F e w E x i s ti n g B u s i n e s s O wn e rs
Seek A s s i s ta n ce b e f o r e it ’s t oo lat e
JAVIER MARIN
FLORIDA SBDC
AT USF
“ENTREPRENEURS
PLANNING ON
STARTING A
BUSINESS SEEM
TO BE MORE
LIKELY TO SEEK
ASSISTANCE
THAN EXISTING
BUSINESS
OWNERS,”
ACCORDING TO
JAVIER MARIN,
CONSULTANT AT
THE FLORIDA
SBDC AT USF IN
LAKELAND."
Marin says that
most existing business
owners seem to be
unaware of resources
available to them.
In many cases, these
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business owners seek
assistance because
they “feel” something
is not working as
expected. In fact, he
adds, “Businesses
seek assistance as
an afterthought and
are normally referred
to professionals by
local chambers of
commerce, economic
development councils,
other businesses,
attorneys, CPAs,
insurance agents,
bankers, friends, or
relatives.”
The reasons why
business owners seek
assistance vary, but
one thing is clear –
few seek help before
they need it. In most
cases, the owner may
have observed several
symptoms, some of
which are listed below:
The company enjoys
continued sales and
customer growth but
sees low profitability;
the company enjoys
continued sales and
customer growth,
but they have trouble
meeting their financial
obligations; the
company may be
experiencing low
growth rates and
seems to be unable to
get new clients; the
company experiences
low growth rates and
many new clients, but
it is losing existing
clients.
Most of these
symptoms are caused
by inefficiencies
in one or more
of the following
areas: operations,
marketing, or financial
management.
According to Marin,
business owners who
experience similar
situations should
consider doing an
in-depth business
assessment to identify
the possible areas
for improvement and
create a plan of action
to address them. This
plan, also known as a
business or strategic
plan, should lay out
measurable sales,
operational, and
financial goals along
with specific strategies
and tactics that will
help achieve those
goals.
Unfortunately, adds
Marin, a business
owner may see a
business assessment
and a business plan
as “paperwork” or an
“administrative chore,”
but nothing is more
removed from reality
than the false notion
that a business can
grow successfully, and
continue growing,
without planning. Most
successful companies
have business
plans, and these are
not successful by
chance. “Planning
is not unique to
large, successful
companies,” he said.
“Our children don’t
come with a manual,
but most of us set an
educational path for
them. Your business
is no different. It
didn’t’ come with a
manual, but successful
entrepreneurs
formalize the path
of their business by
writing a business
plan.”
To build a successful
plan, Marin says
there are many local
resources available.
He added that
business owners
who procrastinate in
seeking assistance
may be unknowingly
causing their business
irreparable damage.
Marin encourages
business owners to
discuss any business
decisions with a
trusted advisor – the
company’s attorney,
CPA, banker, insurance
agent, or local
chamber of commerce.
Marin states that
what works for
one business
may not work for
another, and he
adds that there
are professionals
with a wide range
of expertise
that can help
businesses in
varied industries
grow. Your
business is your
life investment,
and your family’s
future, he said.
Don’t wait to seek
assistance.
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