Tips #2 and #3 for Running a Successful Business in the South
Last time, we chatted about the importance of understanding and assimilating company culture to the local way of business. Not only should your business be in the habit of networking with other local entrepreneurs and business leaders, but you should engage and involve yourself with the local Chamber of Commerce. Look for recurring business and community events that may be instrumental in forming new and key relationships. At BridgeBuilder Education & Investments, we recognize that operating a business in the South requires a slightly different approach to company culture than other parts of the country. Therefore, we offer the next two basic steps to be on your way to becoming a Southern Success.
BridgeBuilder Co-Founder, DeWayne Johnson, speaks with local Chamber of Commerce representative Ms. Patty Martin.
Stop waiting for the perfect time.
Successful business leaders know there is no such thing as the perfect time to act. However, do not be reckless and forget to utilize a strategy. We encourage you to be committed and persevere during the process. Be willing to react and improve your plan along the way in order to move the business forward. We may not have as wide as a variety of resources as Silicon Valley, but true business leaders still can spot an opportunity. Our company’s success may have taken considerably longer to gain traction in a larger, major city, but developing a consulting company with southern roots provided easy access to high-quality contacts that allowed for relatively quicker progress. Rather than waiting for the right time and right clientele to come along, we chose to intentionally make connections and build relationships within the business community by circulating as many meetings within the city and volunteering to offer samples of our services to targeted clientele.
Stay away from bad, unnecessary deals.
Nothing halts business faster than bad deals, poorly chosen leases, low return on advertising, and inefficient hiring. While managing a business comes with its mistakes along the way, every executive or owner needs to actively apply discernment and decisiveness within the management structure.
Make a mistake, but don't keep making the mistake.
Other ways to prevent disasters include staying away from extensive leases, expensive advertising, and hiring high-salary or ineffective employees, at least until the business case is well-proven and such needs are acceptable. Fortunately, those non-required expenses and lower costs in the South can provide a cushion for some financial mistakes (if managed appropriately). More and more companies are building into their strategy ways to be innovative and provide services or products with less dependency upon external resources. As a result, the South may soon rival Silicon Valley for innovation and business growth by combining out-of-the-box thinking within its less-costly environment.
Next time, we will explore our final tip for becoming a Southern Success. Stay Tuned!
DeWayne Johnson, PMP (firstname.lastname@example.org) is a Co-Founder and Business Management Consultant with BridgeBuilder Education & Investments, which provides consulting for businesses interested in ways to improve process, strategy, leadership, and staff development. For more information, please visit www.bridgebuilderinvestments.com.
You can ‘like’ the company on Facebook: www.facebook.com/iamabridgebuilder and ‘follow’ them on Twitter: @BBEInvestments. You can also connect with DeWayne Johnson on LinkedIn.