Your Business: Fix It … or Sell It?
Many business owners are geniuses when it comes to creating a product or establishing a service!
However, other aspects of operating a business can be challenging to those geniuses – since those aspects are outside their area of expertise and core competencies. In some cases, a downward spiral ensues, and the business owner starts to panic … which only worsens the situation. Consequently, key employees quit. Suppliers toughen their conditions. Customers stop being customers.
What is the solution?
OPTION ONE – FIX THE PROBLEM(S)
Step 1 – Accept Reality: The business owner must accept the reality that he or she has certain business strengths as well as certain business weaknesses. This can be tough for some business owners, since they have (justifiable) great confidence regarding their creation of the business’s primary product or service. Frankly, it is tough for anyone to admit to having any weaknesses. However, in order for the business to survive and reverse the downward death spiral, weaknesses realization is a must.
Step 2 – Seek Help: Given the subjective perspective of any business owner regarding self-assessment, receiving an objective perspective from an outside source such as a consultant or business mentor is needed. The business owner needs to be ready to hear the blunt assessment components which are meant to help the business identify and fix the existing problem(s).
Step 3 – Build the Team: With the helpful and knowledgeable guidance from the consultant or mentor, additional subject matter experts (SME) may need to be wisely vetted and then retained. The proper SME mix will create a business management environment where “the total will be greater than the sum of the parts.” An alternative to retaining SMEs is to create a “Mastermind Alliance” which is, essentially, an unpaid Board of Directors. In either case, the SMEs or
Mastermind Alliance can be expected to provide additional assessments and recommendations that are geared to helping the business owner achieve survival and long term success.
Step 4 – Implement the Recommendations: Breaking old business management habits and creating new ones can be easier said than done. Nonetheless, doing so is an absolute must. Guidance from the primary consultant or mentor can help make the transition easier. One key to successful recommendation implementation is to give the new effort a chance to succeed. With that said, there will be certain recommendations that will need to be implement immediately – which the business must be ready to do. In order to fix the existing problem(s), proper and thorough implementation is required.