Jack Mencini and Adam co-hosts of Dirty Secrets of Small Business® podcasts are the true insiders to help small businesses with their challenges. This week’s dirty secret centers on the premise that “good partners are hard to find, but invaluable when you find one!”
Jack and Adam have over 15 years experience in coaching small businesses to success and sustainability with their business Maximum Value Partners (MVP).
In having owned 20 businesses of their own and advising hundreds of small businesses over the years, they understand the nuances and trying times that small business owners contend with. Jack and Adam also realize that it is good to have a partner who is different from you and brings a contrarian mindset to the table. If you hire all like-minded people and even have a duplication of yourself with your business partner, this leaves little room for creativity or exploring new ideas that someone who may think differently can offer to brainstorm.
It is also a good idea to be open and honest with your business partner regarding the good, the bad and the ugly or else it won’t work. Through honest communications with each other, you need to be on the same page for where you’d like the business to go and have the same shared values with your mission and vision. Not having to argue and increase stress with your business partner will bode well for the success and profitability of your business.
The MVP coaches also debunk the myth that your business will be profitable in the first six to twelve months when the new business is starting up. According to Adam, most people think of this in terms of them being able to take money out of the business. It’s the old job versus owner mentality. Running a business is not like being employed within an organization, working for someone else and having a job. Running a business needs to focus on growing and feeding the business first with investments of the owner’s savings and/or incurring debt to keep cash flowing into the business. Jack and Adam are saying that in some unusual cases, new businesses can be profitable early on, but in most cases, either the business owner or the spouse still has their job to keep things a float before jumping in 100% and not having another salary as a safety net.
For more details on getting satisfaction from your business and hearing Jack’s HOW Question of the week, access the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
If you have a success story or a question you would like to share, email or call (firstname.lastname@example.org or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!