The Hindu Business Line : Fear has a roommate called `tension'

HELEN Keller, who overcame the handicap of being born both visually challenged and hearing impaired, once said, "Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved."

That's a paragraph in Ken Blanchard's foreword to Steve Gottry's Common Sense Business, from HarperBusiness (www.harpercollins.com). The book is on `starting, operating, and growing your small business in any economy!' and Ken emphasises two qualities that would empower any businessperson: tenacity and integrity.

In the intro, Steve narrates the story of how his 22-year business as a successful advertising agency and video production subsidiary had to be closed, compelling him to start from scratch again. "I've learned that `faith' by whatever name you call it — self-esteem, a belief system, hope, drive, aspirations, the dream — is absolutely essential if you expect to have any chance of confronting challenging times and surviving," he writes. Part One of the book guides you through different stages of `the small business life cycle', starting with `dreaming'. The `good news' from Steve is that "there will always be a place in virtually any economy for well-run businesses that provide meaningful and necessary products or services at competitive prices." The secret is FANAFI — meaning `find a need and fill it'.

In the `planning' stage, answer the `who, what, when, where and how' questions, such as when are you going to start your business, how many employees will you need, and so on. Give your business the `perfect' name right from the start, advises the author. "The biggest disadvantage of a name change is that you lose the cumulative marketing benefits of name recognition, and you have to start over."

Move on then to `implementation', where it is important to ensure that "all the right pieces of the puzzle come together at the same time, and fit perfectly — or at least close enough to create the desired picture". Learn where to look for answers and learn, says Steve. "I rely on two specific publications, Wired and Fast Company, to tell me what's happening in the future," he writes. "It's worth frequent trips to the computer store or Web site just to explore new options that may enable you to save more time and money," suggests Steve.

"In a sound, growing economy, value is judged on the basis of quality. In times of recession, value is judged more on the basis of price — and often price alone," cautions the author, in the chapter on `growth' stage. Tightly manage overheads, he advises. "Although image is important in many businesses, most of your clients don't want to get the feeling that they're paying for your expensive tastes. It's possible to achieve a substantial measure of the image you want or need, without paying premium prices."

Then come the `preservation and evolution' stages where it is necessary "to embrace new ideas about how to perform the old tasks". If your only goal is to continue business as usual, you'll discover that your employees will become uninspired warns Steve. "Your business will be like a swamp — nothing fresh will ever flow into it, and the stale water will never flow out. Business that wants to survive will change because needs change."

Towards the end of the life cycle, Steve discusses the `selling/divesting' phase. Prepare yourself psychologically, he counsels, before listing `seven ways to leave your business'. Alternatives include downsizing, filing for bankruptcy and so on. Part Two of the book is on `building on your assets' — that is, yourself, your staff, customers, vendors, capital and your relationship with your community. The final part helps you conquer your `natural enemies' such as `fear'. Fear has a roommate called `tension', writes Steve. To deal with tension, he suggests "diversions that are totally unrelated to work" to take your mind off the problems at hand.

A chapter on sloppiness acknowledges that as a small businessperson you have so much to do. "The key is to know what things can wait and what things need your immediate attention," points out Steve. A book that needs immediate attention, I'd urge!

ManageMentor@TheHindu.co.in

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