I had a client say something to me last week that stopped me in my tracks. She said: “The best time to fire someone is the first time you think of it. Once you’ve said to yourself, ‘I’m going to have to fire that person,’ it’s time to do it. That day!” When I heard her say that, I recalled all the times in my life when I’ve thought: "I’m going to have to fire that person”; and then I reviewed what happened next. The dread of doing their work After thinking “I’m going to have to fire that person,” my very next thought is “but if I do that, I’m going to have to do all their work". I hired someone because I have work that needs to be done. Even if this employee isn’t doing a great … [Read more...]
Grow your funnels to grow your business
Most business owners are familiar with their sales funnel—the accumulation of new business prospects that are in the process of choosing to buy from you (or not). The sales funnel is arguably the most important process that a growing business needs to track. How are we turning people who are “interested” in buying from us into people who are “actually” buying from us? (Or for bonus points, how do we apply our marketing efforts to people who are merely “interested" and turn them into buyers…?) The growth and success of your sales funnel drives the growth and success of your business. One of the most common misconceptions about the sales funnel is that it can be managed. We can be … [Read more...]
In a world of video, reading is still fundamental
I’m watching more, and more video. Video is engaging. It has personality. It fosters an easy sense of connection with people. Its a great way to learn AND be entertained. Podcasts are also great (hey, I’ve got one, how can I diss ’em?). I learn a lot from podcasts; and they’re so convenient. I can learn while I drive or workout! Videos and podcasts have some downsides though. I don’t always know what is going to be in them before I listen. Though I generally trust the creator behind them, I have found that the information delivered in these media is not always as relevant (or engaging) as I would like. Videos and podcasts are mostly recorded “live” which makes them fresh and authentic; … [Read more...]
Community is better than control
A small business is the sum of its people, not the sum of its parts. ~ Jill Salzman Small business ownership can make the best of us act a little weird. Put any normal person into a situation where there are lots of terrible things that can happen (many of which can get you sued, or worse), and where most of those “things” are in areas where you have no real knowledge or training (and neither does anyone who works for you) and see how they respond. Yeah, it can make you a little paranoid; a little controlling even. But owning a business also puts you into a bind. Either you keep your business small (and likely drive yourself crazy working a lot of hours) or you hire people and grow. And … [Read more...]
How to grow your business (sooner or later)
Almost everybody wants their business to grow; and if you want your business to grow you are likely working hard. For some companies that success comes right away; first some good clients, then some more, then… For others it comes more slowly—sometimes excruciatingly slowly. This can be a huge challenge. We live in an “instant” world. If something isn’t growing immediately—if we can’t see how it’s "blowing up”— then maybe we should just move on. Even if your business is growing (and especially if it’s growing more slowly) you are likely full of questions. What do I do? Do I give up? Do I just keep going? Is there something I need to do differently? Was I crazy to have started this … [Read more...]
How to thrive in uncertainty and change
So 2016 has been a pretty solid year for Chicago economically. A lot of new jobs are being created, and interest rates remain low. If you've tried to hire this year, you likely had a hard time finding the right candidates. But what do we see coming in 2017? How will the change in administrations, historically low interest rates, and global trade pressures affect the economy—and your business? Honestly, I don't have confidence in anyone's predictions for the year we have in front of us—but I do know that it's going to look nothing like 2016! We have a President Elect who was voted in to "shake things up"(?); we have a cooperative congress and global trading partners who are pushing for … [Read more...]
How do you know that YOU are doing a good job?
As a business owner, we all have more than one job (many of us carry 4 or 5); but two of those jobs are the same for every business owner. The first is being a great leader in your business. Whether you are the CEO/President, or a partner who shares the leadership, one of your primary roles is to lead your business. As a leader, it’s my job to make sure that my business is pointed in the direction of new opportunity, that I have good people on my team, and that I’m making money. That’s what CEO’s do. But even CEO’s have bosses! And, if you are self-employed, then that means that you are your own boss. So every now and then you need to take off your CEO hat and put on your “investor” … [Read more...]
Owners want committed employees
“My team just isn’t as committed as I need them to be. It feels like they just don’t give a crap about the business, or the work, or anything…” This is how the conversation started when I went to meet with a client this last week. His business is successful, but he feels like the performance of his staff is uneven. “Sometimes they really wow the customer. Other times they deliver stuff that’s slapped together and not thought through.” It keeps him up at night – he feels like he has to review everything so that one of the “slapped together” items doesn’t reach the clients. “Why don’t they care the way I do?” He asks. Well, they don’t care like you do because it’s your business! They … [Read more...]
What if there is no “right way” to grow your business?
Jason Fried is a terrific entrepreneur who has been incredibly generous to the Chicago entrepreneurial community. I love the product that he’s created (Basecamp) and I’ve enjoyed his writing over the years. But I also really dislike Jason Fried. His company is a —*no doubt*— success; and he worked hard to make it a success. But way too many folks in Chicago (and likely all over the place) see his success and think, “If I could just make my company like Basecamp, I’ll be a success.” And so you see folks who’s homepage looks like the Basecamp homepage, and their pricing page looks like the Basecamp pricing page. They read Jason’s books and try to build their company the way Jason built … [Read more...]
When is it OK not to make money?
“A ‘not for profit business’ is a tax designation, not a business strategy.” Not everything that we try to do is going to make money for us right away. Most of the time, when we start something new, we have to make an “investment” (in working capital, in equipment, in training, etc.) before that effort starts to make money. In most cases the learning curve on a new business (or even a new product within our existing business) is longer than we want it to be. We get to a point where we start asking ourselves, “Should I keep doing this?”. Or, you might have a line of business that you’ve been in for a long time; and as your business has changed and grown, you are finding that some areas of … [Read more...]
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