The Constant Entrepreneur: Advice for Running a Productive Business

The Entrepreneurial Challenge.  The successful corporate CEO is usually a visionary with strong communication skills to rally the employees, investors, and customers to the corporate cause. The CEO does not need to be an expert in every aspect of the business, as she or he is surrounded by a board of directors and a staff with expertice in every discipline needed to effectively run the business.

On the other hand, the small business owner expects to be an expert in every discipline, be able to do anything , and make every decision. It is no wonder so many business owners get worn out, and so many businesses fail. The personal expectations are inhuman!

But it doesn’t need to be that way. While the small business owner will never have (or need) the level of experts as might be available to the large corporate CEO, the smart owner can tap into vast resources when they are needed. Resources may include: advisors, consultants, and staff.

Every business owner has access to advisory services – some of which are at no cost. Yet most do not take advantage of having meaningful conversations with their bankers or insurance agents, and many are reluctant to talk with their attorneys or accountants for fear of high bills. Fewer still engage trusted business generalist advisors who can provide guidance, help, and support in all areas of the business.

Often overlooked is a board of advisors. A priority of any business owner should be to establish a board  which meets regularly, provides input, and whose input is acted on by the owner. A board may include a trusted business advisor, banker, accountant, lawyer, insurance executive, and a non-competitor expert in the same industry as the business. It is important for the board to consist of people from multiple disciplines, all of whom are admired by and trusted by the business owner. For a very small business, a quarterly board meeting might be held as a luncheon or breakfast with no cost beyond that of the food. As the business grows it is not uncommon to provide a stipend for each meeting attended.

A consultant is a paid specialist in a particular discipline. Consultants can be valuable if chosen carefully. If the owner needs help in marketing, there are marketing experts who can help develop a marketing strategy, plan a marketing campaign, and develop printed material or web sites. There are similar experts for virtually any aspect of any business. Getting expert help is not inexpensive, but the cost is less than hiring similar full-time staffers. As with every relationship a business owner has, consultants need to be carefully interviewed and hired deliberately.

Employees are key to any business. A well-chosen and trusted staff enables the owner to not only tap into the wisdom and expertise of employees, but makes it easier for the owner to delegate. When hiring, a small business owner needs to view every single position strategically, and assure that the person hired brings strategic strenghts to the company. In particular, every new hire should bring to the company expertise that complements the strengths and capabilities of the owner and other existing employees.

Having available the right mix of advisors, consultants, and staff will enable the business owner to be more strategic in his/her thinking, and ultimately will maximize the ability of the company to grow and prosper.

Will Limkemann
Limkemann Business Advisors
440-871-0976
www.neobizadvisor.com
will@limkemann.net