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By Marian Banker On July 12, 2010No CommentsI recently was presented with a situation where a business owner had hired her father in the position of CFO. At the time the father had just retired from another business and had the skill set that was needed in the daughter’s business. The fact that there had been a long-standing negative relationship between the two was pushed aside in an attempt to be expedient, and with the thought that perhaps this might improve the personal relationship between them. As you might imagine, the father had done things his way for years and was not really open to taking orders from his daughter.
So the negative relationship was continuing, now on a business basis as well. When questioned in any fashion the father threatened to retire again, but the daughter still needed the help, so they’d have a discussion and reach what she thought was agreement. But, of course, the father went back to doing things as he saw fit, rather than letting her take the lead. She found this lack of control very draining on her emotionally and physically. But she still needed someone to function as CFO.
After discussing it with me she realized she really needed to find someone who would be willing to work WITH her and follow her lead. Her plan is to bring on a consultant to function as temporary CFO. If he/she works out the person will become permanent. Over the next 30 days she will actively seek a replacement for her father and tell her father that she is accepting his retirement. She expects to get some flack and more negativity, but she has realized that her father will never change (cannot change) and she needs to take back control of her business.
Too often I see business owners putting up with employees, often parents, who are non-productive or counterproductive. Sometimes a work-around can be made. I have one client whose father handed over the business to her but remained in the business. Because he functions mostly as an ambassador he is not blocking productivity. In this case it’s good for the parent and the business, but think long and hard before agreeing to have a family member in your business, especially a parent. Make sure they are not holding you hostage in your own business.
Do you have an interesting story to share about child-parent business relationships?
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By Marian Banker On April 29, 2010
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Wikipedia defines strategy as “A long term plan of action designed to achieve a particular goal, most often “winning.” Strategy is differentiated from tactics or immediate actions with resources at hand by its nature of being extensively premeditated, and often practically rehearsed. Strategies are used to make the problem easier to understand and solve.”
My definition is a bit simpler, and hopefully, easier to understand. I consider developing a strategy as the “thinking” part of the process. It’s where you gather all the pertinent information, analyze it, and then make “informed” decisions based on what you learned. A strategy is an informed decision that provides a framework for actions.
From “How to Create a Marketing Strategy That Delivers”.
By Marian Banker On April 8, 2010
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In a recent interview I was asked what I thought was a common thread for all my 
clients. Without thinking, I answered, “They’re ready and willing to ask for help”. I knew it was true before, but I hadn’t put it into words. Understanding and acknowledging this I can now focus on finding those who are ready to ask for help. That’s a great insight. I can simply ask prospects if they are ready to get help.
Entrepreneurs by nature don’t like to ask for help. An independent and sometimes stubborn lot, we tend to think we can do it all. There are many kinds of help we can ask for, from getting administrative support to calling on expertise beyond our own to accomplish something that would require ramp up time for us. That includes getting feedback on our ideas, helping us monitor our milestones and keeping us focused on our goals. The place to go for help is where the payoff is the biggest. If we haven’t clearly defined exactly what results we want, we may want to start there and get help to define them.
It’s much easier, and certainly more pleasant, having someone help us sort out the issues, get focused on goals, offer solutions, function as a partner and be a friend. Enter — the coach.
How do you know if you’re ready to ask for help from someone like a coach? Here are a few responses I’ve heard more than once.
- Tried unsuccessfully to do it myself
- Feel stuck and tempted to give up
- Want to grow my business but don’t know how
- Finances are out of control
- Staff is not productive; I end up doing it all
- Have great ideas, but don’t know how to develop them
- Want to create a strong brand; need guidance
- Frustrated with my business partnership or family business
With those kinds of answers you can’t afford NOT to get help. Humans were meant to help each other. It’s an honor to be asked for help. It reinforces our sense of being valued.
Asking for help does not imply weakness. I’ve found that those who ask for help when they need it are much more likely to succeed than those who keep putting it off, continuing to hope they can do it themselves. That can lead to total frustration and could be the beginning of an unwanted downhill spiral.
Is it time to get help in making critical decisions or setting a strategic course of action? Don’t be afraid to ask. I’ll bet you’ll be glad you did.
Go to the Contact Page, and tell me how I can help.
If you’re ready to cut through all the “stuff” and move your business onto the fast track to success, join us for the 9 week Fast Track Intensive, starting April 27th. First session is F*R*E*E.
By Marian Banker On March 24, 2010
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Over 400 attendees FILLED the Digital Sandbox in NYC at the fifth annual Small Business Summit 2010, on Tuesday, March 16th, to meet and network with other small business owners, learn about the latest hot technology for small business and hear from those who have been successful in creating “strategies for the new economy”. One of the big draws was an hour-long presentation by Seth Godin, famed author, entrepreneur and change-agent, speaking on Insights on Being Indispensable to Your Customers.
New this year was the Hot Tech demos and awards, plus the Small Business Strategy Award, given to one business for entrepreneurial strategic excellence.
To get a sense of the action view the gallery of photos from our professional photographer, Jeffrey Holmes, and follow the post-event dialogue on Twitter.
Press Coverage
BAJ Design Blog – Ovation at Summit
NorthJersey.com – Tailoring Tech for Small Business
Solo Business Marketing – Summit Review
Laurie McCabe – Top Trends Most Evident at the 2010 Small Business Technology Summit
WOR NewsTalk Radio 710 – Quinn Talks Business at The Small Business Summit 2010
Press Releases
Broadlook Receives 2010 Hot Tech Award
GreenhouseIT wins 2010 Small Business Strategy Award (pdf)
Overwhelming response to the ‘HOT TECH’ Demo opportunities at Small Business Summit 2010 (pdf)
Fifth Annual Small Business Summit Presenters (pdf)
Fifth Annual Small Business Summit (pdf)
Interviews
Small Business Trends Radio
Send e-mail to info@smallbiztechsummit.com to add your name to the mailing list for an invitation to Small Business Summit 2011.
