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Your Business: Own It! Lead It!
Owning a business is tough.
Owning a business that is heavily regulated by the government is tougher.
Owning a business that is reliant on government reimbursement schemes is the toughest. Especially if the largest percentage of your revenue, cash flow and profits is beholden to that source.
Therein lies the plight of most in the HME/DME world.
So what can be done? Don't just own your business, lead it!
That's right, ownership and leadership are very different. The primary difference is that ownership is a financial circumstance. Leadership is a strategic decision. Ownership is simply a result of fiscal responsibility and structure. Leadership requires emotional, psychological and financial commitments.
Leadership is about taking control. It is about deciding to steer your own ship, not simply going where the winds and currents choose. It requires power, perseverance and an unrelenting passion to muster all that is within your reach to overcome the travesties of governmental meddling.
Regardless of your size, product mix, or whether you're in one of the first MSAs for competitive blundering (uh … bidding), here are five ways to start leading:
- Decide to Be In or Out
This is fundamental. It begins between your ears.
Are you committed to your business or do you want to bail? Hint: the time for bailing (at a good price) has come and gone. You're about three years too late. So you might as well do whatever you can to improve your business and build its value so that in another three years or so, you'll be in a stronger position to court suitors.
If you think it's too late for that, then it probably is. So try to find a buyer who'll give you whatever they will for your years of investment. For those who are willing to fight for the survival and success of your business, read on.
- Fix and Build
The true paradox of transitioning from owner to leader is the ability to take care of the day-to-day problems that need fixing while looking ahead at building the company. In time, a general manager is a wise solution. This person takes on the daily operations issues and frees up the owner's time to explore alternatives for the business' strategic future.
The owner must not only rely on the internal talent of managers and workers but also engage the services of outside professionals. These people can bring experience and expertise of their own disciplines as well as those of their clientele.
