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.

You are looking for your sustainable zone.
You will have to give up opportunities, see cash in the bank not getting a return, and redundancies and buffers. You'll pass on opportunities and watch others take them and win. You need to be ok with that.

Everyone's zone is different.
... It is, however, not stagnant. A customer is too much now, takes too much time, takes too much cash, & could potentially end your business if not handled right... Might be a perfect fit in 3 years.

We can build operational capability and capacity in order to extend our zones.

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More from @joshuamschultz

8 Dec
“It doesn’t have to be this way”

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
Read 16 tweets
4 Dec
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.

Deep Learning

When you have a history of items that came in...
Read 9 tweets
2 Dec
1/ Problem Solving is a crucial skill in today's business environment of uncertainty and complex systems - yet it is quite hard to teach.

One of the largest aha's I've seen in helping people problem solving is realizing that brainstorming is one of the last steps, not the first
2/ The reason problem solving doesn't help in problem-solving is that good problem solving requires a review of a problem from ALL areas.

Brainstorming consists of shots in the dark, guesses, and ideas. It doesn't cover the entire space.
3/ Great problem-solving beings with great problem definition and structure.

The best way to do this is to divide the entire problem into subsections that

1. Cover all possibilities
2. Don't overlap.

This is known as a MECE framework
Read 7 tweets
2 Dec
Lots of SMB teasers from broker:

"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.
Read 4 tweets
1 Dec
My favorite line to hate from managers

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....

But let's keep boosting those tail accounts too!"

🤨🤔
Read 5 tweets
23 Nov
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
Read 12 tweets

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