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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: business planning
Serendipity and Strategy
This is kind of an unusual posting. It is more philosophical than most, and more personal. This blog tends to practical comment and advice. While I stray a bit with this, it has a business objective. I have a coach. … Continue reading
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No instant replay in small business
There was a great play in the Yankees-Angels game last night. I’m not a huge baseball fan, so relax, this is really about business. Alex Rodriguez rounded third on a base hit and headed for home. The throw beat him … Continue reading
One Response to No instant replay in small business
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I've played a tremendous amount of baseball in my life and I continue to see infinite parallels that can be drawn between winning a baseball game and winning the game of business.
The ecomomic reality you've described is not pretty and, as you descrbied, paralysis WILL result in failure.
A World Series played in Phillie and NY will NOT be stable. It will have its share of ugly weather, insane fans and rotten calls. Welcome to the big leagues. The team that can understand its critical success factors, adapt quickly to changing conditions, manage emotions, stay focused and continue to execute no matter the odds will emerge victorious.
Go Yankees…
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Here’s an exercise
Nothing fancy. Just presume, for a second, that my last post was substantially right. We will have a technical recovery from an economic perspective, but it won’t feel anything like prosperity. Ask yourself two questions: 1. What will my business … Continue reading
One Response to Here’s an exercise
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Good thoughts, Our TAB board is constantly drilling that into us. If this is the business climate I'm in, what should I be doing.
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The Triple Threat: Phase II
Okay, I’m stepping away from the sales compensation series for a day, and admitting something to everyone. I’ve been writing the blogs on sales comp in order to duck the one I didn’t want to write. I am by nature … Continue reading
4 Responses to The Triple Threat: Phase II
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Great article John. We are addressing similar issues here in Wilmington, NC with our TAB Board Members. In fact, we have a Lunch & Learn this coming Wednesday (10/7/09) to explore the "new normal". Our local TV station interviewed us on the 5pm news to discuss this issue and how our TAB Boards are helping. Here's the link for the 3 minute video clip: http://capcorp.wordpress.com/2009/10/05/the-new-normal-in-accessing-capital-to-grow-your-business/
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John,
Spectacular article. Right on the mark. I'm forwarding it to every entrepreneur I know. I've been blogging on similar topics, especially in the area of "what is a business owner to do?" More at http://zthree.com/blog/category/sales/
Thanks for sharing your knowledge and wisdom.
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John:
I would throw in a couple of additional points:
The major banks – BoA, Wells-Fargo, Citigroup, etc. have vastly greater losses than they have capital to cover. Add to that many regional banks about to take big commercial real estate hits, and the FDIC "insurance" is worthless for any business.
Banks will fail soon, we just don't know which ones yet.
You can guarantee that when the voters can't get money out of their savings account, Congress will insure they get the bailout this time. There is no cash available for an FDIC bailout – only more of Uncle Sam's credit card, and it is getting close to its limit. Be prudent – assume if your bank go under you will recover zero.
So it's time to really dig into your bank's balance sheet – you don't want discover a problem by having payroll checks bounce.
Second point – necessities will come first. It's time to go reread Maslow and re-discover the hierarchy of needs. People will pay for food and items associated with food first, then shelter (note this doesn't necessarily mean the mortgage payment right now, but does include power, heating oil, etc.). For a refresher see this link: en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs
Assume physical and safety needs will consume the bulk of available cash, so if we are hunting new sales – we need to sell where the cash is most likely to be available.
So if you are planning a new marketing campaign aimed at selling gold-plated electrical fixtures to pet stores that specialize in crystal dishes and escargot-pureee cat food, it's time for a new plan.
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"Only Dead Fish Go with the Flow."
That quote, by Minnesota Congresswoman Michele Bachmann, is one of the best I’ve heard in a while. While she wasn’t commenting on entrepreneurs at the time, she hit the nail on the head regarding small business success. There are times … Continue reading
Another great post John! Thank you!