Most business owners are fully aware of what is required to make their business succeed, but it is in the execution that many fall short. It is one thing knowing how to get fit. In fact I bet most of us know how, but are we all fit? No, and therefore knowledge is not the answer.
Here's a short overview of how DUO got fit in the recession bootcamp:
As the former marketing director of the Cape Information Technology Initiative (CITI), I was privileged to be submerged into the worlds of many talented IT entrepreneurs in start-up phase. During this time, I was exposed to some of the recurring mistakes entrepreneurs made and, sadly, the consequences thereof, but it also gave me a telescopic view of what successful entrepreneurs continuously did right.
One of my greatest learnings was how to stay focused on the business objectives. So often we deal, on a day-to-day basis, with the urgent issues and rarely get time to focus on the important ones. The distinction is subtle but the results are often the greatest reflection of how adherence can set you apart, despite economic conditions.
While you're far more likely to succeed by focussing on your strengths, not every CEO is good at all the tasks assigned to build sustainable businesses but we as entrepreneurs are often not good at recognising this. My experience shows that there is always someone out there dying to do what you're not good at. Surround yourself with a group of individuals who derive fulfilment by contributing to something bigger than their 9-to-5 and benefit from focusing on their strengths too.
Just get on with it
Success so often depends on the timing of a decision. The ability to think on your feet and make decisions effectively is vital and only comes with practice. You must, however, be prepared to accept that you will make mistakes.
My strategy has always been to just get on with it and trust that, if I don't win, the least I can do is learn. This modus operandi may come with resistance but sitting on the fence is just not an option - it keeps you very unfit!
My single biggest learning was and still is practising listening without any influence from past experiences.
Too often, an entrepreneur becomes emotional, dogmatic and inflexible particularly when it comes to money or people. Money, especially when it is tight, has human beings operate differently and you need to be able to listen and not be offended by these external influences. Just watch that you don't become a victim of your client's financial crisis and create your own crisis disguised as "commitment".
Commitment to clients is admirable but how often over the past year were you as a supplier asked to reduce your costs because your clients are in financial difficulty? So reduce your price or risk losing the business? It's a tough question but don't get lured into building a table with two legs out of fear.
One of our clients told us to increase our prices annually. Whenever I have not followed this advice, I have regretted it, and it's challenging to get back to the optimum market-related pricing structure once you have done this. Don't compromise on quality and ensure that your team have pride in what they do but also the ability to invoice for it. The latter is the greater challenge.
Decisions are difficult to make by yourself and heading up a team or business can be lonely and isolating. I have had the support of two business mentors and a business coach to assist me practise, not just when a crisis looms. Their commitment to me is to assist me in building muscle so that I have the tools and experience to prevent mediocrity. These individuals are my greatest assets.
I'm also a senior graduate of a self-development programme which keeps me in an enquiry of how to holistically enhance my life. What I learn about myself so often translates into an efficiency in the workplace.
As CEOs (and human beings) we have fears and doubts, confidence issues and potentially some of the other nasty stuff too, but being blind to our vulnerabilities makes us ignorant and ineffective in some form or another. To be able to bounce ideas off like- minded individuals is priceless.
Act swiftly
For most entrepreneurs, ideas and ways in which to develop and grow their businesses are as frequent as their heart rate. Over the past six years, I have found our customers' requirements for enhanced and diversified solutions a low risk route alternative to my desires of diversification grandeur.
For DUO, it made logical sense to enhance our business by bringing onboard an online department to add to our core offering. But a similar diversification attempted earlier in the year, with what we thought was a dead-certain win, ended up being a disaster and swift culling was required to ensure that the mistake did not permeate too deep into our pockets.
Again, the temptation was to just try it out a little longer in the hope of a turnaround, but our clients had spoken.
The recession has most certainly forced us as SMMEs to be a little swifter, smarter and fitter at the game called "business" but be aware of "grand ideas" by being objective and emotionally unattached. Trust that the experience is the value.
Find your 'golf', whether it's walking, reading or actually swinging that club. You know that as an entrepreneur you are your company's biggest asset but also its greatest threat.
Stress has unspeakable impact on the body and brain and we know that it most definitely affects our ability to be objective, rational and professional. Don't get in the way of a potentially successful business. Step aside, even if it's only for five minutes, and trust that the real value and sustainability of your entity is bigger than the entrepreneur.
