Chip Dodd gets distracted by shiny things. His company, Support Services of Virginia Inc., creates communities for people with intellectual and developmental disabilities to help them thrive. In 2008 they needed more housing, but prices were skyrocketing and company funds were already being used to subsidize increasing rent prices.
Dodd’s shiny item was an alluring deal. He purchased houses on a 30-year, fixed-rate loan. In focusing on acquiring the houses, he lost sight of the actual long-term costs. Six months later, the company was down to its last dollar.
They had two options: Bet it all or close the doors. Dodd’s mother founded the company in 1994 and molded him to take over after her battle with ovarian cancer resurfaced in 2002. They chose to go all in, betting retirement accounts, maxing out lines of credit and calling in financial favors to restructure the company. Dodd’s bet paid off, and a year later, his company was back on track.
Dodd says the Entrepreneurs’ Organization is a vital part of his success—in particular the EO Forum Experience, a confidential program in which seven to 10 other business owners share advice. “It’s like having my own board of directors. I can confidentially discuss anything related to my business or personal life and trust I will get honest experience to help me discover the right path to follow.”
Dodd shares these tips to help you stay on the right path:
1. Recognize emotions so you can control them intellectually.
2. Identify your personal why and use it as a guide for all decisions.
3. Keeping the why in mind, develop a detailed strategic plan for your company.
This article originally appeared in the July 2016 issue of SUCCESS magazine.