One on the greatest strengths and weakness of an entrepreneur is the mindset that, "I can do it all". The positive "I can do it" attitude leads us to accept the risk and do things that others only dream about doing. However, the negative "I can do it all" attitude can doom a business into the fate of over 400,000 businesses every year…failure. In a start-up mode you may think you have to "do it all" because of limited financial resources. Even it those early days you have to find a way to pay for those essential services that help you establish a foundation for success. Most businesses budget expenditures for items such as rent, furniture, telephone and other obvious expenses. However, money needs to be budgeted for services such as accounting, legal, marketing and other essential services that may not be so obvious.
One alternative method of funding your needs is the ancient tradition of barter. You can join one of the formal barter groups where you accumulate barter dollars by providing your products or services. In turn, you can spend those barter dollars on services and products you need. Or, you can barter one-on-one; trading your services for the services you need without exchanging cash. The caution here is to not pick your needed resource just because they will barter. However, if you find a resource person you feel sure can fulfill your needs and will barter, it can be a good way to preserve your cash flow. Barter arrangements should always be treated as if it were a cash exchange.
If you do not possess the business skills and knowledge necessary to do your own accounting, legal work, marketing, selling, research, media selection and public relations…go with the pros. If your brother-in-law is not a professional in any of those areas, don't let him convince you he can help you.
Before your heart beats too fast and your blood pressure elevates thinking you've got to win big on "Who Wants To Be A Millionaire", to afford professional help, let's put this in perspective. You do not have to hire high profile experts in the areas of your needs. There are entrepreneurs, just like you, in probably every area of expertise in services you need. Spend time in research and find those professionals who, like you, understand the nuances of the entrepreneurial world. The best way to find these resources is from other entrepreneurs whose judgment you trust and who have a relationship with their recommended resources. Interview potential resource people to determine shared values and their competency. Look for more than their willingness to be a "vendor". You want a "partnership" with someone who will show a genuine interest in you and believe in your product or service to help you grow your business. If a potential resource is a member of the area chamber of commerce, chances are they are serious about their business. Other sources of resources include trade associations, your bank, Better Business Bureau and other professional organizations.
In your search for these resource relationships, keep in mind the true adage, "you get what you pay for". Just as you are not likely to build a successful long-term business by being the "lowest priced guy in town" neither are your resources. The value of a solid, long-term relationship, just as it is with your customers, is immeasurable. Invest the time to find these desired business relationships, nurture them and you will grow your business.
In addition to your specific needs, you can add value to your client service by developing a bank of resources that you can recommend to your customers. Be completely confident that any resource you recommend to your customer can meet their needs. For example, I have a long-standing relationship with a printing company that fulfills all my printed material needs and those of my clients. Adding to the solid relationship is the fact they have a full-time Graphic Artist who is one of the best in the business. This relationship insures that working together we are going to produce an effective, quality product.
Incredibility only about 5% of the people in America consistently commit to self-improvement by reading books, magazines, listening to audiotapes, watching videotapes or attending seminars. What an opportunity to differentiate yourself and company by committing to a lifetime of learning. There is a never-ending flow of resources to help you accelerate your "journey of success".
In the fast-paced competitive marketplace we are all operating within, it is increasingly difficult for an entrepreneur to "go it alone". Building alliances with compatible (not competitive) companies who target the same market as you can open some of those locked doors not open to you, and vice versa. Most often the "I'll get you some leads and you get me some leads" scenario doesn't work. As time goes on the giving of leads gets out of balance and the person giving and not getting decides to stop giving. To avoid this financial and emotional stress, establish, in writing, an agreement to pay a flat "referral fee" or a percent of billing to the referrer for a specified period of time. Under this arrangement who gives who the most referrals is not an issue. This is another benefit of your hard work in building your network of business contacts. If you really want to see your business soar, let go of the "I can do it all" mindset and proactively seek resources that create win-win business arrangements. May you achieve the success you earn.
One alternative method of funding your needs is the ancient tradition of barter. You can join one of the formal barter groups where you accumulate barter dollars by providing your products or services. In turn, you can spend those barter dollars on services and products you need. Or, you can barter one-on-one; trading your services for the services you need without exchanging cash. The caution here is to not pick your needed resource just because they will barter. However, if you find a resource person you feel sure can fulfill your needs and will barter, it can be a good way to preserve your cash flow. Barter arrangements should always be treated as if it were a cash exchange.
If you do not possess the business skills and knowledge necessary to do your own accounting, legal work, marketing, selling, research, media selection and public relations…go with the pros. If your brother-in-law is not a professional in any of those areas, don't let him convince you he can help you.
Before your heart beats too fast and your blood pressure elevates thinking you've got to win big on "Who Wants To Be A Millionaire", to afford professional help, let's put this in perspective. You do not have to hire high profile experts in the areas of your needs. There are entrepreneurs, just like you, in probably every area of expertise in services you need. Spend time in research and find those professionals who, like you, understand the nuances of the entrepreneurial world. The best way to find these resources is from other entrepreneurs whose judgment you trust and who have a relationship with their recommended resources. Interview potential resource people to determine shared values and their competency. Look for more than their willingness to be a "vendor". You want a "partnership" with someone who will show a genuine interest in you and believe in your product or service to help you grow your business. If a potential resource is a member of the area chamber of commerce, chances are they are serious about their business. Other sources of resources include trade associations, your bank, Better Business Bureau and other professional organizations.
In your search for these resource relationships, keep in mind the true adage, "you get what you pay for". Just as you are not likely to build a successful long-term business by being the "lowest priced guy in town" neither are your resources. The value of a solid, long-term relationship, just as it is with your customers, is immeasurable. Invest the time to find these desired business relationships, nurture them and you will grow your business.
In addition to your specific needs, you can add value to your client service by developing a bank of resources that you can recommend to your customers. Be completely confident that any resource you recommend to your customer can meet their needs. For example, I have a long-standing relationship with a printing company that fulfills all my printed material needs and those of my clients. Adding to the solid relationship is the fact they have a full-time Graphic Artist who is one of the best in the business. This relationship insures that working together we are going to produce an effective, quality product.
Incredibility only about 5% of the people in America consistently commit to self-improvement by reading books, magazines, listening to audiotapes, watching videotapes or attending seminars. What an opportunity to differentiate yourself and company by committing to a lifetime of learning. There is a never-ending flow of resources to help you accelerate your "journey of success".
In the fast-paced competitive marketplace we are all operating within, it is increasingly difficult for an entrepreneur to "go it alone". Building alliances with compatible (not competitive) companies who target the same market as you can open some of those locked doors not open to you, and vice versa. Most often the "I'll get you some leads and you get me some leads" scenario doesn't work. As time goes on the giving of leads gets out of balance and the person giving and not getting decides to stop giving. To avoid this financial and emotional stress, establish, in writing, an agreement to pay a flat "referral fee" or a percent of billing to the referrer for a specified period of time. Under this arrangement who gives who the most referrals is not an issue. This is another benefit of your hard work in building your network of business contacts. If you really want to see your business soar, let go of the "I can do it all" mindset and proactively seek resources that create win-win business arrangements. May you achieve the success you earn.
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