A common feeling among small-business owners is that they’re all alone. After all, each one faces competition for customers, supplies, and employees. This is further magnified in a time of inflation, supply-chain headaches, and widespread understaffing.
While this sense of isolation can apply to larger corporations, it’s an even stronger phenomenon in small business. When you own a business (as opposed to the business being owned by shareholders), you feel a direct sense of responsibility for it. Its successes are yours—but so are its failures. Small-business owners invest so much of themselves with both time and money that they often forgo having personal lives, rarely taking the time to recharge their batteries through vacation.
There are a number of pitfalls to avoid, the first of which is to remember that you’re not really alone. Let’s tackle a few others:
Don’t Be Afraid to Delegate
This isolationist mindset first manifests within a business. When business owners invest themselves so completely, it’s very common for them to have a do-it-all attitude, a drive to make sure everything is done just right. But we’ve often spoken of how important it is for the people in leadership to delegate responsibilities to their managers and other subordinates. The failure to do this as a dereliction of duty on the part of the leader because when a business owner insists on doing everything him or herself, the big picture suffers. Delegation allows for a leader to avoid missing the forest for the trees, to avoid being distracted by the details. The real consequence of a do-it-all attitude is stagnation and decline. That’s bad for business, and that’s also bad for all the people who depend on that business—ownership, employees, and customers alike.
When you delegate, you work as a team to divide and conquer the challenges before you.
Finding Partners
You’re not alone, even if small-business ownership feels lonely. There are many small businesses in your own community that face similar challenges to you; and yes, many of them compete with you in some way, it must be said. They might not be in the same industry, but they’re vying for the same customers’ dollars and attention, both of which are limited. Even so, it’s important to remember that these other businesses are not actually enemies. You might be even able to help one another through referrals or even by selling to one another, if nothing else.
Participate in your local chamber of commerce or at cosponsored community events to raise awareness about your business around town.
Learn from Others
One of the pitfalls of the isolationist mindset is the belief that you have to figure out things on your own, too. There’s so much knowledge out there, you don’t need to make all of the same mistakes as everyone who came before you. While your business is probably unique in a bunch of small ways, there are certain fundamentals that are universal, regardless of industry. Think about your experiences at other businesses in your personal life, be they restaurants, retail stores, car dealerships, or whatever else. Undoubtedly, you can think of what you’ve liked and disliked about those experiences and apply it to what your business does.
When you learn from others, you save your business a lot of time and money.
Trust the Experts
Unless you happen to operate an accounting firm, you presumably entrust your business’s bookkeeping with experts. This can be in the form of literally hiring an accountant or it might be that you simply use accounting software written by experts. We all rely on specialists for different things outside of our own expertise: electricians, HVAC technicians, I.T. professionals, groundskeepers, and more.
And just as you seek out specialists for the disciplines outside your wheelhouse, you should consider doing so with your customer experience. That’s what we at The Brandt Group specialize in: the branding, merchandising, customer service, sales processes, and leadership training. Think of us as the accountants for your business’s customer experience, and we’re here to help you enhance your profits through customer loyalty and better salesmanship.
When you trust in the expertise of others, you reap the benefit of their collective intelligence. We’d love to share what we’ve learned with you—won’t you drop us a line today?
