There is no shortcut to success.
Need to Pivot – and Innovate
Change is inevitable – and can happen quickly due to many reasons. Handling the challenge of change was a theme we heard from many of these creative business owners:
“Chicken is very popular in the U.S. and around the world, but with things like COVID, it affects the cost of everything. It can take some time to have the market work itself out, and for farmers to have the money make it to them when the price of chicken rises.” – Doan Nguyen, Owner of a commercial chicken farm.
“You need to connect with the individual. When someone has a specific need – whether it is something explained, or their prescription brought to their car, or to open another register or find a corner for a private consultation – you can make it happen.
The big box chains can move a million people like a cruise ship with their processes. A community pharmacy is like a jet ski – personal service, moving one client at a time. During the pandemic, you saw this in action. When our customers pulled up curbside, we knew who they were. They could make a list of their OTC needs, we’d shop it, and bring it out.” – Stephen Pisarich, PharmD, and owner of TD Pharmacy.
“I walked into a business that had been opened eight years prior and thought “ok, this has been tried and true, so we’ll just carry on”. But I soon realized that the needs are constantly changing, and we need to be ready to adapt and adjust.
Be Ready to Put in Sweat Equity
There is no shortcut to success:
“I tell my family that things can happen, so don’t count on the money before it’s been earned. Of course, we’ve already negotiated the contract, but go step-by-step, do the right things, and put in the work. The money comes from doing the hard work the right way.” – Doan Nguyen, a commercial chicken farm owner.
“This is a great business, but it is hard work 24/7.
The chickens must be fed and cared for every single day. However, because we are the owners, we never stop working. We miss family celebrations and holidays or celebrate them at odd times. Some days start as early as 5:00 am and end when the work is finished. During peak season, we collect 33,000 eggs daily.
Having your own business changes your life. You work hard but with lots of love because it’s yours.” –Bruno and Ada Ramirez, Co-Owners of The American Dream Farm.
“I worked more than I probably should have – and during the pandemic, it was worse. But I was concerned about having debt, so I put in the extra time and sweat equity to make it work.
I also did it by not doing anything mind-blowing or risky. Knowing that “slow and steady wins the race”.
I’ve had my nose to the grindstone for the last seven years, but it was worth it.” – Dr. Courtney Pitre, Owner and Pharmacist-in-Charge of Thrifty Way Pharmacy.
Good Partners are Essential
Whether trusted advisors to the business or partners in the business itself, these owners have great advice for collaboration:
“Working with advisors and partners in making decisions is important. The short answer is we couldn’t have grown the company without partners.
A friend told me right after my father died that he’d like to give me some advice. He’s actually a competitor in the same field as me but has a friendly nature. He told me, “You need to have what I call a 3-legged stool: a good lawyer, a good accountant, and a great relationship with your bank or you won’t make it”.
I agree with that. I have great partners in all three of those and have had them for over 20 years. I consider all of those friends as well and they offer great advice even when it may not necessarily be what I want to hear. They have to give you an honest assessment of where you are. You have to be able to trust them.” – William “Willie” McNabb, CEO/President of El Dorado Metals.
“Business partnerships can be challenging. Not delineating each person’s role/responsibilities can derail success. Each person needs to know their lane. Have mechanisms in place to hold each accountable. Have goals and steps established to achieve them.” – Laura Laaman, President of Outstanding Pet Care.
“Partnerships can also be productive if you are aligned with complementary skill sets. If you can find that, you can be successful. You can revisit the initial stages, set expectations, and document agreements in writing. Minimize future issues with solid planning. If you disagree, it can lead to staff confusion and customer issues.” – Craig Laaman, COO of Outstanding Pet Care.
“One piece of advice – do business with people with the same ideals and thought processes as you, and it will be much easier in the long run.
A great example is when we began working with Kevin Stith and Kathy Daily of First Financial Bank. It was just as important that we interviewed them as much as they interviewed us. It’s how we learned that we did have the same ideals and thought processes. They listened intently to us and really heard what we had to say.” – Ryan Drozd, Co-Owner of Drozd Family Grain.
We are grateful for our clients and their willingness to share their insights as business owners. Here at First Financial Bank, we want to partner with you to help you succeed as a business owner. We’re in the business of YOU!
