We’ve all been there. You know, that moment when you have to make the decision to play in the “bigs” or continue to do things the way that you do them now so that your competition can leave you standing in their dust.
My advice? For heaven’s sakes, go big or go home. Nobody invests their whole being into creating a business to ruin it all because they didn’t have the moxie to put it all out there or spend a little more to get the right thing or invest a little effort into something that could be done more easily. It’s the car magnet theory. First year I was in business, I purchased a company vehicle. It was new, it was awesome, and I couldn’t bear the thought of wrapping it. I bought door magnets, slapped them on the door and immediately recognized that it appeared I lacked commitment. Who the heck would do business with someone who wasn’t even sure enough about their business to “ink” their name on the vehicle? The magnets came off in four minutes; the car was lettered within a week. Yes, we’ve all done it, but that was the first year. If you’re in your fourth, fifth, or sixth year, or even beyond that, here are observations that make my heart hurt for entrepreneurs.
1. Being too proud
I’m a part of the Helzberg Entrepreneurial Mentoring Program. Everything they do is to benefit Mentees, in fact, their motto for mentees is for us to “put our worst foot forward.” Truth is, if you know everything (or are afraid to admit that you don’t) then there isn’t a person on earth who can help you. And, when it comes to business, even if you’re a serial entrepreneur and have done it before, nobody, ever, anywhere, knows everything there is to know about how to do it better. Fact. Don’t be too proud to accept advice or ask for help.
2. Knowing the difference between frugal and cheap
This one is huge. I can’t tell you how many businesses we work with that will spend hours finding something cheap as a substitute for what they really need, only to end up with something cheap that needs replacing in the time it takes gossip to make the rounds on social media. As we say in England “it’s like ruining the ship for a half-penny of tar.” It shows – big time, and doesn’t save you a darn thing. Be serious about your business. Doesn’t mean you have to spend like a crazy person – what it means is that you should spend prudently and not look for bottom dollar. Do the best you possibly can with the money you have – otherwise, cheap is going to always be your only option.
3. Thinking your employees owe you something
They don’t. Get over it. You pay them a wage and they do the work. They are trading you hours for dollars. If you wander around feeling as though they owe you a huge debt of gratitude for giving them a job, you’re asking for bruised feelings. When they do owe you something is when you provide them a workplace that matches their ideals and develops their careers. “I’m so thankful that I have this minimum wage job” said nobody, ever.
4. Not engaging outside help
We’re in the outsourcing business – actually, we are really embedded in our client companies, so outsourcing is a bit of a stretch. But, when we talk to prospects and they can’t see the spend because they can do it themselves we run for cover. Why? Because with the aid of a circular saw and a 10 x magnification mirror, I’m sure you could perform brain surgery on yourself, but I’m not too sure that you’d be really pleased with the outcome.
5. Not thinking big enough
Entrepreneurs are a product of what they think, what they plan, frankly, what they write down. If you think small, guess what, you’ll most likely stay small. If you act small as we mention in the first four points, you’re going to stay small. Thinking big
doesn’t mean that you take unnecessary risks or bet the farm, but it does mean that at some point, you have to start acting like an honest to goodness, credible, sustainable business. And, it truly amazes me how many people feel that they should be able to grow their business through sales without fixing pride, cheapness, expected gratitude and not having the foresight to engage someone to help you with the brain surgery. It’s not thinking big enough – and you’re better than that.
If you’re blessed enough to have built a business, do yourself a favor, and think big or go home.