may also be the independence that is weighing you down.
Some times outwork, but sometimes outthink
This problem is my passion, my excitement.
Operations, automation, strategy, problem solving, no code, machine learning, and data... all just tools to realize change.
Owners didn’t have to be tied to their business, the only one who can do things right, afraid to take a day off, and stressed by the weight of a business relying on them and a family crying for them.
There are times to outwork, stay late, and do it yourself... but these are the exceptions, the extraordinary circumstances... not the daily.
Here some lies
1 You are the only one who can do it.
There millions of people smarter than you, doing harder things, running larger operations, and having a better go at it.
You are unique, but not that unique.
You need to set up others to be able, and not rob their development
2. I don’t have the resources
SMB is all about allocation, not acquisition. I have never seen a small biz not have the resources to start the flywheel in a positive direction.
Too many free abs amazing resources out there to help nowadays
3. I’m almost there
I have seen individuals tell themselves this for years. You aren’t, you won’t be. Painful to hear: but the decisions you are making, keeping yourself at the center, will perpetuate the situation, not solve it.
4. I don’t have time
The king of all excuses. Parkinson’s law states that you never will unless you start to really prioritize changes. If you care, let’s talk next week and we’ll start working on some real projects ASAP, no charge, just ideas and help.
5. Too many problems right now, maybe later.
A company built around an owner will always have problems. The owner can only do so much, with an improperly trained, developed team, things will be going wrong, and a reactive culture will be created.
6. I can’t find good help.
I understand this one. Stop looking for someone who can do in 2 weeks what took you 30 years to learn.
Find good people And turn them into good help. There’s lot of good people!
Start being proactive,
purposely building your company,
Developing your people,
Create a goal,
head forward towards something instead of just protecting your current state,
Be the one the creates the culture you always wished for - not another to be escapes from.
Your business should serve you, your employees, and your customer.
I am excited about this because I breathed since a boy. My family was at all of these stages.
I’ve also seen low wage workers get raises that change their life and make them cry when cash flow grows.
I’ve seen business owners rediscover their zest for life after they can lower their work time and stress. They remember why they first stated business in the first place.
I’ve seen both sides, and I am telling you:
“It doesn’t have to be this way.”
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There are a few key contributors to building a company that will last 100+ years. One of them is understanding risk, downside, and what will "end the game for you".
There are a number of actions you can take or not take, each has risks
If you now take those actions including everything from messing a bit on your taxes, to not properly handling a customer issue fast enough, each has a different chance of potentially putting you out of business.
Let's say we know what will happen...
Your job in building a sustainable enterprise is to choose ones that help grow (because stagnation is just slow death) but not put the entire enterprise at risk.
If your are a small business owner who has people double-checking, QCing, or verifying things a lot in your business, I want to share how you can automate that (and how it works).
Maybe:
Invoices : packing slips
payments : invoices
schedules : billed
parts : orders
orders : plan
2/ First, let's understand what is being done.
A person has existing data or knowledge that allows them to compare incoming information to that existing reference.
So you get an invoice, you compare to existing packing slip to make sure you are billed right. This is to data.
3/ You get a list of items to quote, and use your industry knowledge to price them. This is comparing incoming information to knowldge.
Now lets take a break here, and discuss something else.
"Owner willing to stay on after to assist with transition"
Am I the only one who would rather:
"Owner will hire you and then sell to you in 12 -24 months at an agreed upon price"
I would rather work under a previous owner for a bit and then buy it, then work "over" post purchase.
They would get to know you as a partner rather than a newbie who is just going to change everything.
You'd learn from the inside - the good and bad - with a time frame short enough to wait out things you didn't like and learn things you may have missed.
team doing A
A no longer possible, team gets creative and does B
Team crushes it with B
A possible again
Manager: "Great, now let's do A again, but we can't stop doing B. You got this!"
The team was able to do B because A wasn't possible.
Ex.
Team meets with customers to close big deals.
Covid
Team focuses on small accounts to find accounts not serviced well and parts that we never got.
Team still hits 20% growth.
Covid subsides...
Manager: "Ok, we should have been getting those tail accounts serviced better before. That was money on the table. We are going after large customers again with facility visits open....
The most powerful business concepts I have discovered so far.
All implemented/learned running a small fastener business
(some will seem impossible for traditional SMB, they aren't).
Not a complete list, but ones that have helped me build the company, wealth, and relationships
1. Customers are people.
So many business and sales tactics can be ignored. Everyone is human, and if it would make you feel great, special and served, chances are it is what they want too.
Be personal, thoughtful, empathetic, and truly look out for their well being and biz
2. Share the company success with those who are helping you get there. Everyone is replaceable, but your current team are the ones helping.
Share in that upward journey with everyone.
This builds incredible loyalty and the entire business will operate smoother