The dirty secret of this week from Jack Mencini and Adam Sonnhalter of Maximum Value Partners and hosts of the weekly Dirty Secrets of Small Business show, uncover the fact that as a small business owner, nothing goes as quickly as you expect. Sometimes what should take days takes weeks; what should take weeks takes months and what should take months sometimes takes years… all because different challenges enter in when you are running your own business. You, as the owner, think you have the best-laid plans until a crisis comes up, inventory is down, an employee doesn’t show up or you have a personal family issue. You have plans and a direction in mind, but don’t kid yourself that everything will go smoothly 100% of the time.

Another myth of small businesses is that you will have more time to spend with family and friends. Jack and Adam have owned and operated 20 companies of their own and have coached hundreds of business owners on how to develop their small businesses and how to plan and direct their time. Nearly every one of the owners they have dealt with is always surprised that when they entered the business they felt they would have more family time.

The coaches of Maximum Value Partners try to give a dose of reality by saying that yes, you have command of your schedule and your time, but the business will take a tremendous amount of time that you can’t spend with your family. The trick is to make your schedule as manageable as possible to develop your teams and your inner circle of employees to work effectively for you. Will you have more time than being a worker in a job for a company? Maybe not at first, but over time as a good businessperson, you will find a subtle balance to be able to enjoy time with your family and friends although again… not at first when you are starting your small business.

In this week’s show you can also get a great overview on a topic Jack and Adam discuss titled: How to Stop the Bleeding…. By bleeding, they mean the demise of cash flow, profits, etc. It comes down to really working their 7 Keys to Success (http://maximumvp.com/7-keys-to-success/) and developing those skills for a profitable and sustainable business.

You can listen to the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) to hear more of Maximum Value Partners’ clients success stories and great insights for your own business.

Every week, on DirtySecretsofSmallBusiness.com catch up on a How Come? question from Jack who ponders the world of small business and the how questions owners are faced with. If you have a how come question that has you stumped you, email or call (radio@maximumvp.com or 877-849-0670) to get insights from the Maximum Value Partners’ coaches!

The post As a Small Business Owner- Nothing goes as quickly as you expect! appeared first on Maximum Value Partners.

The post As a Small Business Owner- Nothing goes as quickly as you expect! appeared first on Dirty Secrets of Small Business.

Podcast: Play in new window | Download

Subscribe: RSS

The dirty secret of this week from Jack Mencini and Adam Sonnhalter of Maximum Value Partners and hosts of the weekly Dirty Secrets of Small Business show, uncover the fact that just because you’re good at your product or service…doesn’t mean you’ll be a good business owner. 75% of companies who launch into business are very good at their product or service but soon come to realize that they also need to be skilled at marketing/sales and administration, which are every bit as important as the product or service they are building the business around.

Being in business for yourself means that you will have times when your inventory doesn’t come in on time or the supplier you counted on suddenly says that they are having their own problems with production. Knowing how to handle these challenges while also keeping tabs on your marketing to grow sales can be overwhelming. If you think you need a little coaching, you might want to have a conversation with Jack and Adam and you can always call into the show each Monday from noon – 1:00 pm (EST) at 440-946-9468 or email your question to radio@maximumvp.com

Another myth of small businesses is that you can set your own schedule and as a boss, you can do what you want when you want. That might be true if you look at the philosophy that you will have to work 12 hours a day… just pick which 12 hours you want to work!

According to Jack and Adam, it is a myth that you can set you schedule because crises, employee problems and regulations will get in the way and press in on your schedule. The important thing to remember is that with your schedule you should try to set goals rather than constantly being upset when the day or week doesn’t go as you thought. Being the small business owner, things will get in the way, but if your eye is on the goals rather than trying to adhere to a schedule, there will be more time to celebrate rather than sulking in frustration.

In this week’s show (you can listen to the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) tune in to hear about one of Maximum Value Partners’ clients success stories in how they effectively found a company to buy.

Every week, on DirtySecretsofSmallBusiness.com catch up on a How Come? question from Jack who ponders the world of small business and the how questions owners are faced with. If you have a how come question that has you stumped you, email or call (radio@maximumvp.com or 877-849-0670) to get insights from the Maximum Value Partners’ coaches!

The post Just Because You’re Good at Your Product/Service Doesn’t Mean You’ll Be a Good Business Owner appeared first on Maximum Value Partners.

The post Just Because You’re Good at Your Product/Service Doesn’t Mean You’ll Be a Good Business Owner appeared first on Dirty Secrets of Small Business.

Podcast: Play in new window | Download

Subscribe: RSS

Do you ever feel like running a small business is a thankless endeavor? Does it seem like all that you do for your employees and your family never results in an actual heartfelt accolade your way or a small thank you from those who benefit from your hours of work? Well…you are not alone. The dirty secret of this week from Jack Mencini and Adam Sonnhalter in this week’s Dirty Secrets of Small Business show, underlines the fact that even if you make payroll every couple of weeks and haven’t taken money or a salary for yourself while building the business, no one will seem to care or give you a high five.

Many, many business owners that Jack and Adam deal with as clients of their small business coaching with Maximum Value Partners www.maximumvp.com have come to realize that it is lonely at the top or at least as the owner of a small business that is providing the livelihood for their team and keeping a roof over their family’s heads.

Most of the people who are oblivious to the sacrifices the owner is making or the hard work they are doing will never appreciate what you do because they are what Jack and Adam call “job folks.” Job folks look at work and business as a 9-5 proposition where once you leave the building you don’t think about work until you are clocking in at 8:59 am the next morning.

This is not meant to harbor blame or be disparaging towards job people. You just have to know that they need to be brought into the communication process to understand that the business owner has a passion for what is being built. Along with this passion and excitement of building the teams and the business is a stark reality that brings about sacrifice and countless hours of pondering about the profits, sustainability and challenges, which come with owning a business. If as a business owner you feel that there should be a better understanding from your team on what the business and you are going through, don’t give up on explaining the nuances of your business and how they are an integral part of its success and failure. Through weekly or monthly “state of the business” meetings, you can train your team on what it means to run a company with all the mixed emotions, highs, lows and successes to build an organization that will run to sustain them with a paycheck every two weeks. You can also share with them that hopefully in the future there won’t be that many times when you, the owner, have to forego your paycheck for the health of the company. Explain to them that this does happen from time to time when profits haven’t kept up with either increased overhead or the need to ramp up for inventory or unexpected costs for doing business.

Another common myth in this week’s show that goes along with employee appreciation is that as an owner, you can pay yourself whenever you want. Sure you can if the money is there, but don’t delude yourself that taking money from your bank loan is a good idea. The money has to be there to be paid. It’s perfectly OK to take a salary if things are stable, if things are going more south or receivables are slow coming in, you may want to let your own salary slide rather than tapping a bank loan.

As small business coaches, Jack and Adam give advice to their clients on the owner’s payroll: (1) don’t look for an ongoing paycheck (2) money for your salary has to be there and (3) focus your sights on profit and taking a bonus when the time is right.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

The post Your Employees Will Never Appreciate What You Do appeared first on Maximum Value Partners.

The post Your Employees Will Never Appreciate What You Do appeared first on Dirty Secrets of Small Business.

Podcast: Play in new window | Download

Subscribe: RSS

In this week’s Dirty Secrets of Small Business show, hosts Jack Mencini and Adam Sonnhalter uncover the dirty secret that “Your Spouse Will Never Understand Your Obsession with Your Business.” As business coaches for Maximum Value Partners, Jack and Adam have worked with hundreds of small business owners over the last 15 years and often they need to explain that “job” people who work for someone else or the big corporation don’t have the same mindset that a business owner of a small business has in being totally saturated with thinking about their business all of their waking hours. And, for some during the non-waking hours, it’s even dreaming about what’s happening with the business. Many times “job” people share the same mindset with a spouse who feels that work should end at 5:00 pm.

To someone not totally involved with owning a business, it’s not natural to be taking work home. Spouses may harp on the topic work-life balance. If you are a small business owner, you left work-life balance behind when you made the leap from being an employee to being a business owner.

Jack and Adam advise their clients that the small business owner needs to take time to sit down and really communicate to their spouse or significant other what the daily, weekly, monthly and future challenges are with the business. This conversation can enlighten both parties and help the spouse to understand that many if not all business owners are truly blessed if they love what they do. The conversation should explain (for deeper understanding) that the obsession can be handled, but it is part of being a business owner.

On the subject of handling your obsession, there should be times when the business owner takes a step away from their constant business thoughts to be engaged with the family, outside activities and interests, which aren’t connected with the business. This small amount of time will also help put things in perspective and maybe even result into a fresh approach when you get back to pondering the hundreds of thoughts associated with running your company. 

Talking about pondering…tune in to hear Jack ponder the weekly Home Come? topic plus his discussion with Adam on the myth that teamwork is all about building consensus.

If you are in the camp that consensus is the only path to take with your business team and would like to discuss a contrarian viewpoint, call into the show on Mondays at noon at 440-946-9468 or send your opinion by email to radion@maximumvp.com. If you would like reach the MVP coaches directly when the show is not on, call 877-849-0670.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

The post Your Spouse Will Never Understand Your Obsession with Your Business appeared first on Maximum Value Partners.

The post Your Spouse Will Never Understand Your Obsession with Your Business appeared first on Dirty Secrets of Small Business.

Podcast: Play in new window | Download

Subscribe: RSS