Secrets to business survival in Michigan
In good economic times, many companies had so much business that they didn’t have to plan or strategize. They were so busy working “in” their businesses that they forgot to work “on” their businesses. It’s interesting that you can have several companies, all operating in the same market conditions, some thriving while others stall or fold. A business owner may later find themselves asking why they had to list their business for sale. What causes the difference in success level? Some are just lucky… but you know the saying that luck is really just when opportunity meets preparation and hard work.
Successful business owners have survived the storm because they:
• love their business and employees;
• know what employees need and give it to them;
• plan for the future but maintain flexibility and open minds;
• take action instead of leaving plans on a shelf to collect dust;
• seek advice, inspiration and motivation from their peers and advisors; and
• are always thinking one step ahead.
Apply these themes to your business:
• find ways to actually enjoy your work – even the little things matter;
• spend time with employees asking questions and knowing what goes on at the “shop floor” level;
• engage an outside consultant to help you develop a strategic plan;
• give your leadership team simple and specific action items to accomplish each week;
• spend time every month with your peers, accountant, lawyer, financial planner and other advisors to consistently generate new ideas and motivation; and
• constantly be on the lookout for new ideas, industry developments, benchmarking reports, competitor activity and research & development relating to your product or service.
As a lawyer working with small business owners and as Learning Chair for the Detroit Chapter of the Entrepreneurs’ Organization, I enjoy sharing my thoughts on what makes successful Michigan businesses tick. And to all of you out there who are making it happen every day, I would love to hear why specifically you think your company is doing well. Is it innovation, luck, resources, good planning, or something else entirely?
For further information regarding these matters, please contact Ms. Umphrey at 248 619 2591 or via email.
