Entrepreneurship is all about calculated risk. We can create strategic plans, implement repeatable processes, hire the top people, and engage with the best customers. However, the only way to grow to the next level is to bite off more than you can chew, and pray you don’t choke.
I know the feeling of biting off more than you can chew. Four years ago, Information Experts made the strategic decision to invest in a newly formed Joint Venture (JV) to pursue a multi-billion dollar Department of State program. The risk was ridiculously high but the possible reward was astronomical.
One of the most important strategic relationships a business owner has is with his/her banker. Yet so often, we treat this relationship as a commodity.
Switching banks is not something that I would recommend lightly. As veteran business owners know, the process is cumbersome, stressful, and time-consuming even under the best circumstances. However, sometimes you have to know when it’s time to make a change.