Accounting, Bookkeeping, Payroll, Human Resources, Business Continuity

Start Ups

Plan For The Worst, Expect Success

Stand Apart from Competitors When Disaster Strikes

Over this past year, I’ve seen many businesses claiming that “Due to the COVID-19 Pandemic we cannot offer the quality of service you have become used to…” While the turmoil of a global pandemic has affected us all, one of the essential parts of running a business is planning for setbacks that may come unexpectedly.

While it is extremely important to make sales and generate revenue, it is also extremely important to provide a high level of customer service. If you seem unwilling to back your product or service, word will get out and you will lose business. COVID-19 has been spreading out of control for over a year. As a consumer, I would think that you’ve had plenty of time to set a new plan into motion.

I recently spoke with a national package carrier about a very important package of live fish that I paid to have delivered by 10:00 am the next day. When the package hadn’t arrived by 4:30 I called and asked where my package was. I was told that I shouldn’t expect to receive it by 10:00 am because due to COVID-19 they had to cut their staff and didn’t have enough people to get everything done.  When the package finally arrived at 4:30, I asked the driver why I didn’t get the package by 10:00 like I paid for. His response was “I can’t get everything where it needs to go because of COVID-19. 

To me, it appears that this company’s management has made so many excuses about COVID that it has completely permeated throughout the organization. That can be dangerous for your business, and it sends a message that will begin to turn customers away. I order most things online and must deal with whatever carrier the seller chooses to use. If I could choose, I would NEVER choose this carrier again because of the lack of responsibility they’ve shown. We do not want our clients to ever feel that way. 

I ask my clients “what’s your plan B”, how will you be able to ensure that your doors will stay open no matter what happens. This “plan B” is better known as contingency planning. Many people believe that contingency planning is only for natural disasters or times of war. Done right, Contingency planning is much more than that. For a small business, even the small things can cause big problems. I’ve seen instances where a bad router can cripple a business. Training or lack of training can also cause problems. Computer or software issues, phones not working all should have workaround scenarios. 

A good contingency plan contains what you will do when certain situations arise AND how you will make it happen. It should include the procedures you will put in place to guarantee that you can keep the doors open, product and services flowing, and your clients happy and willing to keep doing business with you. I have been working with businesses for almost 40 years to help them plan for the worst-case scenario. It’s never easy to focus on bad things happening, but once you do, you can then turn a worst-case scenario into an opportunity you may have never gotten otherwise. 

So, no more “Due to the COVID-19 pandemic…” excuses; rise to the challenge.

 

So, you want to be an Entrepreneur?

Part 1 in our Entrepreneurship Series

For the past 40 years, my career has taken many interesting turns and sent me in many directions that I never anticipated. From Wall Street to Main Street, and everywhere in between. All the while, my dream was to own and lead my own business.

As a film student in college, my mission was to build a production company and produce artistic works like films, music, and videos. I took some accounting courses, business law along with all the classes I needed for my major.

After college, I joined the working world. I started to experience the practical side of business, the dirty guts of it as defined by Wall Street. I spent two decades on Wall Street soaking up everything I could about business, management, and leadership. After 20 years, 35 pounds, ulcers, and other fun unhealthy habits, I decided it was time to leave the Wall Street grind and get back to my roots. I had worked 85-hour weeks, never took a vacation, and often thought “I want more time to spend with family.” Four years later, I became CEO of a not for profit which I ran for 6 years and built into a $1.4 million business.

Since the late 1990’s I’ve been helping people start businesses and have been starting businesses myself. I have taken knocks, seen success and failure, changed lives, and I’ve loved every minute of it. It is in that spirit that I would like to help others build successful businesses by avoiding my mistakes and drawing wisdom from my successes.

What kind of person does it take to be an Entrepreneur? Well, let me tell you. For every Bill Gates or Steve Jobs, there are thousands of John or Jane Smiths. To be successful it is important to develop these traits of strong leadership. You must have confidence in yourself and your abilities to solve what problems you might encounter, plan carefully, remain resilient and determined, and always listen to learn. It is also essential to have a balance between managing “big picture” ideas and more detail-oriented plans.

Some of these traits are intrinsic and some can be acquired over time. If you believe in your idea and are willing to do what it takes to be successful, you can enjoy a profitable business. In the coming weeks, we will explore these traits and more as we expose the messy, often glamorized truths of Entrepreneurship.