According to BDC “Small and medium sized business make up 99.8% of all Canadian companies.” This post is meant to salute small business owners and small business month in Canada.
Recently I read the blog of a well-known, and for me, well respected business owner and was surprised to discover he and his partner had done a business review and felt they were well short of their revenue targets. This is a small business owner who has built a high profile – I mean money just finds him doesn’t it? As a business owner it was encouraging to read – after all when you’re a small business it can feel that you’re the only one who worries about revenue targets to the point of distraction.
It made me think further – a small business is a company you want on your side for a variety of reasons, but let’s focus on a big one: Money.
We’re used to following budgets, driving towards the bottom line, it’s built into our DNA and a huge part of everyone’s focus within the company. That means we’ll be laser focused on your budget. Because we know how.
Our clients tell us how refreshing this is. This made me wonder even more. Wait – other companies aren’t?
Budgets are a daily part of our own business, at every level of the organization. Too often I’ve seen in big companies once you get into the rank and file, workers lose site of the importance of budgets; after all, it’s someone else’s money. And that’s just the thing with a small business. It’s never someone else’s money.
So here’s some tips on choosing the right company to partner with, and ultimately to tracking The Money for your projects. While these are event related, I’m sure you’ll find similarities that apply to any project.
- Clarity in the scope of work. Ensure you’re clear on exactly what services you receive. A lot of companies will quote low and then when asked about a particular service, respond with an oops, that wasn’t included in the scope.
- Look for honesty and don’t forget to ask the experts. Sometimes the client doesn’t know what they need. That’s why they’ve come to us in the first place. And it’s our job, as the subject matter experts, to point out important elements. Sometimes this means tough conversations on what the right choices are. It’s a tough balance on how and where you spend your money. Look for a company that designs with value. And that doesn’t necessarily mean the lowest price. It means choosing the right elements as part of your budget.
- Build in regular budget meetings outside of your status meetings. One that is focused just on the money and how the project is progressing. Are you over or under projections?
A small business will spend your money responsibly, because that’s our reality, every day.