Thriving in NYC: Expert Advice for Small Business CEOs

Small businesses are the heart of what makes America great, and my professional life as a Vistage Chair is dedicated to supporting them. An important part of how I do that is by sharing what I’ve learned over the years.

I have over fifty years of work experience. I spent twelve years in corporate America. I’ve been a part of?Vistage?as a member/Chair/Master Chair for twenty-five years. I am privileged to have worked with over 100 #CEOs, all with unique #business models. I currently chair seven groups with 107 members. Additionally, I have accompanied fifteen businesses through the selling process. I have also had the opportunity to listen to over 200 #Vistage expert speakers who have shared their best practices on various topics ranging from #strategy and #culture to #leadership, emotional intelligence, and conversational capacity.

My professional trajectory only matters in so far as it helps me support as many leaders and businesses as I can. The diversity of my experiences has equipped me with an incredible range of tools and extensive business knowledge. I’m honored to share the knowledge I’ve accrued over five decades to respond to some of your most pressing questions.

TOP TEN SMALL BUSINESS CONCERNS

Small business CEOs often face a wide range of concerns that can significantly impact the sustainability and growth of their businesses. The top ten concerns they typically grapple with are the following:

1. Cash flow management
2. Market competition
3. Talent acquisition and retention
4. Economic uncertainty
5. Regulatory compliance
6. Technology adoption
7. Customer acquisition and retention
8. Financial management
9. Strategic planning
10. Work-life balance.

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Today, I’ll answer three of the most common questions/breakdowns I receive.

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1.???? HELP! I CAN’T FIND THE RIGHT PEOPLE!

Labor is one of the most important assets and expenses for any company.

“Labor, which can account for as much as?70% of total business costs, include employee wages, benefits, payroll and other related taxes. Yet, according to a Paycor survey, HR professionals only spend 15% of their time managing the cost of labor. Especially these days, attracting top talent, engaging employees and developing them over the course of their careers are subjects close to the hearts of most HR professionals.” (source)

Finding and keeping skilled employees is a major concern for all businesses. Small businesses often struggle to compete with larger companies regarding salaries, benefits, and career development opportunities.

I have these tips for you if you share this concern:

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• Talent acquisition and retention is an issue that the entire company has to take seriously. It cannot be relegated to just HR.
• Create a rigorous and documented hiring process. I highly respect Barry Deutch’s work on this topic and have written about his suggestions here and here.
• Providing meaningful work and opportunities for professional and personal growth is essential to attracting and keeping the most talented people in the 21st century. This happens by clearly defining your purpose and with management tools like Commander’s Intent and Appreciative Inquiry.
• The culture of your company matters. A lot! Research shows that people will stay if the pay is less competitive and the culture is top notch, but not the other way around (source). I truly believe the culture of your company is the difference between success and failure and I’ve written about why it’s important, how to change it, and the myths around intentionally creating a work culture.

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2.???? HOW WILL AI CHANGE MY BUSINESS AND IMPACT MY INDUSTRY?

It is understandable to feel uncomfortable in the face of the unknown and even the incomprehensible. Integrating new technologies to improve efficiency and customer engagement is essential but daunting. CEOs must ensure that their teams are trained and that investments in technology yield a positive return.

I’m a Baby Boomer who grew up in Michigan; I have witnessed first-hand how technological innovation can revolutionize industry and/or eliminate it entirely. While I can empathize with the fear and the urge to avoid technology as long as possible, I strongly encourage you to do the opposite.?

My tips for you if you share this concern:

• Use as much technology as much as you can. You can only know how it can help (and potentially harm) if you are using it. Make sure you do your part to have an informed opinion.
• Keep up to date with what experts and peers are saying about what’s happening with technology. Dave Nelsen elsen is a tech CEO and Vistage Speaker of the Year. I have always appreciated what I learned from him and have shared some of his tech insights here.

?3.???? WHAT DO I NEED TO DO FOR LONG TERM SUCCESS?

Setting a clear vision and strategic direction is essential for growth. CEOs often worry about long-term planning and ensuring their business adapts to changing market conditions.

Something I often say and truly believe is:

Success requires more than desire; it requires strategy.

My question for you is: do you have a strategy for success?”

?Here are my tips if you need to develop or reconsider your strategy:

• ?Identify the outcome you want, list the assets you have, list the actions you will take to produce the outcome. I wrote in greater detail about this process here.
• Define your core values and noble cause. To better understand how to do this, access the information here.

?What I most want you to realize is that you aren’t alone. The obstacles you face and fears that you have are not unique to you.

I can assure you that many other CEOs share them. That is the value of participating in a peer advisory board committed to mutual support, growth, and learning—you realize you don’t have to have all the right answers alone.

If you have additional questions that you would like me to answer in future newsletters, ?leave them in the comments!?