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Essential Lessons for Small Business Success by Russ Watson

In his January 2007 work, Russ Watson shares invaluable lessons learned from founding FCCI Fluid Controls and Components, Inc. He explores the journey from humble beginnings in Tacoma to establishing a successful business. This guide covers critical steps including market identification, business planning, and strategic marketing. Watson emphasizes the importance of building the right team, maintaining quality standards, and engaging with manufacturers. By focusing on operational excellence and fostering strong relationships, businesses can thrive in competitive landscapes. Discover how to navigate challenges and celebrate achievements in your small business journey.

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Essential Lessons for Small Business Success by Russ Watson

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  1. Small Business Lessons Learned Directions for Success Russ Watson, January 2007

  2. Background • Who Am I? • Why I’m Here? • Accomplishments? FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  3. Start to Finish • Hatching The “Idea” • Developing a plan • Humble Beginnings • Marketing Plan • Manufacturing Support • Operations and Responsibilities • The Here and Now FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  4. Hatching The “Idea” • Identify Market • Identify Key Players • Identify Competition • Get the “Right” People • Do you have experience • Do you have the personnel • Build to Your Strengths • Improve existing skills • Train or develop new skills FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  5. Developing a Plan • Write a Business Plan • Statement of purpose • Clearly define expectations (goals versus expectations) • Establish Business Structure • Corporation type • Small-Business, Women-Owned, HUBZone, Veteran, Etc. • Determine Financial Requirements • Determine Goals and Needs – Use the plan • Secure Banking Relationship • Be selective • Talk to more than one • Write Your Quality Assurance Manual FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  6. Humble Beginnings Doesn’t matter where you start… FCCI’s humble beginnings in down-town Tacoma. FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  7. Marketing Plan • Who are your Market Targets • Understand your niche • Study the market • Business Types • As defined by your governing plan • Distribution model, contracting model, or consulting model • Stay with core competencies FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  8. Marketing Plan • Emphasize Small Business Certifications • Find and engage SMB advocate • Search for projects with small business goals • Driving New Business • Register in supplier portals • Federal agencies – DOD, DOE, GSA • EPC’s – Bechtel, Parsons, Fluor • Central Contractor Registration FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  9. Manufacturer Support • Develop Relationships With Manufacturer • Find appropriate manufacturers • Find those that are serious about partnering • Make sure they have a quality assurance program • Make all data available – No Assumptions • Plant visits • Understand “Buy American Act” • Compliance Bulletins • Suspect counterfeit material • Be clear on the 51% rule • Document verification • Best At What They Do • Only like minded companies • No compromising commitment to detail FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  10. Operations and Responsibilities • Have Basic Project Understanding • Learn about the plant / process • Environmental benefit • Have a Rock Solid Computer System • Project documents are large • Create concise files with all data • Name files with document name / number • Use upload system – Email may not work all the time • Learn Project Speak • Learn document titles G – 321E, G321-V, FOP, Reps/Certs • Buy an ASTM reference book • Make your exceptions and clarifications clear • Engage the team FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  11. Operations and Responsibilities • Deliver Complete Proposals • Representations/Certifications • Form of proposal • Scope of work • Technical form of proposal • Product submittals • Project references • Failure to do so = Lost Business FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  12. Success by Association Project commitment Form alliances Trust and integrity Mitigate risk Be professional Technically acceptable Protect your D&B rating WTP - over 50% small business Iraq reconstruction - over 30% small business Reputation The Here and Now FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

  13. The Here and Now • Fanatical Attention to Detail Always • Good is the Enemy of Great • Avoid “Good Enough” mentality • Self improvement Always • Better Tomorrow Than Today Always Enjoy the Journey FCCI F L U I D C O N T R O L S A N D C O M P O N E N T S I N C

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