While Wall Street continues to enjoy apparent success, many small entrepreneurial businesses on Main Street find themselves in a daily doubting of their ongoing viability. Continued uncertainty in Federal policy direction underscores uncertainty in economic direction with the resulting loss of credit sorely needed by these very same small businesses. "What should I do?" is the all too common question posed to consultants and business advisors.
While perhaps providing a temporary financial boon for small business "experts," the only real answer to this question can not reside with any outside adviser. While these folks certainly can play a role, advice seldom accompanies final results. Said differently, there are really only three mindsets that can be adopted. These are grow, contract or try to maintain and if you look hard enough you can always find at least one person who will recommend one of these approaches. But the sources of these recommendations seldom have to financially live with the consequences of erroneous advice.
So the real question to be addressed by every entrepreneurial owner is "Given all that you know about your business, the economy, the anticipated winner of the Super Bowl, whatever keys you focus and believe in, what direction are they indicating?" You must know your business and risk tolerance better than any outside advisor ever can. So if you are bullish on the coming year, then by all means solicit help but just make sure that it is help that supports your aggressiveness. The same logic holds true for an anticipated downturn or more of the "same old, same old."
The key awareness is recognizing that you ventured into the land of entrepreneurship because you valued your business independence and nowhere is this independence more visible than in your personal decision on how you will address the future. To expect an outsider to your business to be able to impart some magical insight for success onto a company he or she is only tangentially familiar, and to assume that this insight is somehow better than yours which is dedicated 24/7, really does not make a lot of sense.
So take some time, sit down and try to make some sense of this current craziness and make an educated guess on the direction your industry is going. Based on this reading of the tea leaves, make a list of activities that you think are necessary to allow your company to prosper or survive, given this direction. Prioritize these activities in two categories-those that are most critical and those that you can most afford. Based on these chosen priorities, set a timeline for implementation. Give the timeline to a trusted adviser. Then make the personal commitment that you will waste no more personal energy and time listening and being influenced by the news and events that detract you from your chosen path.
These are perilous times for any small business but of particular danger to those led by noncommitted leaders. Decide on a chosen course, implement the required actions and be prepared for the positive results.
John F. Riddell Jr., director of the Center for Entrepreneurial Growth-Hamilton County, writes every other Tuesday about entrepreneurs and their impact on companies and the marketplace. Submit comments to his attention by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at business@timesfreepress.com.