Ownership requires leadership. Making no decisions when a decision is required is self destructive, the wrong decision is even better, but of course the right decision is best of all. The important principle to recognize is the fact that in small business you can make a correction today and see the results tomorrow. Thus when the plan is not working, or the revenue is inadequate, or the capital insufficient, or the employee base is controlling you, productivity is too low, competition is beating you, there is always a way to overcome the obstacle. Action, is necessary, decisions must be made.
Thus a small business owner, who has his cash invested has shouldered debt and personal guaranties to support the business, and thus has an absolute obligation, a responsibility to protect his investment and make it work.
This requires leadership responsibility and recognition that success starts and ends with the owner. Thus lead, follow or step aside. Since you cannot follow, there is no one to follow, you cannot step aside that would be abandoning your responsibility, all you can do is take a leadership position and make the best decisions you can while accepting full responsibility for victory or failure. Making no decision, or holding the course is unacceptable and irresponsible and will result in failure.
Having stated the obvious, what we all know to be true, we still find ourselves in ownership positions afraid to do the right things and thus we make excuses for failure and continue to do the same things that have brought us to this point of failure… again and again, refusing to lead and thus change the path to a successful one.
The good news is, that just as there is a right and successful way to accomplish any business task or strategy be it making your product, providing your service, financing your business or implementing a successful sales and marketing strategy, there are many correct ways to implement a successful business plan. Thus steadfastly pursuing the wrong path which yields loss instead of gain is foolhardy and unnecessary.
In a word if lost, get help, find a guide, get a map. There are plenty of competent people ready, willing and able to help you find your way. Whether it be it one of the basic parts of your business that may require work or an entire reconsidered business plan that may have to be written, or a specific problem you have not figured out how to resolve. Get help, lead, follow or get out of the way. Owners must lead, there are no options.
In the end the analysis may suggest you either do not have the capital, the cash flow, the asset base, the physical plant, the employee requirements to make the turnaround occur within your investment capabilities and thus the best answer may be liquidation, of the business or perhaps the assets and if that decision is made, act rapidly as capital is eroding every day.
You must get over blindly waiting for something different to happen if you have not done something to cause change. You must cease feeling any sense of responsibility to stay in business or not make changes because you want to protect the jobs. You must stop blaming other circumstances beyond your personal control and accept the responsibility for appropriate leadership under fire and make the decisions and moves necessary to improve your business and truly protect the jobs and turn a profit.
Thats what I have learned after consulting with hundreds of business owners many who have succeeded and many who were committed to failure, its still all about accepting the responsibility to achieve success that goes along with opening up a business. The responsibility to do your job, the job is to make certain the business runs profitably so everyone relying on you, your vendors, your customers, your family, yourself is secure and successful.
Lead, follow or get out of the way… success or failure begins and ends at the top. If you choose to lead, and opening up a business and being a business owner/operator is a major leadership decision, then accept your responsibility and do it right, or ask for help, both work.
If you choose to follow, do not open a business, you should work for someone.
If your just slow to get it, trust others to guide you, but do not stop progress. Forward motion is magical. Call for help 413-549-2966.
