As an entrepreneur you like doing things your way. You may find it difficult to seek advice for those inevitable problems that crop up now and then. But, taking advice from people you know is often a smart move. Before you ask for help consider the following creative solutions: Do your best to know what it is you don't know. If you don't recognize the scope of your problem you could look for help in the wrong places. Put some time in on research. The Internet is a phenomenal source of information and it's right at your fingertips - or visit the library. Consult with your mentors, if you have them. If you don't, consider developing a network of business associates that have skills and knowledge you may be able to use. Be humble - another person's viewpoint may be just the thing needed to help you solve your problem. Never be too proud to ask anyone for help when you need it. Don't get angry if their answers do not agree with your own ideas. Never reject an idea without further research - you never know. It just might be the idea you need to get things back on course. Work towards a decisive course of action based on information. Information is only useful if it encourages you to make the right decision and take correct action. Start with people you know. Ideally you should start with your 'inside sources' like employees and records and statistics. For financial and marketing problems consider joint ventures, franchising, licensing. Employees
Employees are a good source of knowledge that is often left untapped. But savvy entrepreneurs realize that their employees have been hired in the first place because they have the skills and talents that make them assets to the business. Employees can be invaluable in solving problems that may arise, particularly in production or with personnel issues. Utilize this inside pool of knowledge to help solve your problems when appropriate. Schedule regular meetings with your employees so that all problems can be aired - brainstorming works wonders and a fruitful meeting will produce loads of suggestions about how to do things better, how to avoid further problems, and how to enhance the working relationships between all staff levels. Involve your key employees in budgeting, goal-setting, and planning. Realize the value of sharing information with them and do so when appropriate. Give your employees the tools to grow by assigning tasks and responsibilities that help them reach their full potential in your company. Most importantly give them the freedom to carry out their duties. The bottom line is profitability so make use of their knowledge and experience in every way you can. Seek out those employees with special talents and encourage them to acquire more education and training to excel in that field or further develop their skill set. Create an atmosphere that is not only performance-oriented but people-oriented, too!The feeling of a job well done and a pat on the back can go a long way... always praise and reward top performance. Records and Statistics
Statistics will tell you what is happening. For example, your daily website traffic analysis cannot be over-emphasized. Analysis will help lead you to the reasons why problems exist and can potentially help you solve those issues. Statistics and records, whether related to your website or any other area of your business are not to be used in isolation but as a tool to make comparisons that will help you more effectively manage your business and reach profitability. Successful use of records and stats whether online or offline, means making comparisons that indicate trends: Sales are up this month versus the same month last year, or comparison against other points such as sales are down compared to budget forecasts, or are up more than the industry average, and so on. Wherever possible use percentages to highlight changes and to help make comparisons. It's also imperative to analyze your business in terms of demographics. Proper use of this information leads to the development of new products and services, and helps a business to know when to pull the plug on those offerings that have become tired and outdated. All businesses have "hot buttons" which signal the pulse of the company. Symptoms of business health or sickness don't always show up in the normal records. In addition to overdue receivables or outstanding payables, check out your back-order position, customer complaints, absenteeism, or staff turnover. Understand what the "hot buttons" in your business are and monitor them monthly, weekly, or in times of crisis, daily. Joint Ventures, Franchising, Licensing
One way of securing inside help is to work jointly with or through another company or individual entrepreneur who can supplement your own strengths and make up for your weaknesses. Joint ventures, franchisor, or licensor should help in some or all of the following areas: Marketing
New products. Location research. Finding New Markets Means of distribution. Customers and customer lists. Corporate image and awareness. Market data and leads. Internet presence. Management
Provide the benefit of their management experience. Suggest personnel training methods. Introduce systems and controls. Finance
Directly by investing or lending money. Indirectly by co-signing leases, guaranteeing to lenders or suppliers, giving credibility through their name and reputation Running a business is complex and exhilarating. Solving problems will always be a major part of the business experience. When those nasty problems do arise, as they inevitably will, listen and learn from others...it's the beginning of making obstacles into opportunities for growth and will ultimately lead you to success. |
