With so much success from the Rickert Warnelid guest posts (here and here) on project finance and financial modeling, I have been actively seeking out new guest bloggers for here at SF. I met Deborah Koch, Senior Vice President of Gibraltar Bank in Miami, at a breakfast networking event. Gibraltar Bank focuses on serving small and middle market private companies and entrepreneurs. Deborah's understanding of entrepreneurs impressed me so I asked her to do a guest post, which follows.
Remember your first and probably second years in business? You wore many hats --- CEO, Sales Manager, HR Director, Operations Coordinator, Purchasing Associate, and Receptionist, just to name a few. You took on these diverse roles to efficiently launch your dream; either you couldn’t afford to hire professionals for these jobs, or just wanted to do it your way.
In short, you ran the business of your business. Somehow, you carried this off in addition to delivering the special skill that drove you to start your company, whether it be as an inventor, consultant, writer, plumber, or chef.
This is a common entrepreneurial dilemma…how do you maintain and grow your business and deliver your unique value proposition? Can you be adept at both?
We all know success stories that make the answer to this question a resounding YES; however, these people are not successful by accident. A close friend who runs a CPA firm told me it was years before he trusted anyone else to make business decisions, but eventually he was so busy being a CPA that he had to hire a professional manager for the firm. In those early years, he spent many late hours tending to routine responsibilities necessary to keep the firm on the right path --- everything from ordering office supplies to paying the bills and hiring staff.
When you are ready to share your dream, here are a few tips to help you grow into your role.
Trust. Hire smart people whom you trust. Letting go is much easier when your staff is empowered to perform.
Delegate. If you trust your team, let them do what you hired them to do. They may do it a little differently than you would have, but you never know, it just may turn out better.
Plan. At least once annually, take time away from the office to plan for the next year, next five years, next ten years. Include your management team however large or small the group.
I like the clarity and elegance of Deborah's advice. Maybe we can have her back for more guest posts.
