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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: leadership
Leaner and Meaner (Part 4): Beating the Big Guys
If your small business depends on excellent employees, how can you attract and retain them against the resources of larger corporations? In our previous installments of this Leaner and Meaner series, we’ve talked about how the pressures of running a business today … Continue reading
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Leaner and Meaner (Part 3): Investing in Employees
Employees are free agents. As a business owner you wouldn’t sell your customers at a loss because in past years you made a profit. Neither should we expect employees to get better at their jobs without expecting compensation commensurate with their current … Continue reading
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Leaner and Meaner (Part 2): Retaining Good Employees
Last week we discussed the post-recession challenges that face business owners, and the economic and demographic shifts that mean we need to run our companies better than we ever have before. Between 2008 and 2010 many business owners faced a task they had … Continue reading
One Response to Leaner and Meaner (Part 2): Retaining Good Employees
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Recruiting, retention, and downsizing should be done within the context of an overall succession plan designed not only for ownership transitions, but also “bench strength.”
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2013 Planning:
Try Starting with “Who”
For many years, I’ve begun each annum with my clients by helping them answer the Seven Questions, some simple keys to basic planning for the year. This year the questions have been picked up by my friend Jim Blasingame at the … Continue reading
One Response to 2013 Planning:
Try Starting with “Who”
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Thanks John…I’m mainly in the II category…Funny, when I discuss these kinds of things with others, they look at me like I’m analyzing way too much..I agree that these are important insights and that many Decision Makers don’t think this way…I’ll remember this breakdown and watch how companies use or not use it.
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Santa Boss: The Role of a Business Owner
Ebenezer Scrooge was visited by three ghosts, so it’s fitting that I tackle the issue of the holidays three times. We’ve discussed terminations close to the holidays, and the custom of dispensing year-end bonuses. But in the end Dicken’s Scrooge was … Continue reading
2 Responses to Santa Boss: The Role of a Business Owner
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Thanks John…
I’ve never owned a business that supported employees so this is an interesting topic…to be honest, I’ve never worked for a co. that paid a wage/salary that I really felt I’d deserved…the very few times that I did get a “bonus”, I felt it was just balancing out what I’d already worked for/supplied…
You’re right, offering a “piece” of the business would mean much more.
Clint. -
I agree with Clint’s comment about how bonuses are perceived. If your bonus in a privately held business is setup on a profit-sharing basis after an owner-established flat amount, then that is what you have been diligently focused on the entire *prior* year, despite the owner controlling those numbers in the end. Bonus potential is discussed prior to the period for which you are working towards it, so I agree that they are very much a ‘balancing out’ of work provided that met or exceeded the documented criteria. Anything new after the labor year in question would be a simple breach, wouldn’t it?
I enjoyed the article, we have worked hard to bring our small business to the size and profitability to retain our top performers. Although we think of ourselves as a family we do cull the family to make room for new family members. Most of the time “family members” who are repeatable passed up will leave on their own: At times We need to let them know their future is not with us. When this happens we need to step back and rebuild the team, though recently we have the new member work for a week at a time with one trainer in their work related areas. after a month we confer with the trainers and see where their strengths are, should any of the managers feel the time investment will not pay off the individual is let go. the longer it takes to make that decision the more difficult it is to let them go–part of the family dilemma I suspect.