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Volume 7, No. 2 | Friday, February 15, 2008 |  |
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Why Businesses Fail
mall business owners and managers may not have the six-figure incomes, paneled offices and private jets of corporate executives but they have the same responsibility—leadership. Top managers do not spring into existence out of nowhere. They are selected because they are suited for the job, and they are carefully groomed through extensive training and a highly structured career path. They don’t just wake up one morning and find themselves in charge. Small business owners, on the other hand, often do, and many of them are ill-equipped for it. It is critical that a person who is thinking about starting a business find out how well she fits the leadership role she will have to assume. Corporations use tools to evaluate candidates for management, and small business owners should do the same.
If you are unsure how well-suited you are for management you may want to try one of the self-report assessment tools such as the Myers-Briggs Type Indicator®, the Strong Interest Inventory® or the Self-Directed Search®. These instruments can be of great value in helping you to understand how your temperament and interests align with the “entrepreneurial profile”. If you have a low tolerance for uncertainty the erratic income a small business provides could be a source of discomfort, but if you know this about yourself going in, you can be creative at finding ways to cope with it. If you are the sort of person who is energized by the adventure of starting up a new business but balks at mundane activities such as establishing policies and procedures, you run the risk of finding yourself without the infrastructure you need to sustain growth. Again, if you are aware of this, you can bring in someone to help you with the details. You can play to your strengths and compensate for your weaknesses, but only if you understand them. To do so you must be willing to make the professional development of your senior management team—that is, you—as high a priority as it would be in any large corporation. Management development training is critical to the long-term growth of your business, and the most important skill you as the Chief Executive Office can acquire is understanding how best to invest your time. It is common for small business owners to think they have to do everything themselves. Yet when you do something you are not good at just to save a few dollars, you end up losing twice. First, you lose the time it takes you to do the task—remember that time is money. Second, you lose the revenue your business could have brought in if you had spent that time doing what you are best at and what only you can do.
An example of this is the business owner who does her own bookkeeping when she should be meeting with potential customers or developing new products. The future of your business depends on knowing how to put the right person in the right place at the right time. Sometimes this means hiring a consultant who has expertise that you don’t. Sometimes it means learning a new skill. Sometimes it means getting out of the way and allowing one of your employees a freer hand. In every case, it means reaching for a new level in your own professional development. When the owner of a business doesn’t grow, the business doesn’t either. The cost of professional stagnation is too high. You can’t afford it. The way to make your small business “fail-safe” is to utilize the best practices of large businesses: due diligence, market research, identity communication, and leadership development, to know your market, your business and yourself.
Readers Write
Business Consultant and Tax Accountant, Westport, MA
BusinessBuildersSM Workshop This is a multi-part interactive program for individuals in the early stages of business development. Topics for discussion include setting prices, identifying customers, analyzing the competition, and financing options. Participants will walk away from this program with a clearer picture of the viability of their business ideas and with the foundation for a business plan. For more information contact Lisa Panaccione, Business Development Specialist, 508.240.7873, x25.
Handling Difficult Conversations
Negotiations: Practical Realities and Emotions
Group Coaching with Beverly Ryle Group coaching is a structured process solidly rooted in best business practices and totally relevant to the day-to-day management of a business. Each session includes a training segment on topics generated by the group, as well as time for questions about individual business concerns.
40 Oak Leaf Rd About Us Our long-term relationships with clients, recognition by peers, and growing reputation as a community resource speak to the excellence of the services we provide and our commitment to making the world of work a better place for all.
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The stick illustrations in this issue are by Eloise Morley.
Copyright © 2007
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Also in this issue ...
As we move forward into the 21st century it’s pretty obvious to just about everyone that work isn’t what it used to be. Whether we work for ourselves, or for someone else, or are in transition, things are changing rapidly and we’re caught in a shift of seismic proportions. Many things are being demanded of us, and it’s going to require more than just new skills to survive and thrive. We’re going to need to learn how to get serious about taking care of the business of our professional lives. Taking Care of Business We invite you to share your thoughts by
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It always amazes me, the lack of planning and preparation that people put forth when they start a business. I hear it so often, “I’ve been in business twenty years, and I can’t figure out why I never make any money”. Hmmmm. No business plan, no marketing plan, no development, no experience in running a successful business. I often wonder what they expected to happen.
