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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: entrepreneurship
Can You Outgrow Customers?
When you start a company, it’s like shopping at the supermarket when you are very hungry. Everything looks good. Any suspect might be a prospect. Any prospect is worth pursuing, and your ideal customer is anyone who is willing to pay you for … Continue reading
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Wrestling with Ethics
The head of a rep firm approaches the owner of a small manufacturing company for whom they sell. One of his salespeople has an opportunity for a huge order with a multinational company, but the purchasing manager has indicated that the … Continue reading
2 Responses to Wrestling with Ethics
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I own my company so I am in a position to decide better than some other may be , however my standard in life has always been honesty, expected of myself , my kids and my employees. It has worked for me , yes it has been a difficult choice at times but I sleep well and have never had to be looking over my shoulder. Its choice I do not regret and the great kids I have and long term employees, some for over 20 years , I think is a tribute to that as I am now appraching retirement. Integrity is everything as trust is wjhat business is and should be built on.
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I am a recently promoted SVP at a company that still does business with a handshake. Of course we do the requisite paperwork but if we say we have a deal and shake we won’t later accept a “better deal” because no paperwork was done upfront. I also served 26 years in the military and the one phrase that sticks in mind from day one until my retirement is ” Do the right thing even if no one is looking.” Being ethical in today’s business climate can be challenging but the cost of losing your integrity can be very high.
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Ready…Set…Exit! Part II
Last week we discussed the tsunami of Baby Boomer retirement, and how we will reach a peak of nearly 500 unsold businesses a day within the next 5 years. The statistics are immutable. The birthrates of the last century are … Continue reading
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Ready…Set…Exit! Part I
For the last six years I’ve been writing and speaking around the country to business owners about the coming tsunami of retiring Baby Boomer business owners. My e-book “Beating the Boomer Bust” details the statistics (For a free download, go here … Continue reading
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Correct Decisions, Good Decisions and “Best” Decisions
The young protégé asked his mentor, “How do you know what is the right decision?” The mentor answered “From experience.” “But how can I get experience?” The protégé asked. “Make some bad decisions.” was the mentor’s answer. Experience is what you get … Continue reading
One Response to Correct Decisions, Good Decisions and “Best” Decisions
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The article reminds me of an old allegory.
4 generations of women are in the kitchen preparing a Thanksgiving meal. The youngest great-granddaughter watches her mother cut the ends off a ham and place it in the pan. “Mother,” she says, “why do you cut the ends off the ham?”. Her mother answers, “That is the way we have always done it. Your grandmother taught me.” The girl goes to her grandmother and asks the same question, and gets the same answer. She was taught by the girl’s great-grandmother. So the girl goes to her great-grandmother who is dozing in a chair by the window. She wakes the old woman and asks why the family cuts the ends off the ham. Her great-grandmother answers, “I do not know why your mother does it, but when I was growing up our pan was too small.”
Great article on growth and customer “FIT”. Your reference to going to the supermarket when you are hungry is dead on when starting a business from scratch. Anything and everything is a good opportunity and job. As we have grown, we have been fortunate enough to improve the quality of our customers, replacing some of our original customers for many for the reasons you mentioned. As we have grown, we have also made changes for one other important reason.
As our business has matured, we have a much clearer Vision, Mission and Strategic Plan and unfortunately, some of the customers that helped us start our business no longer align with our current and future plans. While many of us strive to support them for too long, when a customer no longer fits, it’s typically not a fit from either side and prolonging the inevitable isn’t in anyone’s best interest. It’s just a tough decision to let go of good customers that no longer fit your business!
I totally agree with trying to match the good customers with another provider, one that better fits their needs and whom they better align with.