We get pretty involved with our clients, especially those new to business. Often they find themselves in difficulties they never imagined in the afterglow of deciding to become self employed. Too many major suppliers to these small businesses bully the new business owners to gain preferential payment treatment. This de-motivates the owners and speeds up problems for the business. Not enough of the larger suppliers I observe step back and genuinely work with a small business in trouble – and often these larger suppliers have caused cash flow and other problems through accounting mistakes and over/under supply.
One solution I see is a self help group of new owners with experienced peer support and this is what we are establishing for our new owner clients. We are connecting new owners with some more experienced operators to check in with each other twice a week until the peer support person as certain that the new owner has a good grasp of all the pitfalls. We’ll support the group with free business analysis and regular phone and in person check ups to ensure that the business is in good hands.
The four business owners already in the self help group are going well, two have turned the corner and have new energy for their businesses.