September 28, 2017 Practice Points

Why Do Organizations and (Firms) Fail?

By Judi Rhee Alloway

As a former director of a Women's Business Center funded by the U.S. Small Business Administration (SBA), I consulted with thousands of clients who wrote business plans to received SBA funding. Unfortunately, most of them were denied. From this experience, I learned how important it is to start a business or non-profit organization the right way.  

Considered one of the top women innovators by the U.S. Department of Labor—Women's Bureau, I created the #StartMyBusinessToday Program for women (and LGBQT individuals) who lacked the money, network, or the community to start a business or non-profit organization.

Whether you are a lawyer or doctor, it's not that these firms or practices fail.  It's that people fail.

You might be the greatest trial lawyer, family doctor, or spiritual leader, and technically proficient at your profession. However, when starting, launching, and managing an organization, a person needs to develop a completely different skillset, mindset, and language. Like landing on a foreign planet, launching an organization and competing for funding can be like speaking Martian on a mission to Mars where only people who are in the know can be a part of the club.

Like, what's your TAM (Total addressable/available market)? Do you have the right answers from the secret decoder ring? If you have not studied business or non-profit organizations, you might not know the answers to these questions.

One of the best and most cost-efficient ways to succeed in a start-up business or non-profit is to hire a business consultant. Below I provide a sample list of the types of services that business consultants provide:

  • You will learn the psychology working for yourself compared to working for others;
  • Your consultant will review the marketing, operations, and funding of your business plan;
  • Your consultant will help you launch your organization so that you can gain business partners, funding, and resources.

Hiring a consultant is more affordable than taking business courses and costs less than courses at places such as the University of Pennsylvania Wharton Business School. Top law firms hire business consultants, and many partners at law firms have personally hired life coaches to achieve their financial and professional goals. That's where my business #StartMyBusinessToday accelerates your learning and teaches you how to effectively run your business.

Judi Rhee Alloway is a business consultant, leadership coach, and founder of Women's Business Coop, Imagine Leadership, LLC, and Women in NAAAP! in Philadelphia, Pennsylvania.