Most people start their new business or company for themselves. This is fine, our free-market economy is structured so that self-interest rewards the group generally. Despite some well deserved criticism, Walmart’s “always low prices” have helped grow the US economy for everyone. So just to be clear, I’m not knocking the idea of going into business to make yourself better off, in fact I’m all for it! However, I’m becoming more and more concerned that some entrepreneurs don’t realize that they have to focus on everyone but themselves in order to really get it to work.
Customers Matter More Than YouAt the end of the day – a business makes money because you can do something that someone else is willing to pay for. This isn’t because they’re helping you out – it’s because you’re helping them out! If you don’t focus really hard on them, someone else will and you’ll be out of business. Always put their needs front and center – don’t expect them to do you any favors. Keeping you in business is not their job – keeping them happy & coming back for more is your job.
Employees Matter More Than YouAfter a while it won’t be you making your customers happy, you’ll have to hire employees to help. In fact, after a while, these people
will be your company to the rest of the world. They’re the ones that please customers, partner with suppliers, and hire new employees! Keeping these people motivated and aligned with your company’s values, mission, and strategy are what drives consistent increased growth for your company.
Investors Matter More Than YouYour investors gave you the chance to do something special. They believed in you when no one else would. They don’t do it for free – that’s for sure – but that favor needs repayment. If you don’t take care of your investors, even at your own expense to a certain extent, you’re really marginalizing your future chances to ask them for help again. Ask yourself, are you acting like the kind of guy that other people should trust with their money? Until you’re a proven commodity at starting, executing, and exiting new ventures – you will need to give in to them more often than they give in to you.
Suppliers Matter More Than YouYou can’t treat your suppliers like the enemy. The day will come when you’ll need their help and you’ll be glad they owe you a favor. Don’t go out of your way to disadvantage yourself, but also don’t make an enemy out of them either. Negotiate win-win relationships. Find out what they really need from you and help them get there with those issues. Ask them to do the same for you. If you don’t maintain good relationships with your suppliers, they won’t be able to double-time your order when your customer demands more, or take back some inventory when your customer cancels the contract at the last minute.
After Everyone Else is Taken Care of…You can finally enjoy the benefits of your business! Only once all of these constituencies have been satisfied are you able to say you’ve succeeded. Even then, success is fleeting, you’ll have to wake up tomorrow and do it all again! Still, the rewards of balancing all of these dimensions can be thrilling and will help you focus on delivering real value to the economy. If you’re delivering truly better products or services to people – you’re actually making the world a better place – and people are going to be happy to pay you for that!
About Chris Harris
For 13 years Chris Harris has been successfully developing technology solutions and creating winning business strategies for both start-up and brand-name companies. Chris co-founded
Inventure Global, a San Diego headquartered IT consulting firm with offices and programmers in India offering sophisticated IT and technology planning, design, and implementation services for new and growing businesses looking for experienced talent and intelligent support. Inventure Global also maintains the
New Venture Outsourcing Blog.