I was feeling contemplative about business ownership as the 15-year mark of John Buscemi and me leading TriComB2B approached, so I started documenting some reflections for personal reasons. Then I figured I might as well share them; maybe it will help someone who is thinking about buying or starting a business of their own.
It’s my honest accounting of what it’s like and what it takes. What follows is the first — and only — time I’ll share these thoughts in writing (i.e., no business book or personal memoir in my future).
Having the right business partner is everything. I spend countless hours with John Buscemi, at a distance of about 10 feet. We share an office. We share business issues. We share aspects of our personal lives. We have honest discussions and don’t overanalyze. He runs the operation; I work on the customer side. It’s a complementary relationship that makes this whole thing work. I’m grateful for his friendship and the mutual trust we share every day. Along the way, I’ve learned a lot of things. Chief among them has been accepting that…
You’ll get quite a few things wrong, but it’s a good idea to get quite a few more right. And when you get something wrong, it’s advisable to reverse your decision. Don’t stand by a bad decision on the basis that it was your decision or the fact that it will be uncomfortable. That’s your ego talking. Cut bait. Move on. I type this with great ease, recognizing I’ve failed on this front many times. One way to ensure you make good decisions is to remember that…
Common sense is everything. Ninety-five percent of decisions are either obvious or just the application of common sense. Think about and write down what the implications of the decision are likely to be, consider the unintended consequences that might reveal themselves, and then get on with it (or choose not to). You don’t need a business plan or proposal to spend a few thousand dollars on something that your business obviously needs. When I see large corporations (and small businesses) fretting over investments and purchases in the range of hundreds and thousands of dollars, I just die. Spend some money. Make some money. Overanalyzing small investments is a waste, and it sends a message to team members. Speaking of team members…
Attitude is always the most important character trait. We do marketing. It’s hard and it takes brains and tons of creativity, but we’re not sending people to Mars. So we’ve always favored a great attitude and service mindset above all else. We’ve been blessed with a team who brings an awesome blend of attitude and talent to the office (or their Teams call) every day. Or most days, which leads me to…
Not everyone is at their best every day. When my wife asks me how my day was, I’ve often answered quite honestly, “I just didn’t have it today.” Sometimes it’s energy. Other times, it’s a lack of brainpower. And other days, I’m anxious, sad or upset. I assume the other 40+ team members are similar. So you have to cut people a break and adjust expectations from time to time. But if you find yourself doing it a lot with someone, well, you’ll need to address it. Which is hard, because…
I hate confrontation. A business owner who likes to avoid confrontation sounds like a recipe for disaster. And a few times, it has been. But I’m also living proof that you don’t have to be a Type A, in your face, always holding everyone accountable, hard-driving a$$hole to own and operate a successful business. Sure, there is probably a next level we could achieve by being much more rigorous about accountability measures, but we’ve found a clever workaround, which is to…
Hire adults. Not by age, just by mentality. If we have to motivate you to do your job or remind you what it is you’re here to do, you’re done here. We don’t over-manage. Because we don’t do that. We hire people who have their $#!t together and can do their job proactively, without taking orders all day. They even do things that aren’t their job, because that’s what good teammates do. On the subject of good teammates…
The whole millennials (and other young workers) bashing thing is ridiculous. I think this ship has sailed for the most part, but just in case, a quick rant. If you find yourself saying, “Millennials are just so hard to deal with because…” just accept that you’re old and dumb. One of the most important keys to our success has been the steady infusion of young, talented, tech-savvy, customer-oriented, energetic teammates. Period. They’ve helped me and the business to uncover tons of great opportunities and see the marketing world from new perspectives. Needy? Attention-seeking? Not as committed? That’s total B.S. And the subject of B.S. leads me to…
Business books are mostly overrated and cause unnecessary stress. When I read business books by consultants and gurus, I’m almost always disappointed. They either state the obvious or provide you with processes that are too cumbersome to implement in a maxed-out, small-business environment. On top of that, I work plenty. Going home and reading about work just makes me more stressed than I already am. I recommend reading for pleasure at least 90 percent of the time. And if you feel obliged as a businessperson to read a business book so you know what “traction” means, carve out time to do it at work. Instead of reading books, I recommend that you…
Set up an advisory board. And listen to them (don’t bother doing this if you think you know everything). Without great organizations like Aileron and CEBI, and wonderful, wise people like Dan Hackett, Denny Wolters, Ken Herr, Joe Schenk, Amy Reilly, Kurt Forsthoefel, Kevin Minton and many others, I’m not sure where we’d be. Our three-person board holds us to a high standard, gives us encouragement, tells us when we’re steering in the wrong direction, and makes us smarter each time we meet with them. That every four-month advisory board meeting keeps us on our toes, thinking about the business. And that’s important, because…
Complacency is real. And it comes from a variety of circumstances. You might just be worn out and feel like you need a break. So you let things ride because they’re going relatively smoothly, or you can’t muster enough energy. Or perhaps you’ve grown the business really well for a few years — obviously, you officially now know what you’re doing — so why would you possibly change anything? This happens. It happens to us. You have to find ways to get your energy back and keep the business interesting and exciting for everyone — teammates and customers. One way to avoid complacency is to constantly…
Talk with your customers. And not just when it’s about some project. Take time to call, email or text, and ask them how they feel about the work you’re doing for them or even about how their work life is going for them. Most will take the time to have a conversation. A few won’t, which bums me out, but you have to keep trying. I’ve built some great friendships with customers, to the extent I’ll fly to their hometown just to have lunch or dinner to check in. It’s good for business, but it’s better personally. I have dozens of customers I call friends who have made my life richer. So obviously, this business has become pretty personal to me. Which means…
It’s okay to take things personally (but don’t take things personally). Which one is it? Honestly, I’m not sure. I care about work a lot. In the early days, I cared way too much at the expense of other parts of my life. Even today, a customer complaint literally makes me nauseous — still — at the age of 53. I feel like a kid in the principal’s office when something goes wrong. I hear from friends and advisors, “It’s just business; you need to let it go.” I’m still working on the balancing act here, but I’m guessing it’s too late to change. So to avoid those nausea-inducing moments…
Ask for feedback routinely. It really doesn’t matter how you do it, but making sure you’re asking customers for feedback on a set schedule is imperative. We’ve used a few different survey methods over the years; each of them is effective in its own way. We follow up those surveys with phone calls when we see opportunities or potential issues. Extend this discipline to your internal team members. Our managers meet with every team member quarterly on a formal basis. It’s a chance to hear from them how they think they’re doing and share feedback. The system isn’t perfect, but it helps us to ensure challenges don’t fester for too long. Speaking of too long…
Treat your supplier partners fairly (and pay them quickly if you can). Most people don’t realize the extent to which big enterprise is financed on the backs of small businesses. Payment terms are excruciating, and it takes some getting used to. Step one is to suck it up and don’t bother complaining. Step two is to avoid passing along the burden (assuming you’ve regulated cash flow). Show your partners how much you appreciate them and pay them for the value they deliver in reasonable (even fast) time frames. Small business success is at least partly dependent upon a reliable network of close partners whom you can trust to come through for you. Showing them you respect their businesses by treating them fairly means they’ll be there for you when you need them.
Business ownership has been a real trip. It was something we always wanted to do (John’s dad and my dad were both entrepreneurs), but I’m not sure we fully appreciated all it would entail. And we still don’t have it figured out. But that’s okay. Owning a business is an imperfect art form. Just do you as best as you can. Be authentic and honest, hire great team members, don’t overthink stuff, surround yourself with smart people, and get on with it. That might mean taking advantage of a bonus sixteenth reflection, which is to meet people as often as you can at local coffee shops — even if for no apparent business reason. Building connections, learning about others, and talking aloud about your business are great ways to keep your mind fresh and your energy levels high.
With that, if you’d like to get together, shoot me a note. The first cup of coffee is on me.