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Apr 7Steve Koval

Are You Working IN Your Business or ON Your Business?

Apr 7Steve Koval

Entrepreneurs and small business owners often tell me that they simply don’t have time to focus on growing their business because they are immersed in their business.

These are the same people who started their business with a strong vision of what they wanted to build, and then went about building it. But somewhere along the line, they got locked into managing certain aspects of the business, such as accounting, or involved in the actual creation of the service or product being delivered to customers.

They are focused on the here-and-now and not on the future. At B2B CFO, we help business owners understand the difference between finders, minders and grinders.

Jerry Mills, founder of B2B CFO, notes that finders are the entrepreneurial visionaries who enjoy finding sales and company funding through effective relationship-building. Meanwhile, they recruit and partner with key resources they can rely upon for day-to-day administration and operation. (See website for more details.)

Minders are the key administrators of your business, such as accounting and finance managers, and are inclined to care mostly about past events such as quarterly financial results. No doubt about it, they play a critical role in your business. Also critical are the grinders, which are those employees on the front line of making or delivering your product. Although technically skilled, they are squarely focused on day-by-day product creation, delivery and support activities.

All three profiles are important to your business, but if you haven’t delegated the tasks suited to the right profiles, you may find yourself preoccupied with activities that impair your ability to drive sales, profitable growth and next-level funding. At B2B CFO, we call this preoccupation, “the danger zone.” (In fact, I highly recommend the book by Jerry Mills and B2B CFO called “The Danger Zone: Lost in the Growth Transition.” See website for details.)

But rest assured: You are not alone. This phenomenon is a common occurrence, especially in emerging and mid-market businesses. The first step is recognizing that your business is in a vulnerable position because of the amount of time you are spending in non-finder activities. The next step, assuming you have a sincere desire to get back to a more full-time finder role, is recruiting the right people and resources that can administer to the daily operations of your business. Once you have confidence that the blocking-and-tackling is covered, you can return to the finder role that is instrumental to growing the value of your business.

B2B CFO can be a terrific resource to help you get a handle on this big picture and to create a road map to a future where you can focus on increased sales, greater enterprise value, personal time away from the business and a successful exit strategy. If I can be of any assistance in this journey, please do not hesitate to call on me.

B2B CFO®

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