Growing Capital TechSearch taught me many lessons about where my focus needed to be in order to signficantly grow the business.
From the time I started my first business while still in high school to growing Capital TechSearch to a point where we’ve been on the Inc. 5000 list the last two years, I’ve always had this concept in the back of my mind that there were three pieces of the entrepreneurial puzzle to which I had to completely pay attention.
My Dependents – Those people who completely depend upon me for financial support.
The Dollars – Not paying attention to things like cash flow, my business was in big trouble.
My Directors – The entire complement of other people who both surround and protect me.
My Dependents
When I think about those people who depend upon me to provide opportunities for them – mainly my employees and my family – I think of my role as the CEO as one of a shepherd watching over a flock. It’s tough to not feel a sense of deep and personal responsibility to provide both financial and professional growth opportunities for each and every one. And to protect them and their families from financial hardship.
This, in and of itself, was and still is a motivator for me to make informed decisions yet grow the company as quickly as felt comfortable for all – not just for me. The hiring and firing of employees, making decisions on health benefits, properly handling employee reviews and their career development – even sales strategies – are all important aspects of appropriately providing for my Dependents.
The Dollars
There’s an old saying about watching the pennies because the dollars take care of themselves.
Photo courtesy of FreeFoto.com
Unfortunately, in business, I’ve found the CEO has to watch both the pennies and the dollars and that nothing with regard to cash flow, financial forecasts or investments takes care of itself. The business owner has to wear this hat all the time or one doesn’t have a business – not for long, anyway.
Financial considerations have to be upfront and personal – meaning, the discussions have to be open, have to happen often, and the numbers must be accurate and reflective of the business’s actual performance at all times. Worrying about the Dollars alone is enough to keep an entrepreneur up at night – night after night. If managed effectively and often, the stress is certainly reduced.
My Directors
I think of my Directors – those close to me that “have my back” – as my and my company’s ecosystem. My banker, my lawyer, my CPA, my business advisor – and most certainly my spouse – those people who not only provide balance but who complete me. Who help make sure I’m focusing on those things that I’m really great at – and who shore up my weaknesses. Those who energize me when I’m tired and keep me going like the Energizer bunny. Because that’s often what the CEO has to do. Keep going. From early morning to late at night. Often 7 days a week.
And only with a great team of employees can the CEO leave the office and take a break – not always to relax and de-stress, but often to simply focus on business planning with a clear head. To talk with my Directors, to get a gut-check on my business plans, to get advice from those more successful than me who’ve already been down the road I’m now traveling many of times. To make sure I’m on track. To make sure we’re on track – as a strong and thriving business entity.
My Directors make it possible for me to stay in balance, to make sure no part of the business gets out of whack even in times of change and high growth. Without them, and without my listening to them and taking their advice, our business wouldn’t survive long term. It would take us too long – and cost too much money – for us to learn the same hard lessons that they’ve already learned from their own experiences and from those who’ve gone before them. Without our continual interaction within the business community – within our circle of business advisors –our business would be thrown off the tracks for sure. Or worse yet, we would miss many opportunities for significantly growing and expanding our business and client offerings.
What about you?
And what about your business? Do you have your 3 D’s of Entrepreneurship in place? Are you both leading and protecting your Dependents? Are you carefully watching and managing the Dollars? Do you know who your Directors are — and are you really listening to their advice and allowing them to help you? Really?
Without these three pieces of the entrepreneurial puzzle in your near vision, the success of your business may be in jeopardy. Focusing on the 3 D’s will not only help you, the business owner, rest a bit easier at night, but will help your business grow at a pace that is more comfortable and enjoyable for all.
If you’re a small business owner growing your business — especially if you’re taking your business from $300,000 to $3 million — and would like a better understanding of The 3 D’s of Entrepreneurship, then call me, David Ingram, at 804.282.8788.
