(Originally Posted April 29, 2009)
I was speaking with a local, successful, small business entrepreneur at an event last night. He was sharing that his business is so slow he may need to find a new line of work. Only recently, his award winning, prestigious company had bookings far into the future but those bookings had evaporated overnight. After years of picking and choosing only the best, fun, and most profitable projects he was now willing to quote on anything.
I was struck by two thoughts: 1) that the economic downturn had so profoundly affected a prominent, respected entrepreneur and 2) that he had no plan to do anything about it. This captain of small industry was willing to abandon ship if a lifeboat happened by.
This is a story I’m hearing repeated every day. Small and medium sized businesses are sinking and owners aren’t taking any action. It’s the deer in the headlights syndrome – they know bad news is coming but they can’t seem to do anything about it. They are floating helplessly down the whitewater rapids hoping they don’t hit the rocks or get caught in an eddy but they don’t put an oar in the water. They fear making a mistake that will make the situation even worse.
The diagnosis in many of these cases is fear. Fear has frozen the entrepreneur into inaction. The same applies to the high performer marketing real estate or insurance or other products affected by the economy. The small business operator doesn’t have the team of experienced, educated professionals around him/her bringing ideas and recommendations to the management meeting every day.
Chances are the entrepreneur already knows what must be done but is procrastinating. Help is needed to move him/her into action. Having a trusted advisor(s) in such a scenario is golden if your advisor is willing to give you the nudges you need to take action. Belonging to a peer board is often of priceless value in these situations. Having an experienced business executive as a coach is also priceless. A coach can also take the edge of that lonely feeling that comes from being the boss.
If you are in a situation like this, DO SOMETHING. ANYTHING. Inertia is your number one enemy. Action, even wrong action, limbers up you and your staff so that when you figure out the right action you will be able to take it right away.
Doug
