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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: new business
8 Responses to EBITDAC : What is Your Business Worth Now?
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Stop Managing
Why would anyone advise business owners to stop managing? Management is a proven science. From the time and motion studies of Frederick Winslow Taylor in the late 1800s, to Matthew Kelly and Patrick Lencione’s Dream Manager, we are constantly in … Continue reading
One Response to Stop Managing
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Great summary of the panel session. I was in the audience for the panel and it was clear that business owners need to be more willing to let go and delegate more to a qualified 2nd in command. Like, John, I would encourage owners to consider upscaling their next hire into a more qualified candidate who can assume a strategic competency as a GM, Operations Manager, or even 2nd in-training. This is a high leverage investment which will allow more time for “working on the business.” TAB Business Coach-
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How Much Does that Gorilla Weigh?
How much does that (fill in your preferred number here) pound gorilla weigh? I always refer to an 800 pound gorilla, but I’ve heard others use everything from a 400 pound gorilla (which is pretty close to their real size) to … Continue reading
2 Responses to How Much Does that Gorilla Weigh?
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This is a great post John.
I think it’s fair to say that most of us in the small business community have had to deal with gorillas in our respective industries. They are usually customers, but can also be competitors or vendors.
In the past year, we have dealt with many issues in which we have been dictated to by gorilla customers. One very large pharma company changed their terms to Net 90, another required us to pay a $2000 fee to order to do business with them, and another required us to pay for a system that they implemented that tracks their/our safety program.
In all three cases, the outcome could have hurt us as a small business. Net 90 terms could crush us on large projects, the $2000 fee was more than the profit we would have made on the project, and the safety program requires considerable time and effort on our part in order to maintain compliance.
In all three examples, we prevailed. Our relationship with the customers in all three cases was so strong, that all it took was a conversation with the local decision makers. They were sympathetic to our situation, and worked with us to come up with solution. In one case, they agreed to allow us to invoice them for all of the parts at the start of the project, giving us an extra 30 days, ultimately reducing the net 90 terms to net 45. In the other two cases, our local contacts allowed us to add the costs we incurred to the project.
In my experience, when you explain the hardship the gorillas policies place on our business; reason prevails and an acceptable solution is the result.
Happy Holidays,
Eric
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One Response to Business Buyers: The “Buy Now, Pay Later” Generation
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This is one of the most realistic articles I’ve read on the topic. Sellers would be wise to listen to their advisors, and be advised earlier than they think they should.
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Employee Gratitude isn’t Loyalty
Most of us have heard something like this expression of employee gratitude. “I’ve enjoyed working here. You taught me so much, and you’ve always treated me well. But the company down the road is paying a lot more for people with my … Continue reading
One Response to Employee Gratitude isn’t Loyalty
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Spot On. If you want loyalty get a dog. If you want a good performing business hire people who are ambitious, responsible, hard working and learn new things fast. Have a process to get them productive as soon as possible. Then try to keep them engaged and challenged as long as you can. Keep making them as valuable to the company as possible and pay them proportionally. When they leave, you will feel the impact, but the ability to repeat these steps can be a very valuable CSF for a highly successful organization.
Love your thought leadership!!
Good article, John!
Thanks Julie and Jim!
Great article!
Good Stuff John
Great article John. Glad to see that you discuss “Planning for Your Comeback”, as I think that many businesses will need to “grow” their way out of this situation. There are enough doom and gloom articles out there, we need to provide these business owners some hope and optimism.
Thank you John ,Great Article, I am so glad you send out these newsletters as i am in the transition cycle right now and having a succession plan is the most important to all business owners. Im so glad that i was part of TAB for over 8 years and learned about balancing work & play and building teams that can run the company with out me. Stay Safe out there
Thanks Craig,
Great to hear from you. I love watching your transition process in the paper. Good for you!