How to save tens of thousands in your business

August 31, 5:50 PMCorporate to Entrepreneur ExaminerSilvia Johnson

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All entrepreneurs will agree that the best investments are those in education and solid partnerships. When you have great mentors and strong business relationships, it can make the difference between making or breaking your company.

The problem is you can get sucked in to working with someone that isn’t the right fit if you are not careful. You can end up working with someone who over promises and under delivers, costing you tens of thousands of dollars. I’m a glass half full sort of gal, and when I’ve ended up in this situation (which I’ve had a few) I ask myself, “What lesson did I learn?” and “How can I avoid getting sucked in next time?” But really, deep down, all I want to know is, “How can I avoid getting suckered, in the first place?”

Check out the questions I now ask, that save me time, energy and money.

1. What specifically are you delivering? – This is really a way for you to get clear about the brass tacks. Often times you are given the high level outcomes, but no specifics. This is your opportunity to find out the details and make sure they are aligned with what you need.
2. What key successes have you had in your business and in what timeframe? – I think this is especially important when talking to mentors, but also quite useful with business partners. Even when I was in the corporate world, I always trusted someone who had actual results versus potential results.
3. Who can I talk to that is not part of your team that would act as a reference? – Just as you would interview someone for a job, ask for references. There is no shame in this and don’t let someone just point you to testimonials on a web page. Talk to a real person and one that is not on their payroll in some way.

This is where I say, your corporate experience will help you out! Remember how you used behavioral interviewing when bringing someone new into the group. It’s the same thing with business partners and mentors as an entrepreneur. They may have different labels, but they are still team members, so treat them as such.