We all know it’s tough finding good people. So when you find the good ones you want to hold onto them with both hands and never let them go! But how do you get them to stay? Is it all about the money?
A phrase that can often strike fear in the hearts of even the bravest of business owners is, “Your banker is on the phone and would like to speak with you.” Oh no, you think, what could she possibly want? Does she know about my key employee who is threatening to leave? Did that upset customer call her to complain? Will she be pulling our line of credit?
Unfortunately many folks starting out in business make the often fatal mistake of hiring family and friends first instead of last. Now this may seem counterintuitive to many folks, especially those who know us well since we usually espouse the importance of Know Like Trust when building your business. But just because it might be “easier” to start with family and friends, doesn’t mean it’s the best thing for your business.
If you’ve been in business long enough, chances are you’ve received some unsolicited interest in your business. By “interest” we mean someone is expressing an interest in perhaps buying your business. It likely came in the form of a letter that was either physically mailed or emailed or from a phone call. These letters and phone calls often come from intermediaries so the actual person who might be interested in buying your company has their identity hidden. Do you welcome these solicitations with open arms? Do you avoid them like the plague…or COVID? Likely you’re somewhere in between.
“Nobody puts Baby in a corner!” If you’ve ever seen the movie Dirty Dancing, then you can picture the scene with Patrick Swayze and Jennifer Grey. Well we’ve heard versions of this line with the same emotion and passion. But instead of talking about corners the business owner is talking about “Don’t push me out of my company!” We see it all the time with sports as well. Maybe you’ve seen an aging athlete on your favorite team not quite ready to give it up yet.
One of the things we fight in our day jobs as business coaches is the never ending poor advice given to small business owners. Perhaps the biggest offense with this advice is folks talking about business plans. It might sound something like, “All you need is a business plan to get started.” Well intentioned advice. But what does this really mean?