I am a lawyer. This should tell you several things about me.
First, I do not have a business education. What I learned about business was on-the-job training.
Second, as my mentors emphasized, lawyers get paid to sweat the details. Having recently transitioned from a mid-size business to a small business, my on-the-job training is teaching me that details matter. They matter a lot.
n Expenses. It goes without saying that expenses matter. In midsize to large businesses, however, expenses often get overlooked.
Office supplies typically always are available in larger businesses. Not many mind the in-office store — the various pens and paper and such. In my small business, if drafts need to be printed, they are printed double-sided; most letters can be emailed, rather than printed, signed and mailed.
As the owner of a small business, it is important to pay attention to these small costs because they add up and can have a dramatic effect on the bottom line. In mid- to large-size businesses, there is an impact, but that impact may not be as consequential because the cumulative costs are not as significant in relation to the company’s overall income. In small businesses, however, every penny counts.
n Products and services. Details in products and services are obvious and critically important. Particularly as a lawyer, I want to make sure my product is clean, correct and professional. My office should present the same image: desks should be clean, the office should be organized, and the appearance should be professional.
Small-business owners also must pay attention to details: how phones are answered, what happens when a phone call is received, how records are kept, how phone calls are followed up on. While these are basic tools that all businesses should address, the details are all the more important to small businesses, where products and services truly are the lifeblood. Without focusing on details, revenue could be lost.
n The details should not be comfortable. Discomfort in a small business is a good thing. Discomfort keeps you awake; it keeps you alert; it makes you pay attention. Assuming costs are handled, expenses are minimized and employees are following best practices will not serve a small business well.
In mid- to large-size businesses, the atmosphere often is comfortable, almost country club-like. Office supplies appear, clients and customers show up, and work continues. In small businesses, risk typically is higher and people may feel a bit more uncomfortable. But remaining hungry in business is positive. It makes you more responsive, more likely to attract new business and more likely that the services you provide will be more consistent.
Frank M. Flansburg III is co-founder and co-owner of Schwartz Flansburg. He is a trial lawyer who represents global companies, small businesses, entrepreneurs and individuals.