Chapter 34

If you do require employees, dealing with them successfully is a major factor in the success of your small business. Besides determining and paying their salaries, you will have to lead, coach, motivate, evaluate and reward your employees appropriately and consistently. While pay is important, you will not be able to pay what large corporations pay their top employees so you will have create an atmosphere where employees will want to stay for reasons other than money. One of the challenges of a small business is to keep top performing employees.

Finally, when a partner does not perform or simply does not fit with your plans because the relationship is no longer mutually beneficial, you have to terminate the relationship. For suppliers and contract workers you may simply not place any more orders with them although you may also feel that you owe them an explanation. For employees it's more difficult because the relationship is closer and governed by a complicated legal framework. You have to make sure that the issues are always performance and mutual benefit and don't become personal.

You can't do everything, even in the smallest business and so you need partners who will help you be successful as you help them. Early on in your venture you have to decide who those partners are going to be and develop close relationships with them. While customers are the key to business success, your partners will help you achieve your goals.

The presentation was over for the day actually for this year, but it had just started for her. It had opened up new ideas and new approaches that she need to think about. She had a lot to process, she was already making plans on what she had to do when she gets back; she was not sure where to start, but decided she will go through her notes and discuss with Chari and take it from there. She wished if there was any way if she could keep in though with Hiram or Bhatta. She decided to talk to Hiram today evening at the thank you dinner.