Dirty Secrets of Small Business

Today we were joined on the show by business owner Bob Scaccia, who is the Founder and CEO of USA Firmware. Bob shared with us some of the ups and downs of his first decade in business and the tremendous growth he's seen over that time.  We heard from Bob a few years ago when he appeared on our show back in January 2019 (see below for a link to that show).

We are big fans of partnerships.  Surprisingly, we tend to find ourselves in the minority when it comes to that positive view of business partners.  We're guessing you may have heard a lot of negatives about partners as well.  So why do we often recommend that business owners look for good partners?

Everyone loves something new and shiny!  Many of our small business clients refer to those bright shiny new objects as squirrels.  But while we're all chasing these new shiny objects, we might just be missing something that's right under our noses that can help grow our businesses.  Past customers.

One of the things nobody tells you about when starting a business is that you've unknowingly signed up to play the bank.  Every time you provide credit to a customer you always risk having someone like Wimpy from Popeye who will promise you the world for that hamburger today!  So knowing how it feels to have some customers ask you to play the bank, is it OK for you to do the same thing to them?

One of the common refrains you'll hear whether it be in business or life is something to the effect, “If you're not growing you're dying.”  A phrase like that can put a lot of pressure on a business owner to constantly be growing.  But what does this really mean to grow?  How do you plan for all of this growth?  And is it possible to have too much growth?

One of our favorite things about small business when compared to big business is that small business allows you to have a heart.  Big organizations can often feel cold and impersonal.  But with that “heart” of small business also comes a lot of emotion.  Our topic today covers one of those emotional reactions that is pretty common for a small business owner, trying to figure out if something is a fireable offense or not.

Chances are if you've been in business for yourself for a little while at some point you've wrestled with the thought of throwing in the towel.  Many things could trigger this thought.  Anything from losing a big customer or key employee or it could just be that you're tired and worn out.  Whatever your situation, understand you're not alone.

So what do you do?  What do you say when someone asks you this question?  Chances are you'll talk about your business and what your business does first when responding to this question.  But if someone is asking what it is that you do as the business owner in our business, what do you tell them?

Warning, this may get a little uncomfortable!  It's always awkward for a business owner to think about this question, let alone ask it out loud.  Yet we know it's a question that many business owners wrestle with at a variety of times with their business.  Is there a right time to step away from your business?  And what does “step away” really mean?

One of the biggest things we do for our business owner coaching clients is help them ask the right questions.  Our topic today about trying to not think about your business is one of those questions that isn't the right question to be asking.  It's really not even the question our clients and other small business owners mean to ask because it's really not possible to stop thinking about your business.  The real question is more along the lines of what things should I be thinking (or worrying) about as it relates to my business.

If you're a business owner, chances are you've either been accused of being the bottleneck or you've recognized it in yourself.  It's tough when you're the one who started the business and it was basically you doing everything at the start.  As you grow and add more people to your team, it can be difficult to let things go and entrust your team to get things done.  Especially to do things the way you'd do them.  So what's a business owner to do?

One of the most common frustrations we hear from small business owners is that they feel like they are tied to their business.  Like they can't leave for short or long periods of time without significant angst or stress as they wonder how things are going.  So how do some business owners manage to be away from their business yet still have a good sense for what is going on while others are afraid to leave their business?  Would you believe that much of it comes down to a few simple reports?

It seems these days that everywhere you look a new podcast is popping up.  It's to the point now that there are over 1 million podcasts currently available.  And that number continues to grow.  Even fake people have podcasts…Ron Burgundy anyone?  So the question we pondered today during the show is, should your small business have a podcast?

So did you already start your business or are you still thinking about it?  If you've already started your business chances are you might be feeling a bit overwhelmed already.  If you haven't already started, maybe you're finding reasons not to start, like you're waiting for the perfect time to launch.  Unfortunately there's no such thing as you can always find reasons not to start your company.

One of the best predictors of success in any aspect of your life is your coachability.  How coachable are you?  Are you what we often refer to as an “old steel guy” who knows everything?  Or are you the one who's always looking for ways to get better and improve and achieve your goals even faster?

There has never been an easier time than now to get into business for yourself.  With modern technology and the resulting connectivity you could literally have a worldwide business set up and running in a matter of days.  So depending on your view this could be an exciting opportunity or totally overwhelming.  But just because you can set up a business, does that mean you should?

Have you been on a road trip this summer? We are big fans of road trips, always have been. And now with all the craziness going on with airlines and constant cancellations and delays, not to mention all the hassles at the airport and potential loss of luggage, road trips have become even more appealing to most folks.

So have you run out of siblings, cousins, aunts, friends, and neighbors to hire? How do you find the best people? Perhaps more importantly, how do you screen and interview people so you don't waste a bunch of time with people who aren't going to be a good fit for your organization?

Do you ever feel overwhelmed as a small business owner? Like you have to do everything yourself, especially if you want it done right? But at the same time you're not an expert in every aspect of your business, even though most folks expect you to have all the answers. So what's a lonely business owner supposed to do?

So what do you do when all the government money runs out?  Over the past couple of years since the COVID-19 pandemic started there has been an unprecedented amount of “free money” being doled out to individuals and businesses alike.

It's one of those statements you've likely heard at different points throughout your life.  And if you're a business owner you've either uttered those words or certainly thought about it a lot.  It truly is lonely at the top.  So what does this mean and why is it so lonely when you're running your small business?

Staying focused can be a problem in regular life, not to mention your business life.  One of the things we provide for our coaching clients is a framework to help them know “what” they should be focusing on which is our 7 Keys to Success.  But that doesn't explain “how” they can stay focused.  After all, don't we all battle some demons when it comes to staying focused?

This is one of those questions that circles around an owner's mind quite often. Not only how often should I be in the office but for how long? Should the boss be the first in and last to leave? Or should the boss only show up whenever it's convenient? Or somewhere in between? How about as little as possible? The short answer is, it depends!

So here we are in the middle of summer and it's prime time for summer vacations. Are you excited about your upcoming vacation? Unfortunately, too many business owners either aren't looking forward to their upcoming vacation or they don't have one planned. It doesn't have to be this way.

We recently met a husband and wife who have owned and worked together in a business for nearly three decades. They were exploring the possibility of selling their business and retiring. When we asked them what they were going to do after they sold the business they both had a sheepish grin and said they were going to “relax and enjoy life.” They want to do a little traveling and spend time with the grandkids, but the basic driver is to get relief from the day-to-day running of the business.

One of the things that folks in a leadership position wrestle with is the idea of being in control. We will often hear business owners talk about how they are accused of being micromanagers. This can result in team members not feeling confident or empowered to make many of the day-to-day decisions in running the business and instead will wait for the owner to step in to decide what to do. This can be one of the biggest limiting factors for you and your business's success.

Over the years we have helped several clients buy companies. Some have been individuals looking to own their own business. Many more have been clients with an existing business they are looking to grow and decided to pursue acquisitions as an option. Our discussion during the show today centered more on the folks who are looking to buy their first or next business.

Many business owners are looking for help. Oftentimes they are looking in all the wrong places. It usually starts with friends and family. Most of these friends and family are well intentioned, but many can't relate to the challenges of owning and running a small business as they've never done it successfully themselves. Or perhaps they have had some success in running a small business, but that doesn't mean they can help or teach you.

Meetings often get a bad rap…and for good reason. Some of the most common problems we find are: • There is no agenda (or the agenda isn't followed) • 1 or 2 people dominate • Meeting doesn't stay on time • No one is in charge

Today we were joined on the show by business partners Scott Freerksen and Chris Mosier. Scott and Chris are the owners of Lakefront Living International, a national real estate franchise focused only on lakefront properties. During the show Scott and Chris share the very different paths they took that eventually lead them each to a focus on lakefront properties.

One of the toughest decisions for many business owners is deciding when it's time to get rid of someone. That “someone” could be an employee, contractor, customer, or even a vendor. One of the things we love most about small business is that it allows for a heart whereas big business usually comes down to a number.

So who's in charge here? This is one of the first questions we ask when meeting with business partners. The initial response is usually something like, “we both are” or “we all are.” We and you know that isn't the case. Someone is setting the priorities for the business.

So do you work with family in your business? Or maybe it's friends who are like family. Or both. Are you good at leaving the personal stuff at the door when you come into work every day? Not sure what that looks like? Well today's show is for you!

Today we were joined on the show by business owner Eric Robichaud. Eric is the owner of Green Goddess Supply, a supplier of premium quality smoking accessories and home grow products. During the show Eric takes us on his journey from software engineer/nerdy computer guy to now being the weed guy!

Do you like being in the spotlight? Do you avoid situations where you know you'll be asked to say something in front of a group? Or are you the first person to raise your hand when a speaker is finished and is looking for questions?

We were talking with a coaching client recently who was struggling to justify increasing prices for one of their services. She kept using the word “justify” when trying to convince herself that it was OK to increase prices. Our discussion quickly shifted to talking about what made their service different from the competition. We also chatted about the mindset of their ideal customer.

Today we were joined on the show by business owner and former MVP business coaching client Terry Walkerly. Terry is the owner of Filta Environmental NEO, a leading provider of cooking oil micro filtration services to restaurants and other food establishments. Over his career Terry has owned several business including ones he's both started as well as purchased. Although he barely made it through high school, Terry describes himself as a lifelong learner who has read just about every business book out there. Combining that with the school of hard knocks and Terry has a lot of wisdom and insights to share.

Heard a good story lately? Who's the best story teller you know? Are you a good story teller? What makes for a good story? These are just some of the questions we tackle in today's episode.

So you're all excited because that new employee you've been searching for has finally accepted your offer. Now all you need to do is finish up the paperwork and complete a background check and they will be on the job before the end of the month! And then the background check comes back with a black mark. What should you do?

Today we were joined on the show by business owner Peter Hans. Peter is the owner of Discover Map, the leading provider of curated guides to top tourist attractions in cities and towns throughout North America. During the show Peter shared his journey from a continent hopping investment banker to a business owner by purchasing a map business back in 2005. Along the way, Peter spent about 6 years at each of his respective stops until he got that “itch” to go and do something else.

Sometimes you need to slow down to speed up. We know it's counterintuitive. The answer isn't always to push harder or get more information. Believe it or not, it's often best to do nothing. To sleep on it. For a small business owner this is easier said than done. Especially if you're one of those very driven individuals who has trouble taking it easy and slowing down.

Most business owners can relate to what it feels like to have debt in your business. Unfortunately, not too many owners are aware of how to get all that debt paid off. In fact, it seems too many business owners have come to the conclusion that it's just the way things are when it comes to having debt. Well, it doesn't have to be that way.

We were recently involved with some mock interviews with local high school students. The goal is to give these 15 and 16 year olds some practice at interviewing for a job. They are asked to complete an application, dress in nicer clothes, and then sit down for a 10-minute interview with some volunteer adults to “interview” for a job in a retail store.

Did you ever wonder why most people look forward to tax day in the U.S. while business owners rarely look forward to April 15th? Most folks pine for tax day because they are going to get a refund on that day. It's like a shot of dopamine to get you all excited with that extra “paycheck” or two. For business owners, they are usually writing a check on April 15th. But this should be viewed as a positive.

Communication is always a challenge, whether in business or in life. We often meet business owners who lament about the challenges of trying to get their team on the same page. It might sound something like, “How do I make sure everyone knows what is going on?” Or “Why isn't everyone rowing in the same direction?”

We've heard from a lot of business owners over the years who are looking for a checklist to run their businesses. It's often described as something like “do these 17 things in this order and you're guaranteed to have success.” So is getting all these systems and procedures and SOPs in place really the answer for your business? Or should you focus on attracting and retaining the best people to be part of your Organization?

If you've listened to our show for a while or if you know us off the air, you likely know that we are big fans of Inc. Magazine. Not only do they usually have great articles related to entrepreneurs that are easily digestible, they also have many inspirational stories. We saw a recent article addressing something that is impacting every business (large or small), The Great Resignation. According to the U.S. Bureau of Labor Statistics, between April 2021 and September 2021 over 24 million American employees left their jobs.

Do you consider yourself successful? This is a question that's easy to ask, but really takes some thought to answer. Too many small business owners wouldn't use the word successful to describe themselves. You're more likely to hear them use words with more negative connotations like overwhelmed, frustrated, or just simply worn out. I guess it's a matter of what you focus on.

Today we were joined on the show by entrepreneur Pete White. Pete is the co-owner of Abstract Ocean along with his wife Christal. During the show Pete shared his journey from a full-time job in the IT world to a business owner by pursuing a hobby related to their new Tesla vehicle back in 2013.

When's the last time you took a road trip? With the COVID restrictions lifted in most parts of the world combined with summer being upon us, we have seen a lot more cars on the road with folks traveling across the country. But even if you haven't been on a road trip lately, I'm sure you can recall several you've been on over the years. And if you're in your 40s or later, you might actually remember picking up your TripTik from AAA before leaving on your journey. These days, you likely will just punch the destination into your GPS enabled device to get you where you're trying to go.

As you've probably heard and experienced first hand, it's never been more difficult to attract and retain good people for your business. The number of people resigning or simply no-calling/no-showing for work or interviews is continuing to increase. So what's a business owner to do?