The Maine Women's Journal - Fall 2007

You small business owners and solo-preneurs reading this know how exhilarating yet terrifying it can be to own business.  In fact, the exhilaration can turn to terror in the blink of an eye, feeling like the two emotions are inseparable. There are many reasons for this however a lack of information isn’t one of them.

The resources the state of Maine makes available to small business owners and entrepreneurs in general, women in specific, is tremendous. If you are thinking about starting a business, want to buy a business or want to grow the business you already have, there’s no shortage of information here:  SCORE, SBA-Maine, CEI, FAME, SBDC, Maine.gov, Maine Business Works.  These are just a few.  (2 other great sources of information is Entrepreneur.com and About.com.  Happy researching)

What many people do find difficult, however, is to convert all the information that’s out there into usable and practical ‘how-to’ guidance. Where can you go to talk to someone about the real-world of starting the business.  Things like:

• How do you balance the needs of everyone: customers, employees, your family, yourself?
• When and how do you make the decision to hire your first employee?
• Once you make the decision, then how do you recruit good people them?  …and then keep them?
• What is the right mix for marketing your small business? – Multi-media advertising, PR, speaking, event sponsorship, direct and e-mailing; networking; community involvement …Argh!
• Growth Strategies – How do you balance the need for growth & innovation yet keep the core of your business steady and strong?

Large corporations have a board of directors.  Even non-profits have an advisory board. Well?  Who can you turn to for feedback and advice from someone who has gone before? Who holds you accountable for keeping your eye on the long range goals of your business?  Wouldn’t it be nice to talk to someone on a regular basis who 1) you could trust and 2) could give you feedback based on their experience?   

If so, you should consider joining a peer advisory group (aka: a Master Mind).  Peer advisory groups provide small business owners an exclusive and confidential environment to share with each other and support each other by leveraging each other’s experience and knowledge.   The benefits can be huge.  Among them are:

·  Reduce Costs: Small business owners often don’t have the budget to "re-invent the wheel". By learning what other businesses have successfully done, you can save time and money. 
·  Avoid Mistakes: Solving business problems on your own can result in costly delays and errors. Learning what others have done can help keep you moving forward.  
·  Find New Ideas:  Get outside your own paradigm and see through the eyes of other business owners.  They may give you a perspective that leads you to a far greater outcome than you could have achieved on your own. 
·  Improve Performance: When you look for best practices outside your own business, a wonderful thing happens. You raise the bar of performance and set new standards of excellence to propel your company forward
·  Reach Your Goals:  Your peer advisory partners are you virtual advisory board.  Not only are they there to share experiences and be a helpful sounding board, they are there to hold each other accountable to take action and do what is needed to move the business plan forward.  Working in this environment keeps the focus on the long-term business goals and strategy while managing the day-to-day activities of “doing the business”.

There are a few such business forums you can consider.  I think all are probably good, but they vary greatly in price, content and personalization.  Catering to businesses doing $5 million to $25 million in revenue is Growth Strategies out of Plympton, MA and Executive Forum, a franchise organization headquartered in La Jolla, CA.
From personal experience I know the challenges smaller businesses with sales under $5 million have and they are as numerous and complex as those of larger organizations and they are certainly no less important. The Ocular Forum is a peer advisory group exclusively for the small business owner and solo-preneur. If you’re interested in more information visit our website at www.BoldVisionConsulting.com. 

Larger organizations have their boards of directors and larger budgets.  Now small business owners now have Ocular Forum. 

Until next time, Be BOLD.  …and remember it all starts with a Vision.

Lynnelle Bianco, president of Bold Vision Consulting, Inc. has over 25 years experience as a leader in sales, marketing, client service and in the effective planning and execution of strategic plans and projects.

www.BoldVisionConsulting.com

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