4 Questions for Small Business Owners–Part 1

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Have you ever wondered why people choose to start their own business?  Are you wondering what challenges you might face as a small business owner?

Our local network includes a diverse group of business owners, so I asked each of them to answer the same 4 questions.  Here’s what Steve Hyer, President of Internet Global Data Solutions Corporation (IGD), had to say.

Question 1: What is the greatest challenge you face as a small business owner in this economy?

Getting paid in a timely manner and finding enough qualified prospects.

Question 2: What made you choose to start your own business rather than work for someone else – and do you feel it was the right choice?

I chose to start my own business to take advantage of my expertise in the web and online arena and it was definitely the right choice.  I am not afraid of working hard and working long hours, but I do like to control my own schedule and this gives me the freedom and flexibility to do that.  I also like working with people and as the owner, I get to work with clients and prospects all day and that gives me satisfaction with what I do.

Question 3: What do you feel is the single most important factor in the success or failure of your business?

Cash flow is key.  When I started the business, I thought cash flow problems meant that a business just didn’t have any money.  Now I realize that managing ongoing projects and receivables to make sure there is a steady stream of cash to cover expenses is a necessary part of doing business.   Part of this equation is new business coming in the door and every business needs to be proactive in maintaining a marketing and sales engine that maintains a predictable flow of qualified prospects.

Question 4: Aha! Moments – what idea or event has changed the way you do business forever?

There have been several risk taking endeavors over the years including hiring an experienced sales manager to really kick start and grow the business.  This was a large expense for the business at the time and the careful planning with which the decision was executed has paid off and really allowed our company to grow significantly in the last four years.

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