Learn From The Seasoned Professional

I met with a friend and his business partner today who both started another new company earlier this year and who wanted to pick my brain to discover potential growing pain problems before they pounce on them and they are not prepared. This is a smart business practice for anyone considering getting into business and also while you continue to grow your business. This is called the 'Pile theory'. Look for the person with the biggest pile of money in your business sector or in business generally and then pick their brain on how they achieved their great success.

We sat for 2 hours discussing business mergers, acquisitions, licensing agreements and pay structures for new employees. They have a great opportunity and are on the verge of exploding in the next few months and certainly in their first year. The biggest piece of advice I gave them, beyond some specific answers to specific questions, was think big and grow big. They will be a $15 million business in the next 3 years and will also enjoy significant profit margins. The challenge is that if you are not prepared for this quick growth you may also experience a quick fall.

Think big and grow big suggests that you must strategize, plan, (which they have done and is still evolving), and then implement business policies and procedures around a unified business image. This requires a focused attention on your core competency and then communicated to all staff to be executed properly. You need to ask questions like; how do we want other business to see us? When someone asks; what do you think of those guys, that business, what response do you want from not only your customers but also your prospects? How do you want to treat your customers? Selling on price only or building long term relationships which creates customer loyalty? What benefit can you provide to your customers that they are NOT getting now from your competition? When you can answer all these questions then create a business mandate and mission statement to be promoted and communicated to your employees, your prospects, and your customers.

That's it for today, back to my move and unpacking boxes.