Senen Garcia: Small Business Struggles During the Growth Phase
An experienced accountant and attorney, Senen Garcia shared his viewpoint on the struggles small businesses faced during the growth stage and the importance of having a legal counsel to help you with these.
Senen Garcia was once a counselor in the non-profit organization, Service Corps Of Retired Executives (SCORE), wherein he provided free mentoring services to small businesses on matters including corporate law, real estate, property insurance and estate planning matters.
Currently, he is an accountant at the Garcia Tax Enterprise, a general counsel at TokenPay, a professor at EU Business School, and the current director of the charitable organization, Miami Reef Initiative Corporation.
“I just basically want to help people and make sure that they’re doing the right things, whether it be government contracting or whatnot and to ensure that they’re positioned for success.”
EXPERIENCE IN THE SCORE ORGANIZATION
Garcia became involved in the SCORE organization in 2012 and provided free mentoring services to small businesses that don’t have enough funds to employ different mentors on various matters.
However, he also believed that the success of these businesses still rely on how they took action from the advice and suggestions given by the SCORE mentors.
“If you’re getting ready to apply for a government contract, you want to make sure that you’re making the right decision, whether it be from your capacity, whether it be from your structure, whether it be from the current setup of the business, whatever the case may be, it feels good to have somebody that you can just kind of talk to about things now.”
Most importantly, small businesses should understand that they shouldn’t close their businesses during their growth stage. Rather, it is the perfect time to acknowledge growth and to contact a mentor, an attorney, a banker, or just anyone who could help.
“I equate a business to a child and when that child is growing and going through a growth spurt, they’re going to need you as the owner. Once they’re established, once it’s cruising, then they don’t need you as much, but that business needs you. If you’re not giving that business the attention that it deserves, it will falter. And that was one of the biggest issues that I would notice a lot of these small businesses is that they weren’t doing that for their business.”
ADVICE FOR SMALL BUSINESSES
Senen Garcia stressed the importance of customizing contracts because even though there are contracts that can be repurposed, most of the time, you need to customize it according to what it needs.
“Every contract is like art. Each one is going to be different. They’re going to have their own unique characteristic because of the relationship you’re seeking to obtain.”
Then, getting an attorney before signing anything or when changes are made in a contract is also important, regardless if that person who wants you to sign is family-related or someone you trust.
In doing so, Garcia recommends asking for referrals and researching about that person’s background. Most importantly, choose an attorney who really wants to understand your business because these people are the best listener.
“A good advisor, whether it be a bank or whether it be an accountant, whether it be an attorney, whether it be an insurance agent, they are going to want to know your business. The more they know about your business, the more they’re going to be able to help you in your business because they’re going to know what things they need to do.”
Lastly, you must provide quality service to your clients, even if you are just doing a subcontracting opportunity or those huge million dollar contract awards.
“So, as a business owner, the best way to put yourself in a position is to do the very best work you can do. Don’t cut corners, don’t try and do things you know halfway. Get in there and actually do the best you can do even if you’re not going to make as much money.”
If you want to watch the full video of the interview with Senen Garcia as he shared his viewpoint on the struggles small businesses faced during the growth stage, then be sure to click the links below:
047: Attorney and Former SCORE Chair Senen Garcia Discuss Small Business Struggles During Growth Phase
047: Attorney and Former SCORE Chair Senen Garcia Discuss Small Business Struggles During Growth