FINAL THOUGHTS
ENTREPRENEUR’S CORNER
Here are some other areas to consider:
others. It’s natural to be defensive; why wouldn’t you? This is your baby, and how dare anyone tell you something is wrong or expose any weaknesses? But this is not the time to let pride or ego get in the way of what might be one of your best opportunities to impact your business in a major way. There is almost always a thread of truth in people’s opinions and com- ments. They also have great perspective. Some of the best changes I’ve made in my businesses have come from employ- ees’ suggestions. After all, they are among the people closest to your business. And consider this by-product: By listening, you show that you value them. And they in turn have a greater sense of ownership and are happy to work for your company and its continued success. MAKE IT A HABIT TO EVALUATE YOUR BUSINESS Evaluating weakness in your business doesn’t require contractors, expensive programs or complicated algorithms. The important thing is to get started and make a habit of doing it regularly. Keep it simple and be honest in your assessment, starting with a few of the following general questions: • In what areas does your company struggle? • Why do customers select competi- tors over you? • What’s stopping you from perform- ing at your best? • Is money (or the lack of it) holding you back? How? • Where do your profits come from? Do you need a diversified revenue stream? • Are you preparing for your financial future? What’s coming in two to three years from now?
are two great examples of companies that have completely changed their in- dustries by solving a problem or taking advantage of a competitor who ignored a weakness or grew complacent. When others expose a weakness or present a new idea, consider that it just might be the best thing for your company. If they are passionate in their opinion, challenge them to fix the problem. One of the ways I vet an idea or suggestion is to ask employees if they are willing to invest in it or take a lower salary in exchange for a large potential upside for them. It’s a way to see how much they believe the proposed solution can make a difference when they have skin in the game. Make no mistake, this is not always an easy exercise, especially when you are being critical of your own business. It’s like being critical of your child, who can do nothing wrong in your eyes. It takes some practice and an open mind, but I promise, if you’ll formalize reviewing and searching for your weak- nesses on a quarterly basis, you’ll not only make your company better, you will exponentially increase your chances for long-term survival. And who knows? Maybe you’ll be the next big disrupter in your industry. • Ben Rao is president of Community Buying Group and a seasoned entrepreneur and real estate investor with a passion for helping other entrepreneurs and the community. In the past 11 years, he has founded three successful startups in the technology and real estate investment industries. From its beginnings in 2010 as a two-person operation in the garage of one of his rental properties, CBG has grown into an organization that employs 10 people and reaches more than 100,000 real estate investors and 350 affiliate organizations. CBG was a Top 20 finalist in the international LaunchKC technology grants competition and a 2016 finalist for the Truly the Best Award for medium-sized businesses in Jackson County. For more information, visit www.CommunityBuyingGroup.com.
• What processes or workflows could be improved? • Are you happy with the company culture that you’ve created? How could it be improved? • How does the public see your compa- ny? Are you happy with that image? • What kind of position does your business hold in the marketplace? • Is your intellectual property (patents, copyrights, trademarks) safeguarded? • Are you properly maintaining equipment or buildings that you rent or own? • Do any human resources (employ- ees, volunteers, partnerships) need attention? • Is your business positioned for future growth? • What is your relationship with key employees and vital contractors? • Are you providing continuing educa- tion opportunities to help your employ- ees (and business) grow or improve? NOWWHAT? Once you identify your business’ weak- nesses, keep that list close and top-of-mind, constantly reviewing it with your manage- ment team or employees, so your business can continue to improve and thrive. One approach is to create champions within your team to help with accountability (think delegation). And if you really want to make some progress, ask your customers these questions about your business. There are some other neat things that can come from exploring weaknesses, such as an amazing new product or service that is born to solve current problems. Just look at the disruption in the market that comes from solving a problem or weakness. Airbnb and Uber
Quarterly Review What warning signs are you ignoring in your business?
by Ben Rao
A
s an entrepreneur and a “Quick Start” according to my Kolbe A
Taking time to reflect and actively study weaknesses in your operations is a critical element of any successful business. And, to me, this is a positive exercise. Only by recognizing problem areas will you be able to shore them up and position your business for growth and longevity. I recommend you do this at least on a quarterly basis.
warning signs are not always obvious. If they were, business would be easy. Period. Sometimes you don’t have control over the decisions other people or other companies make, but you do have control within your own business. So always be on the lookout for deficien- cies and possible risk factors. And make sure you have contingencies or a backup plan in place. For many of us, criticism stings. Nevertheless, don’t let that prevent you from really listening to—and heeding— feedback from customers, employees or
Index assessment, I’m totally infatuated with new ideas and people starting new businesses. I can’t get enough of the entertaining stories that I hear of peo- ple’s businesses, how they got started and how great they are going to be. As the ultimate optimist, I always see the glass as very full. I don’t like to focus on negativity or problems. Still, it’s helpful—no, it’s essential— that you regularly review where you might be falling short in your efforts.
LOOK, LISTEN AND BE PREPARED Be sure you stay vigilant, because the
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