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Small Business Secrets

with Dave Crenshaw

Video: Considering future leadership needs

Learn the secrets of successful small businesses in this weekly series with business coach Dave Crenshaw. Get a new tip every Tuesday.
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  1. 52s
    1. Welcome
  2. 6m 2s
    1. Discovering your most valuable customers
      2m 55s
    2. Increasing business with MVCs
      3m 7s
  3. 7m 7s
    1. Setting prices for services and products
      3m 48s
    2. Knowing when to raise or lower prices
      3m 19s
  4. 8m 18s
    1. Identifying areas for improvement
      5m 0s
    2. Solving problems with the SAM Cycle
      3m 18s
  5. 6m 17s
    1. Establishing guidelines with family and friends
      3m 18s
    2. Managing family and friends
      2m 59s
  6. 7m 38s
    1. Exploring the elements of a simple plan
      4m 34s
    2. Reviewing and using a single-page business plan
      3m 4s
  7. 8m 6s
    1. Considering the leap from passion to business
      3m 41s
    2. Making the transition to full-time business owner
      4m 25s
  8. 7m 38s
    1. Finding your most valuable service or product
      5m 2s
    2. Dropping your least valuable service or product
      2m 36s
  9. 7m 11s
    1. Launching a business with little or no money
      3m 25s
    2. Operating on a shoestring budget
      3m 46s
  10. 6m 16s
    1. Determining your company vision
      3m 42s
    2. Building company values
      2m 34s
  11. 8m 1s
    1. Managing your time
      4m 45s
    2. Tracking expenses and receipts
      3m 16s
  12. 6m 38s
    1. Deciding on your channels
      3m 11s
    2. Crafting a multi-platform message
      3m 27s
  13. 13m 43s
    1. Business Entities and Compensation
      10m 0s
    2. Determining your pay as owner
      3m 43s
  14. 9m 41s
    1. Understanding small business accounting
      3m 28s
    2. Reading a financial report (P&L and Balance Sheet)
      6m 13s
  15. 8m 5s
    1. Refining your message
      4m 56s
    2. Testing and tracking performance
      3m 9s
  16. 9m 18s
    1. Leveraging documentation to increase efficiency
      4m 53s
    2. Creating single-page documentation
      4m 25s
  17. 9m 28s
    1. Focusing both at home and at work
      4m 7s
    2. Rewarding yourself along the way
      5m 21s
  18. 7m 23s
    1. Understanding the role of sales in small business success
      4m 8s
    2. Developing your sales system
      3m 15s
  19. 7m 43s
    1. Separating ideas from viable business opportunities
      4m 26s
    2. Testing your business concept
      3m 17s
  20. 6m 10s
    1. Finding the right tasks to outsource
      3m 18s
    2. Selecting and hiring vendors
      2m 52s
  21. 11m 23s
    1. Crafting a job and pay range
      3m 58s
    2. Interviewing candidates
      7m 25s
  22. 8m 49s
    1. Discovering what truly motivates people
      4m 25s
    2. Developing people and paths
      4m 24s
  23. 11m 18s
    1. Crafting your pitch
      5m 40s
    2. Finding funding opportunities
      5m 38s
  24. 10m 10s
    1. Working through complaints
      6m 11s
    2. Helping customers who aren't right for your business
      3m 59s
  25. 11m 31s
    1. Determining when to part ways
      5m 33s
    2. Making a smooth transition
      5m 58s
  26. 8m 26s
    1. Generating sales leads offline
      4m 29s
    2. Generating sales leads online
      3m 57s
  27. 10m 28s
    1. Staying productive each day
      5m 2s
    2. Avoiding opportunity traps
      5m 26s
  28. 8m 51s
    1. Adopting an attitude of abundance
      4m 35s
    2. Getting rich your own way
      4m 16s
  29. 9m 31s
    1. Viewing your competitors productively
      4m 42s
    2. Making the most of business competition
      4m 49s
  30. 9m 8s
    1. Using the entrepreneur's mirror
      4m 20s
    2. Getting guidance outside of your business
      4m 48s
  31. 8m 4s
    1. Seeing your business through your customer's eyes
      3m 48s
    2. Using the five senses to create an experience
      4m 16s
  32. 7m 50s
    1. Understanding the power of networking
      3m 20s
    2. Making the most of networking opportunities
      4m 30s
  33. 9m 3s
    1. Understanding the basics of accountability in small business
      3m 42s
    2. Correcting employees when needed
      5m 21s
  34. 8m 8s
    1. Embracing the challenge of entrepreneurship
      3m 52s
    2. Moving past business failures
      4m 16s
  35. 9m 11s
    1. Working with scripts to improve sales
      4m 32s
    2. Utilizing best practices to close more deals
      4m 39s
  36. 6m 4s
    1. Understanding why charitable causes are critical for business
      3m 13s
    2. Determining which cause is right for your business
      2m 51s
  37. 7m 51s
    1. Simplifying the goal-setting process
      4m 20s
    2. Measuring your success
      3m 31s
  38. 7m 33s
    1. Why you deserve success
      3m 8s
    2. Maintaining confidence as a business owner
      4m 25s
  39. 10m 1s
    1. The importance of an exit strategy
      4m 54s
    2. Exit strategy options
      5m 7s
  40. 7m 54s
    1. The role of customer loyalty
      3m 47s
    2. Building a customer loyalty strategy
      4m 7s
  41. 8m 59s
    1. Understanding the role of employee loyalty
      3m 11s
    2. Building an Employee Loyalty Strategy
      5m 48s
  42. 8m 55s
    1. Building a basic organization chart
      5m 14s
    2. Avoiding common small-business-structure mistakes
      3m 41s
  43. 8m 16s
    1. Crafting your company story
      3m 39s
    2. Gettting publicity with the authority ladder
      4m 37s
  44. 7m 53s
    1. Filtering the big-business perspective
      4m 13s
    2. Competing with big businesses
      3m 40s
  45. 12m 13s
    1. Avoiding common pitfalls of entrepreneurship
      6m 36s
    2. Assessing your entrepreneurial readiness
      5m 37s
  46. 7m 10s
    1. Understanding the costs and benefits of a remote workforce
      3m 59s
    2. Leading from a distance
      3m 11s
  47. 7m 15s
    1. Understanding crowdfunding
      3m 29s
    2. Using best crowdfunding practices
      3m 46s
  48. 10m 28s
    1. Asking yourself powerful questions
      4m 47s
    2. Enlisting employees and customers in innovation
      5m 41s
  49. 10m 9s
    1. Considering future leadership needs
      4m 19s
    2. Putting it all together
      5m 50s

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Small Business Secrets
Video Duration: 0s 6h 54m Appropriate for all Updated Mar 31, 2015


View Course Description

Are you thinking about starting a small business, freelancing, or turning a hobby into a full-time job? Or perhaps you're already running your own business and need some inspiration to take it to the next level. Each week, join small business coach Dave Crenshaw for two short lessons that reveal the secrets of running a successful small business. This series covers topics such as getting started, writing a business plan, determining your most valuable product or service, hiring people, managing processes, documenting systems, bootstrapping, seeking funding, accounting, controlling costs and profit margins, marketing, creating culture, and more.


Considering future leadership needs

- Let's talk a little bit about the future. At some point your business is going to near the final stages of being a small business and start to involve into a medium or even a large size business. The question is who is going to lead this business at that point? Now before we talked about the org chart and the difference between the founder and the president. Odds are you have been filling both roles. The founder is the visionary and the president is the person who makes the business run.

But when it comes time to transition into that medium size business, really it's time for you to exit one or both of these positions. Why is that? Well, you have learned certain skills that have helped you succeed as a small business owner, but a different set of skills is required for a large or medium size business. And there are people out there who have those skills. They have that expertise. And it's much better to hire someone else rather than you put this burden on yourself.

I've often seen businesses succeed at that point much better when someone else takes over. So the question is where does this person come from? There are two basic options: Outside the company or inside. Let's talk about hiring outside the business. There are two basic ways to go about doing it. You can hire someone yourself by putting out a job listing, going through the interview process, all of that. Or you can hire a professional recruiter, sometimes called a headhunter. These people have connections and knowledge and experience to quickly locate a new leader for your company.

You can go either way. Personally, I lean toward a professional recruiter, because they're going to save you a lot of time. It's just going to cost you a little bit more money. Now when you actually make an offer to someone, you're going to be balancing experience versus someone who is newer, but it's going to cost you more money and you're going to have to develop them long term. You can go either way. Of course, experience is better, because if they've worked in another medium size business, that's going to shorten the learning curve considerably, and it's going to allow you to exit quickly.

Now what about inside the company? Personally, this is my favorite way of developing leadership for your business. Why is that? Well, part of it is because these people already know the business. They've been in it for a long period of time. It also demonstrates that you're loyal to people. That you bring them up through the rank so to speak. And typically these people are more passionate about the business. But if you recruit from inside your business, understand this is going to take a lot more effort on your part.

It means that you'll want to have a leadership development program that you've put together that you're putting people through on a regular basis. Now big businesses have those development programs in place. You're going to need to put it in place yourself. And it's going to be a long term process where people are attending seminars and they're going to training, and they're watching courses on to help prepare them for leadership when the time comes. Now when is that time? It's really up to you, but part of it is when your business can afford it.

You need to make sure you've got the money to pay that kind of salary. And also the business needs to be stable. It needs to be to that point where it's pretty much running without you having to be there. A great way to test that is go on vacation. Do it a couple of times. Go on an extended vacation and see what happens. That's sort of a testing ground for finding out whether your business is ready to be handed off to someone else. Ultimately, you want to make this your goal. Not to be the person at the top of the organization chart.

It's much better to have someone else run it. That way you've created an asset. You've created something that can give benefit to you in the long run, but it doesn't require so much attention on your part.

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