Before You “Bag the Elephant” Be Sure You Can Deliver
One of the hardest things for a small business owner to do is turn down business. And I’m not suggesting that you ever do that. However, the most important thing is to deliver a quality product in a reasonable time frame. Be sure if you ever “bag that elephant” you have a large enough network of partners to whom you can outsource.
A good example of this is the situation a company I worked for fell into several years ago. There was a small company that was owned by a phenomenal salesperson. He negotiated a sizable contract with a large university and when he was finished, he realized he could not deliver on his promises. He came to us “hat in hand” and begged us to help him with the business. We agreed but only if we could enter negotiations to buy his company. The result, we bought a company, retained a good employee, and inherited a very lucrative contract. While this turned out to be a win-win, I’m sure the phenomenal salesman occasionally wondered what life would have been like if he could have pulled it off and retained ownership of his company.