How to Gain Access to the Wisdom of Business Leaders

Why is it so hard for business owners to ask for help? Is it because we don’t want to appear dependant, unknowledgeable, incapable, etc.? According to the SBA, an estimated 627,200 new employer firms began opera- tions in 2008, and 595,600 firms closed that year. This amounts to an annual turnover of about 10 percent for entry and 10 percent for exit. Non-employer firms have turnover rates three times as high as those of employer firms, mostly because of easier entry and exit conditions. There is a whole list of reasons why the businesses don’t survive. However, how many of those businesses failed because the business owner didn’t know how, when or refused to ask for help?

We fail our clients and ourselves when we fail to know when and how to ask for help. As business owners, we are expected to make mistakes. The greatest and most successful business owners have made hundreds of them. But, I can assure you they also knew how and when to ask for help. We read business books about them.

Take conscious ownership of your business and discover new and creative ways to refresh your business by accessing the wisdom of business leaders. The best inspiration comes from people who have been where you are, traveled a similar path and have made a success of their business.  Here’s how you can gain access to the wisdom of business leaders:

1.     Research who the “movers and shakers” are in your community, industry or network. These are people you admire, have large spheres of influence and/or are eagerly pursued.

2.     Select 10 “movers and shakers” you would like to engage in a conversation. Ask them for 10 minutes of their time. You call could sound like this: “I am new to this business/I am looking to strengthen my business practices. I know you don’t know me, and I am not trying to sell you. I admire what you have accomplished in your business/community. I was hoping that I could have 10 minutes of your time for an interview. Would you, as a leader in the _____ industry/community, tell me what I should do to earn the right to do business/collaborate with people just like you?”  Remember, this is not a “sales opportunity.” This is simply an opportunity for you to elicit valuable information from someone who has been where you are and could help you get to where you want to be. Be sure to let them know up front that you are not going to try to sell them anything. You merely want ten minutes. Be respectful of their time, be prepared and be sure to limit your call or conversation to your requested ten minutes.

3.     Most important, follow up with each of them and THANK them for their time. Send each person a personalized thank you note. Ask if they would mind if you kept in touch. If they say yes, DO IT. Send them a note periodically or call and check-in. Don’t overburden them with emails, calls or information.

You would be very lucky to get ten minutes of an important person’s time. However, they may just be the most important and valuable ten minutes of your business’ life. It is well worth the effort to make contact. You never know what opportunity may arise from your introduction, conversation or relationship.

Nobody will ever be what they should be until they start doing what they should be doing. If you are overwhelmed, stagnate, consumed with or unsure of which direction to take your business in, ask for help. Seasoned, savvy and experienced business owners are generally open to sharing their pitfalls and “lessons learned.” Their wisdom could be your lifesaver. Know when enough is enough and get the help you need to keep you and your business IN business.

SBA SOURCE: http://www.sba.gov/advo/stats/sbfaq.pdf

WANT TO RE-POST THIS ARTICLE ON YOUR BLOG OR USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

A.Michelle Blakeley is the Founder and CEO of Simplicity, Inc.; a progressive small business development firm. She manages her clients’ business expectations and prevents information overload via Micro Business Therapy™ and Micro Business Action Plans. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter and the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com.

5 Critical Elements to an Effective Collaboration

Successful businesses are built on collaborations; functional collaborations. No business can survive without establishing and developing powerful relationships with like-minded business owners. Even the most marketable products and services need outside forces and influences to reach their target market and achieve optimum sales results.

However, there is a method to developing effective collaborations. You simply cannot connect, partner and venture into business with any business. Whether you are a solopreneur or have a small staff, your ability to effectively create collaborations is crucial to your business success. You need to know who to connect with, what value you each bring to the table, what are the terms and how will you keep the communication lines open.

Here are 5 ways to ensure your collaborations are effective and meaningful:

1.     Power partner: Select business owners who have products or services that compliment yours and have the client base you are looking for. Their mindset, motivations, visions and business practices should also be compatible with yours. Don’t be afraid to approach someone who is already at your next level. If your product or service is strong enough, it could be an opportunity for you to expand.

2.     Determine the value and incentives: Know what you can and can’t bring to the table. Know what is expected of you and what you expect of your partner(s). Determine the benefits of the collaboration and are they aligned with your values. Never sacrifice the integrity of your business for a sale.

3.     Spell it out in black and white: Collaborations really should be in writing. Having your terms and agreement in writing will help eliminate any misunderstandings or miscommunications. Knowing who is responsible for what will set the boundaries of your relationship.

4.     Client sharing and management (follow-up): You want to expand your client base while maintaining your identity. Remain separate, but equal. How are referrals handled? What is the process for contacting referrals? Is there a referral fee involved? It’s okay to share client databases; but be sure you have an established follow-up system for handling each other’s clients. Your clients should receive and expect the same quality and level of service from your partner.

5.     Communication: Be sure to schedule regular meetings to review your collaborative relationships, make necessary adjustments and outline growth strategies.

It’s important to remember that in collaborations, your partner’s success depends on your success and vice versa. Having a formal collaborative partnership could make all the difference for your business. No business owner is an island. Savvy business owners and entrepreneurs know when to ask for help and know how to leverage their product or services.

WANT TO RE-POST THIS ARTICLE ON YOUR BLOG OR USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

A.Michelle Blakeley is the Founder and CEO of Simplicity, Inc.; a progressive small business development firm. She manages her clients’ business expectations and prevents information overload via Micro Business Therapy™ and Micro Business Action Plans. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter and the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com.

The Ultimate Source for Information AND Inspiration for Women Entrepreneurs

Ladies please MARK YOUR  CALENDARS and DON’T MISS the new Blogtalkradio show Simple Truths for Women Entrepreneurs MONDAY, February 15^th @ 3pm(PST) This month’s show topic is Grow Yourself to Grow Your Business with special guest Melinda Emerson (“The Small Biz Lady”) of #smallbizchat. Join five intriguing, insightful and well-informed women entrepreneur panelists from all across the country as we talk about all things small business. (Think Oprah meets The View) – only we’ll be talking about women-in-business stuff!) 
I’d love it if you listened in and/or joined in the conversation – after all, it’s FOR women BY women just like you! Here’s where you can learn more about the panelists and special guest and get info on how to listen in: http://ow.ly/13elZ Hope to hear you on the call!

A.Michelle Blakeley is the Founder and CEO of Simplicity, Inc.; a progressive small business development firm. She manages her clients’ business expectations and prevents information overload via Micro Business Therapy™ and Micro Business Action Plans. She is featured in Forbes.com as one of 30 Women Entrepreneurs to Follow on Twitter and the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com.