Leadership Tips – Small Business Requires Faster Decisions

Introduction

This leadership tip has something in it for managers everywhere, but it’s particularly targeted at those of you with large company backgrounds who have made career moves to smaller businesses that you own and/or manage.

My background is primarily in large scale management of IT organizations. The companies where I’ve worked were places where changing a process or behavior took some time. I always thought I was quicker than most, and action oriented. As a small business owner, I found I had to be much quicker.

I’ll offer this leadership tip in the form of a story. It’s a story of how taking your eye of the ball can cost you money, and worse than that can cost you customers.

My First Small Business

I opened a small personal services business. It was located about an hour from my home office, and with all my other commitments I knew how important hiring the right manager would be for this shop. It took a few tries, but I found one with a good background and references, and she seemed to quickly develop loyalty to the business and to me.

For the first six months we grew slowly but steadily. We were behind plan in terms of customers and revenue, but the trend was up. There were a few staff issues, but overall turnover was okay. I decided to invest a little more in marketing to try and get more new faces in the door.

Over the next three months, customer counts were mostly flat, and average sale was actually down a little. Concerned, I visited the shop a few times more than usual. The people were not as upbeat as they had been. When asked about that, they attributed their moods to less business and less enjoyment of the job. I wondered about seasonality, the economy, and whether I needed even more marketing investment.

Want to know what was really going on? My trusted manager had some personal problems that I had not been aware of before, and was exhibiting some totally unacceptable behaviors:

  • Criticizing staff in front of customers
  • Intimidating staff, letting them know they were at risk of being fired, and telling them I was out to get them.
  • Stealing money by voiding transactions and other means

The Damages

I’m still figuring out how much money all this cost me, but the money is only today’s problem. The customers I’ve lost are a more serious longer term issue, because many of them won’t be coming back.

When I figured out what was going on, I moved quickly to fire the manager. There were only two problems:

  1. I was too late, and there had been several months of damage done;
  2. There was collateral damage. I had to fire two other employees who had adopted the attitude and behaviors of the manager.

Today, I’m working on putting together data to see if I can assemble a case for prosecuting the employees and the manager. An even higher priority, though, is the work I’m doing to recruit and orient new staff and develop a recovery plan for our customer service reputation.
This leadership tip was a painful lesson that I hope never to repeat.

Choosing the Right Business Brokers

Whether you’re buying or selling a business, having a broker on your side can make the difference between a successful outcome and a nightmare. However, not all business brokers will be suitable for your specific situation. Use the tips below to choose the right broker for your needs.

Start by asking for referrals from your inner circle of business advisers and colleagues. Have any used a business broker in the past? Were they satisfied? Does the broker handle the type of transaction you have in mind?

You may need to widen your net to find a pool of qualified business brokers that specialize in brokering deals such as yours. Once you have several potential brokers, it’s time to get down to business and narrow the field down. Below are several key factors to consider:

– Is the individual or firm professional? Professionalism shows in numerous ways including personal appearance, the presentation of marketing materials, website, language, mannerisms, and expertise. Use both objectivity and your gut instinct. Remember, the broker you choose will be representing your business so make sure you’re fully comfortable with the person and firm you choose.

– Does the broker have experience working with businesses like yours? While it’s not necessary for the business broker to have specific experience in your exact niche, it’s helpful for the broker to understand the nature of your business and have experience brokering deals with similar characteristics. For example, if you run a family-owned microbrewery, a broker with a successful track record brokering deals for small wineries, family-owned specialty food manufacturers, or small brewpubs may not know the finer points of brewing beers but could be an excellent choice thanks to experience with similar businesses.

– What qualifications does the broker have? Look for licensing, education, certification, experience, and membership in professional associations.

– Is the broker well prepared? In other words, did the business broker do his or her research prior to your initial meeting? Brokers use comparable sales, business and industry reports, and other tools to price businesses. Your business broker should be able to support any suggested listing prices, which should be presented in writing, with documentation.

– If you are selling your business, find out how the broker intends to market your business. Brokers have many marketing tools available to market their business listings. However, some prefer to use specific marketing techniques over others. Make sure to ask the broker to present a detailed marketing plan.

– What type of businesses does the broker work with? For example, if your business has annual revenues in the $50 million range, you’ll need a special type of buyer making it important to choose a business broker capable of attracting those high net worth individuals and investors.

– Check references. No matter how professional, personable, experienced, qualified, and prepared potential broker appear, cover your bases by checking references. Ideally, the broker should give you references from businesses with similarities to yours.

Choosing the right broker to sell your business or help you find a business to buy is a process. Do your part to ensure a successful outcome by choosing wisely.

E- Business Solution Providers

With the growth of e-business over the past few years, the number of e-business solution providers has also grown. E-business can be compared to a 24/7 open shop or a showroom catering to its clients and buyers. Naturally a lot of maintenance has to go into it. This is where the e-business solution providers step in and take things in their hands to further enhance your business.

Conducting business online may sound very easy as you avoid a lot of unwanted hassles but a lot of skills and innovation goes to keep it going. E-business involves doing market research, getting qualified traffic, converting hits to business advantages and using information to generate new ecommerce from existing clients.

E-business solution providers with their in-depth research and skills will provide you with tactics and strategies to make your business profitable. The first step for them would ideally be to understand your business and requirements. Then a research will follow to find out the predicted market potential, the best keywords and phrases, competition for keywords, search engine relevancy etc

The next step for an e-business service provider would be to find a way to get the visitor on your website to take steps to benefit your business. This is done by understanding the psyche of the visitor and creating an automated website, attractive and user-friendly for the visitor. Efficient e-business solution providers will definitely go for internet marketing to get more visitors to visit your website. Website launching if required is also taken care of by the e-business service providers. Site-management and promotion is also very important. The content, images and the layout of a website has to be continuously improved and worked upon keeping up to date with the market.

Some e-business solution providers also offer BPO services which can be used for telemarketing and cross-selling to maximize profits.

E-business solution providers offer services to support, guide and help you at each step. Outsourcing e-business solutions will help you save time and resources while you can focus on other business objectives.

INDIA

Technology Center

Binary Semantics

Plot No. 38, Electronics city

Sector 18, Gurgaon-122 015, India

Phone: +91.124.4017660

Fax: +91.124.2397655

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