Dirty Secrets of Small Business
Depending who you talk with, many people think it’s crazy to work with your spouse or significant other. One of the biggest concerns we often hear is this idea of separating business from personal stuff. You know that famous phrase, “It’s not personal, it’s just business.” How do you think that comment would be received by your significant other when explaining why you did something at work?
It can often feel like your business partner is your “work spouse” because you typically see so much of each other that you can finish each other’s sentences. But does this mean that like marriage that a business partnership should be until one of you passes away? Is this why any time you talk to your attorney or accountant they’ll ask about whether or not there is a buy/sell agreement in place, key-person life insurance, and a litany of other things?
This might seem like a strange question, but think about the question if you were to substitute attorney or accountant or insurance person for the phrase business coach. Wouldn’t you be surprised to learn a business owner friend doesn’t have an accountant or insurance person? So why would it be so odd to expect that every small business owner also have a business coach? We address this very question in today’s show.
We all know couples where it’s evident who wears the pants in the relationship. Other couples have more of a shared power concept going on. So which one is right if you and your life partner are also business partners? Should one of you be the boss? Should you share the boss duties?
Have you ever not liked going to work because of the people you work with? Perhaps there is tension at work between you and a colleague where you just can’t get along on a regular basis. Maybe you disagree on the direction of the company or it could simply be you don’t like how they do certain things. What do you do when this person is related to you? What do you do if this person you can’t work with any more is your brother?
So what does it look like when you’re ready? Does it always look and feel the same? Kind of like when you’re lost? In today’s show we talk about how to know when the next generation is ready to take over. Like many things in life and business, it’s not always so clear, but there are some key things you can look for.
You may have heard that one of the benefits of owning your own business is that you get to choose which 12 hours during the day you’d like to work. Many small business owners will crack a smile at a statement like this, in part because they know it contains some truth, but also because it’s one of the things many business owners struggle with. Just how much should I be working?
One of the areas we specialize in for our business coaching is helping family businesses transition to the next generation. One of the biggest gating items for a transition of any business, is the current owner deciding when it’s time to hang things up and move on to the next phase of their life. Sometimes the current owner is the last person to realize it’s time for them to move on. Why is this the case and how can that process be accelerated?
It’s pretty easy and common to get excited, nervous, and stressed when running your small business. You can often feel like Atlas with the weight of the world on your shoulders. Everyone from your employees to your customer and vendors, not to mention your family depending on you. So how can a small business stay calm and in control in the often chaotic world of running a small business?
No offense to Marshall Field, the retailer who is often credited with creating the slogan “The customer is always right,” but give me a break. Following this piece of advice has probably put more small businesses out of business than anything else. We have seen way too many small business owners justify keeping bad customers by quoting this phrase.