Luxury Coach & Transportation

January 2019

Magazine for the professional limousine, charter and tour industry.

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Page 31 of 67

START-UP/SMALL BUSINESS Small Businesses Survive When Organized If you lack a plan, chaos will ensue. Here are eight steps to keep your company going in the right direction. By Lexi Tucker, LCT associate editor N ASHVILLE, Tenn. — It's vital for entrepreneurs to take an organized and holistic approach to owning, running, and leading a small business. John Bearden, an investor, business leader, and mentor to Bill Faeth, ad- dressed his approach to success at Faeth's LAB Live event in April 2018. ere's one primary difference be- tween large and small companies: ey have a disciplined approach to busi- ness management, Bearden said. ere is always a plan with a specific set of financial goals. "It's hard, but important businesses operate in a more disciplined format," he said. "Many owners have a lot of activity on their agenda but take a chaotic approach to the business. It makes a tremendous difference in your performance when you operate with a strategic plan and a thoughtful ap- proach to every aspect of the business." The Three Elements Of Success e three elements of success are financial, human, and intellectual capital; in other words, money, talent, and knowledge. "I think it's important from a finan- cial capital standpoint business owners spend a lot of time building the story of their company and taking that story either to investors or financial institu- tions or both to arrange for the money you need to build the company and have security as you go along," Bearden said. With talent, he's seen many smaller company owners try to build their business on the backs of inferior people because they think going cheap is the best way to build a team. "Business is a team activity. You have to find the right people with the right characteristics who fit with your culture and hopefully have the experience or ability to learn, and [then] invest in those people. is is not a place to go cheap. Talent is critical to your ongoing success." Finally, you shouldn't go into a business with little knowledge about the industry. "You need to invest the 3 0 WWW.LCTMAG.COM LUXURY COACH & TRANSPORTATION JANUARY 2019 (L to R) Bill Faeth and John Bearden discussed how having a comprehensive business plan can enable steady growth. (Photo credit: Blake Russell)

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