Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) discuss the myth that most small business owners will encounter that “Things will take care of themselves.”
In this week’s radio show, Dirty Secrets of Small Business (www.DirtySecretsofSmallBusiness.com),
Adam points out that depending on the situation, time will sometimes take care of whatever is wrong and it is tempting to make that an overall strategy. In too many situations, though, someone on either the outside or the inside of your business may decide a course of action that is not what you really wanted to have happen. The situation got taken care of, but not in the best possible way for the owner or the business.
It can occur when a small business has a client who doesn’t pay for the services and/or products that the small business was contracted to do. If that client suddenly goes bankrupt, the owner will either get pennies on the dollar of what is due or nothing at all. This is not a scenario where things took care of themselves to benefit the small business.
As an owner you must Plan, Direct and Control for the success of your company. Things will take care of themselves because as the owner, you have a plan, you direct others to implement the plan and you have the control with your guidance to make certain that things get taken care of by the team you have in place.
MVP coaches don’t advise their clients to be micro managers but rather have them be the leaders to lead a team with a plan on how the business is to be run successfully.
Jack and Adam give the advice: As an owner, make sure that you are in charge to Plan, Direct and Control. Be deliberate about your decisions and key priorities in your business. Cash flow is a key component and don’t just let things take care of themselves. Be focused to have your plan mapped out with your people to make things happen.