It is aggravating to hear the politicos wanting to take care of small business and in reality they really don’t. Every year, politicians are adding more legislations and restrictions that challenge small businesses. America could be great again; even greater if we could unshackle the harness around small businesses on the state and federal level to lift unnecessary taxes and provide more growth incentives. The benefits of a small company are numerous. They can be nimble and flexible to execute new projects and react quickly. Small business owners are able to see ideas and put them into practice very efficiently without months and months of meetings and layers of confrontational conferences. Why can’t government see the opportunity to further supporting the small business entrepreneur?
A small family run company of 50 employees can be dynamic in what they can accomplish quickly and without a lot of red tape. 25 million small businesses are in the United States, which is a powerful statistic. If 10% of small businesses could get better, then those businesses could also be hiring more people to create jobs and continue to be the community fabric that makes communities better plus put more people to work.
This week, Jack Menicini and Adam Sonnhalter of Maximum Value Partners also cover the topic and the myth: “Things will take care of themselves.” Depending on the situation this could be a good thing. Like Jack’s strategy when it comes to email…let it sit for several days and percolate. The emails may resolve themselves, time may take care of it….and you may not even need to ever address it.
But sometimes if you don’t address the situation it might not be the best for you or your company. If you have some clients not paying their bills in a timely fashion they may choose to ignore it for a while and it may take care of itself with finally getting payment or you could find yourself short of cash. Sometimes, if the invoices are not addressed, the actual bank may come in because they hold the security and assets for your client’s company and will seize additional assets and shut them down leaving you high and dry.
Overall things should take care of themselves with your guidance. As a small business owner, be in charge and be deliberate on the key priorities in your business. Cash flow is a key part of your business and you need to be focused on what is important, what you might let slide for awhile and what issues will always need your immediate attention. Your profit plan is something that does not take care of itself… as the leader you need to keep the lights on and your employees paid or your business will suffer.
Tune in to hear Jack’s How Come? segment where he talks about: How come it’s called a witness stand when the people sit? How come people keep trying to vacuum up the string and when it isn’t picked up, they will pick it up and try to have the vacuum pick it up again?
We have seen countless companies give people multiple chances even though they are not performing (just like picking up the string countless times). If you have an employee who is not a good performer, you might try to reassign them or make them a reclamation project, but there likely will come a point when you need to let them go.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!