When I worked for an outsourced accounting firm as their Sales Manager a few years ago, I saw first hand why small businesses fail. They are so sold on their idea, their own expertise and their own vision of business success that they ignore the sound advice of critical experts.
This kind of arrogance leads them down the road to business collapse, fall short of getting needed investment monies and the inability to respond to external economic impacts.
Every small business needs to hire or outsource:
- An accountant or CPA
- A lawyer or legal service
- A great banking partner
- A financial planner
- An analyst to interpret data and recommend actions for the business to take
These partners are critical in keeping the business in truth and help a small business to join the statistics of failure.
As my good friend and business consultant, Chris Catapano of Bridgesphere has written
“Some businesses fail because they focus too much on the big picture. They never get down to people, process, systems & profit. You see them all the time. From the entrepreneur that can’t stay focused enough to see an idea through to commercial viability, to the multi billion dollar “unicorns” that “innovate” and “disrupt” but lack the business foundations and principles that are conducive to value creation.” Read full post here
Also critical to success, is having the ability to create business partnerships and a network that can be a resource for new clients, new business opportunities and ideas. It involves becoming visible, not only through social media and traditional marketing, but in person.
When you hear the phrase “Put a Face to the Company”, that means not put on a logo, or a tag-line , but flesh and blood presence.
Nothing can ever be as effective as being in person.
Does it involve time? Does it involve a strategy? Does it mean getting out of a comfort zone? Yes, it does!
No business can operate in isolation. Especially to weather economic icebergs that can sink your ship into business failure and disaster.
How can one create enough lifeboats to survive such challenges?
- Go to networking events, become active in business organizations and community organizations with purpose to connect with potential clients and partners.
- Nurture these relationships through regular contacts.
- Create a team of advocates for you and be advocates for them.
- Learn from your partners and get ideas that help your business.
As you do, the icebergs won’t sink you. You will also learn to heed warning signs that you can change course and avoid hitting them.
You need to be authentic and deep in your sincere desire to connect with others in a purposeful and meaningful ways.
These real business relationships will help you stay afloat like life rafts and not share the same demise as the character of Leonardo Dicaprio in Titanic, where he simply could not hold on and sunk in the icy ocean.
Your network of partners can be your greatest resources, in the ideas they share and their support of you,to make you survive and thrive in your business.