Growing your business in any economy has its challenges but during times of economic uncertainty, it requires the best from everyone on the team. Although you feel like a team of “one”, you may discover that you have more brain power and skill at your disposal by learning to enlist, engage, and involve vendors or suppliers to help grow your business.
When my dad launched his diesel repair business in 1972, business was simple. It was easy to be skilled in his craft and knowledgeable (not skilled) in a variety of areas needed to run the business, such as planning, finances, and marketing. That is certainly not today’s business environment. Information is coming at us at an accelerated rate. Keeping up with new developments in one’s own field of expertise is a challenge. Staying relevant in industries not core to your business, yet vital to your success, is near impossible. Reaching out for assistance is the first step to growing your business.
1. Seek experts (vendors/suppliers) for your business. Steve Jobs made growing a business look simple. How did he do it? He surrounded himself with expertise so he could focus on his true talents.
You’re the master at your craft...your core business, therefore you want to look for specialists in the areas of human resources, legal, bookkeeping & accounting, sales & marketing, graphic/web design, IT support, and business coaching. (I saved the best for last.)
Ask your trusted colleagues and valued friends for referrals, explore online, or draw on the search capabilities of Linkedin.
2. Interview several vendors/suppliers. One size doesn’t fit everyone when it comes to finding the right support so you’ll want to interview three to four specialists for each vendor position to ensure the right fit. Take your time with the interview process. Educate them on the way you do business. Ask about their standards of excellence, rate of dependability, and commitment to ongoing learning. You want a team of experts that works proactively on your behalf to pull your business forward.
3. Engage your team of experts quarterly. Once you’ve identified your team of experts, actively engage them in growing your business by meeting with them quarterly. Ideally, it’s best to meet with your entire team simultaneously in person or by phone. This ensures everyone is playing from the same game plan and is a major time saver for you, the busy entrepreneur.
4. Replace as needed. A business is only as strong as its weakest link. Even the most thorough interview process doesn’t always reveal chinks in the armor. ‘Replace early and replace often’ is our motto. Although that sounds harsh, your business can’t afford to be held back by vendors/suppliers that are slow to respond or reactive to your business needs.
As a small business entrepreneur, you need talented vendors/suppliers on your team. And, you need them before a problem arises! Building your team of experts now saves you a tremendous amount of time, money, and brain cells.
What other ways do you engage your vendors in growing your business?
Nothing is more frustrating, especially for a small business owner or entrpreneur with limited time and money, to have a vendor that isn't a good fit. Has that ever happend to you? It's frustrating, isn't it. Time, money, and a few brain cells, are lost as a result of the incompatibilities....not to mention all the energy lost from tolerating a poor fit (but that's for another blog post).
One of our roles as a strategic coaching firm is to assist our clients in identifying vendors to support their growth efforts. One of the challenges to selecting the right vendor for your business is not knowing what questions to ask to identify whether or not the vendors services and style meet your needs.
Recently, one of our clients asked us for a list of questions we use when selecting an accountant. Here's a recap you may find helpful.
- Tell me about yourself and your practice.
- How long have you been in practice?
- What is your approach or philosophy in working with your clients?
- What additional support or services do you provide?
- Who is your ideal client?
- What would you say are your strengths?
- Who else might I be working with in your firm?
- What's your policy for responding to requests by email or phone?
- What is your approach to deadlines?
- What is your rate(s)?
- What are your billing practices?
- How do you communicate tax law changes to your clients?
Obviously, the other side of the equation is understanding your needs and style to make sure you're a good fit for the accounting firm.
What other questions would be good to add? We'd especially love to hear from all the accountants in the audience.
A good service provider can be hard to find. You know the kind…they provide prompt, courteous service with a commitment to doing quality work. They exceed expectations regularly. They provide the “and then some” without having to be asked. The value provided far outweighs the price.
Perhaps you’re already contracted with service providers that do all of the above and more. However, if you’re frustrated by the poor quality of workmanship, delays, broken promises, and substandard work, here are a few points to consider BEFORE you hire your next vendor.
- Interview your vendors/service providers. Ask about their work history, education, experience, and license, certification, or degree.
- Ask about their work philosophies. Do they speak passionately about their work? Or, do you hear a lack of enthusiasm that might indicate a variety of important points for you to consider?
- Inquire about their policies regarding service such as delivery times, return phone calls, guarantees, etc. They don’t have any policies? Hmmm…….
- Solicit referrals. Most will give you their best clients. By skillfully crafting the questions asked of the referral, you can learn much about your potential vendor/service provider.
- Don’t step over anything. If something doesn’t sound, feel, or look right, question it immediately. The seemingly insignificant items that get overlooked are generally symptomatic of a large problem.
- Comparison shop. Interview a minimum of three service providers before making a decision. It requires more time up front, but ultimately saves you time and frustration.
Spending quality time selecting vendors/service providers reminds me of something I learned from my Dad. “If you don’t have time to do it right the first time, how much time do you have to do it over?” Words of wisdom for all of us ….
Strategic Coach Takeaway: Identify the five most important qualities of your ideal vendor/service provider. Interview & select your service provider from that pre-defined perspective.
In 1997, when I graduated from Coach University, and in 1999, when I graduated from Corporate Coach University, the professional coaching industry was in its infancy. In fact, there were only 5000 professionally trained coaches internationally. We had lots of questions from the buying public about what coaching was all about, and more importantly, what sort of outcomes coaching delivered.
The extensive training we received focused on the skills and nuances of this profession called coaching. With over 200 coaching competencies and an extensive body of knowledge, it was no small thing to make it through each class and ultimately receive the pigskin.
Recently, I had the pleasure of meeting a ‘Growth Coach’. When meeting another coach, I can tell by the way they deliver their title whether or not they’ve been trained in the proficiencies of coaching. A hesitancy exists when the word “coach’ is uttered that implies they don’t own or feel comfortable or confident with the designation.
I confess! When I sense that moment of tentativeness, I push the envelope just a bit to question where they received their training. (Is that so wrong?) I generally know the response will be “I’ve been coaching my whole life!” Translation? I’m not a trained coach.
Granted, I’ll admit that many competencies from other professional bodies of knowledge cross into coaching competencies. (Perhaps the coaching profession ‘borrowed’ them?) I’ll also agree that some trained coaches have businesses that resemble train wrecks. I might be exaggerating to make a point but you know what I mean. It’s like the hairdresser whose hairstyle looks like it was created with an egg beater.
There’s something to be said about the extensive body of knowledge and skills that a certified coaching facility can provide to anyone looking to add a coaching skill set to their toolbox in being able to deliver real results. Nonetheless, I’m always amazed by the number of people who hang out there shingle and call themselves a coach – without any training or understanding of what’s involved with the profession of coaching.
So, why should it matter to you, buying public? It matters because you deserve to have the best resource available. When you do, the results achieved with coaching are quantifiable and can change the direction of your business.
Here are a few questions you can use when interviewing coaches:
* Where did you receive your coach training?
* How long have you been coaching?
* How many hours (or clients) have you coached?
* What kind of quantifiable results have you coached your clients to achieve?
* What is your most memorable coaching scenario achieved in the past 6 months?
And, finally, how would you coach me through (fill in the blank)? (It’s not too much to ask for a demonstration of their competencies.)
Once you’ve completed the interview process with several coaches using the same set of questions, conducted your own research, and contacted references, you can rest assured the coach you select will coach you to the result you desire.
Strategic Coaching Takeaway: It’s better to be strategic than sorry when hiring a coach.
When you’ve worked with a service provider for a long period of time, it can be difficult to suspend the service being provided. Through the years, you’ve come to rely on the service provider to help you grow your business. They’re like a member of the family! How could you possibly move forward without them? But, what do you do when they haven’t kept up with the times? When the service they provide is stuck in 2004?
As a small business owner, your resources are limited. You probably don’t have an extra bag of money sitting in the back room to waste. Each dollar must be spent wisely toward the growth and development of your business.
As you know, technology and social media are rapidly changing how we do business. If your service provider isn’t keeping up with the newest advancements in their industry, it could negatively impact your business’ ability to grow. The service your business is receiving could be outdated.
A good service provider has their ear to the ground listening for the latest developments that can give your business a competitive edge. They are an integral part of the team pulling your business forward. They are a solution provider.
Strategic Coaching Takeaway: Evaluate each service provider contracted with your business to determine if they are service providers or solution providers. Keep the solution providers.