Being an SME: Regrets, I’ve had a few
partnership can be like a marriage. A pre-nup can make things easier later.
❚ Don’t expect others to do your thinking for you. Your business is your business. It has all these wrinkles to it: idiosyncratic relationships based on who you and they are, niches that sort of make sense or that nobody else saw, arrangements based on ancient loyalties and so on. If you’re lucky, someone very talented can wander into your small business, understand all that, and work with it. But unless they’re a shareholder too, don’t expect them to care, love and work for your business the way you do.
❚ Respect the power of a good brief. You know how having a website is supposed to be easy and improve productivity, sales, and every other damn thing? You try giving a crappy brief to a busy agency and see how you fare. There’s a colleague of sorts out there today complaining about being ‘‘let down’’ by what was meant to be a top online agency. Been there, done that, and spent the same budget again to get it right. Second time round, we thought much harder about what we wanted, so there was a half chance that’s what they’d build. See above about doing your own thinking.
❚ Don’t hire just because you got a new contract. Instead, do your sums. If the new hire is more expensive than the new contract, ask yourself: ‘‘What do I have to believe to think this is worth it?’’ If new business depresses your bottom line with no clear route to upside, at least think twice.
❚ Be patient. Above all, don’t bet on a quick result. Your ‘‘let’s make it happen’’ is generally your prospect’s ‘‘let me think about it’’. Operate on a ratio of your one month = six months of theirs and you may occasionally be pleasantly surprised. Don’t overcommit in the meantime.
❚ When you own the business, you determine its culture. If it’s driving you nuts, look to yourself rather than your staff, customers or suppliers for an explanation.
Of course, there have been myriad other mistakes and missteps. These are just the ones I’ll admit to.