How to Keep Your Business Vibrant

Keeping a business performing at its peak can be just as challenging as starting one. You might think that if your business survives for 7 or 8 years, you're in the home stretch. But, you cannot relent. Becoming complacent can turn a thriving business into one that's lost its edge, resulting in reduced revenues, dwindling profits, loss of income for the owners, or worse.

Complicating things, if the business employs family, there is a dependency on it for income, not just for yourself, but for multiple family members. Typically, the first owner has the greatest passion for the enterprise, but as additional generations come into the business, the passion often dissipates over time.  

Owning a business is hard work, no matter what age the business is. To use a sports metaphor, you can't afford to take your eye off the ball - ever.  

The question is: how can you keep the business vibrant? How can you continue to motivate yourself and others who work in the business - family included - to run at peak performance levels?  

Unfortunately, owners and employees get accustomed the status quo. They don't necessarily realize it as its happening. They do the same thing, day in and day out, and it becomes routine. Complacency has crept in without their even being aware of it. But one day, they notice that things aren't going as well as they should.  

You have to continually raise the bar. In sports lingo, if you want to hit faster pitches, you have to practice hitting faster and faster pitches. It's the same in business. You need to establish performance indicators that keep the pulse of the business in view and that measure progress from one reporting period to another. You have to find ways to stimulate the desire to change, and not accept yesterday's results.  

If your business revenues are not where they should be, you need to determine your next steps to get back on track. It could be time to sell, time to promote an employee with potential to help you turn things around, or time to transition the business to the next generation. Whatever the situation, it's probably time to take a deeper look at what issues are holding the business back.  

Consider having the ISBDC do a comprehensive business assessment to evaluate both functional and financial performance. The interview process typically takes two hours, and can occur at your business location. The ISBDC will prepare a thorough report that reviews the current "health" of your business with recommendations for revitalizing it. This process will result in a clearer vision of where you are and what you need to do to reinvigorate the business and the staff, and ultimately, to grow profits.

Next Door Business Profile

Paul Schifferer launched Next Door, Inc. in November 2009, operating it himself until May, 2011, when he brought on two full-time and one part-time employee.  Next Door, Inc. is a Veteran-owned business in St. Charles, IL specializing in the sales, installation, service, and repair of garage doors and garage door openers.

By now, Paul has been in the garage door industry for over 10 years.  His style is direct and honest.  He prides himself on providing quality work, guaranteeing his customers both value and satisfaction. 

The ISBDC at ECC first met Paul in January 2012.  At the time, Paul was sure he was performing some business functions correctly, but he was also sure there was room for improvement.  He felt there were some areas of his business he was not fully addressing as effectively as he should.  Paul was (and still is) determined to take whatever steps are necessary to ensure he grows his business properly.

We started our counseling services by doing a Comprehensive Business Assessment (CBA) for Next Door, Inc.  With this process, we examined 36 different business functions, and rated them based on the maturity of the company and the relevancy of each function for the business.  The assessment identified those functional areas needing attention, and made recommendations for improvement.

After four months of working with Paul, we've discovered that he is an avid learner.  He participates in small business classes, workshops, events, and training programs at ECC to improve his understanding, and to enable him to function better than ever in his business. 

Paul has commented about his ISBDC experience:  "I was referred to The Small Business Development Center by another small business owner earlier this year.  I would have never heard of their services otherwise.  We, as small business owners, should be shouting from the rooftops to spread the word about this fantastic (and completely free) service.  Not only did Sybil meet me at my office and complete an extremely comprehensive assessment of my business, but then continued with helping me develop and understand a budget.  The SBDC also helped me develop marketing plans as well as company policies and procedures.  We have met many times and I leave every meeting feeling positive and with more ideas.  Thank you Sybil for being an outstanding mentor and friend and I look forward to our next meeting!"