Here’s another entry in our Big Business Contest describing a company’s personal struggle to grow, succeed, and thrive.
Judging of the entrants has begun, and 15 semi-finalists will be notified on Monday, May 5. Come back to vote on the finalists as they compete for the two final prizes — specialized consulting from a business expert and a trip to Maui for business- and wealth-building seminars.
In Los Angeles CA, 1995, my father contacted a leading distributor in the electronic components industry and requested that they stop discarding valueless product. Instead, put it in a box and send it to his sons. With physical and moral support of the entire family we began to market and sell the scrap out of a rehabilitated barn. We made just enough money to save up and purchase inventory. Soon, we needed to convert the chicken coop into a storage shed to accommodate the expanding company. In 1999 the family continued to add more friends to the team. Soon after, the company hit the highest annual profit yet, which unfortunately would be the constant for the next 6 years. Which, when added with the upcoming years of inflation and increasing overhead, the team would eventually face the bitter truth of a stagnant family business.
I am the youngest brother and have thoroughly enjoyed the challenge of art and sports throughout my life. I began to realize that the innovation of art and the teamwork of sports is simply compounded in the world of business. And a new passion was born. Business, I realized, is a sport. A game of which we began to play years ago, and a game of which I intend to win. After proving my intentions for the company, I was elected as President of XYZ, Inc. in October of 07.
Since then, there have been many changes towards a more professional atmosphere. After hours of studying various books and business websites, I’ve begun to implement systems and controls for just about every department. Because the 5 brothers and 5 more employees have been leading the company into a split direction, I’ve now outlined business goals and began to focus on a direction. Not a specifically profitable direction yet, but it is a direction non-the-less and a huge step out of the 6 year rut.
I intend to focus more in our territory and offer more than simply, components. We’ll next offer board assemblies and component testing and packaging. I plan on synergizing with old clients to expand our field of business I’ve learned to analyze our company and successfully read and understand reports. So far I’ve made some profitable decisions, but I’m aware that I have limited cards up my sleeve. I’m now beginning to realize that there are pieces of the puzzle that are missing that I’m entirely ignorant to. I’m beginning to come to the conclusion. It’s foolish to play without a coach.
I am at the point where a business owner must reach out to a more knowledgeable source who understands the whole game, and how to win it. Knowledge is power and it’s not what you know, but who you know. The power of teamwork, I realize is not restricted to the boundaries of the company, but to the willingness of the people who surround the company. And that is why we need a business consultant.