You, Integrated: The Joy of Integration - Counting the Cost
Integrators occupy a special niche in the world of consumer electronics. Our playing field is full of small independent entrepreneurs who love the freedom and self expression they enjoy running their businesses on their own terms. Our business model and corporate culture are quite different from what you find at large retail operations like Best Buy.
In most states, anybody with a pickup truck and a credit card can walk into a local distributor and start up a custom installation business. While it may be pretty easy to start hanging flatscreen TV’s and installing inwall speakers, the truth is that many small integrators sorely lack experience in business management. This ‘shoot from the hip’ adventure into uncharted waters can sink a new business in no time. The sobering truth is that more than 50% of new businesses fail within the first three years!
In today’s uncertain economic times, it is crucial for integrators to pay the price to learn best practices and manage their businesses with enlightened processes.
Small integration companies can feel a sense of success when they have a busy week running around from job to job.
That type of busy-ness is more appealing than spending time in the office doing distasteful management and account chores. Business owners who shy away from office work like putting off studying for a final test are clearly on the road to failure. Business failures can be very costly to owners, employees and their families.
Running a successful integration company can be a joy. However, there is a price to be paid to build and sustain success. While there is no way this column can attempt to cover this vast topic, I want to share some winning ideas with you.