No, I didn’t take yesterday off, I just oops’d! I thought I had a post ready to go for yesterday, and well, the day got away from me!
But! Back with it today. Today’s post is both a story and a lesson! Here at the Chamber, we talk to and work with businesses of all sizes and types; many are start-ups and others are businesses that go through challenges. While our primary organization role is to foster community & economic development, we do everything we can to give advice, support and resource lists and almost naturally become somewhat invested in their success. It can be emotional on all of us when things don’t go according to the original plan! Today’s guest article is written by one such member, David Rovinski. If you are a regular reader of Chamber Notes, you may recognize David’s name from his former company, Fluidity Business Planning Group. He has recently ended Fluidity and begun a new venture … no. Wait. I’ll let David tell you his story in his words with a postscript from me!
Over the past 3 years, I have taken up the challenge of starting my own business and have realized many things.
First off, when you start a business you are excited for the challenge and opportunity to make it a successful business. You create a business plan with products and services that you feel are marketable and profitable leading to success.
Over time, you realize that your assumptions on: the market opportunity, target customers, and ability to realize sales quickly, can all be in question. The struggles of a new business, low operating capital, and a small marketing budget can make “hanging in there” challenging.
I believe it is critical to provide a service that is marketable. It is necessary to look honestly and clearly at your services and make adjustments along the way.
I have recently started a new business called Business Growth Resources, LLC, that is focused on business development services that provide solutions to business growth problems. Prior to this venture, I was focused primarily at writing business plans for new businesses seeking financing, or existing businesses looking to expand.
What I found out over time was that the need for a business plan for financing was secondary to what banks look at. Personal financial statements, cash on hand, personal investment, and collateral are a major part of getting a loan.
Thus recognizing the demand for a business plan was limited, the need for strategic planning, new product development, and growth strategies was in greater demand for businesses looking to grow. This is what Business Growth Resources, LLC is now offering businesses in the area.
Looking at your new business honestly, recognizing shortfalls, identifying market opportunities, and having the courage to make changes for long-term growth is scary but can be rewarding and on the path to future business success.
Hope you enjoy some insight on starting and growing a small business.
I “like” David’s story, not because of his challenges, but because it is so REAL. Many, many entrepreneurs end up on the same path as David but a good percentage either don’t recognize where the path leads in time to make a course correction or recognize it but are just unable to adjust.
We’ll check in with David from time-to-time, both as interest and in thought that others can learn from his experiences. I’d love to know what you think and what your experiences have been with business growth and patterns.