Photo by Lee Hurley.
Entrepreneur turned business consultant Wally Evans in a moment of levity.
Wally Evans has been a manager and owner of many companies throughout his career. He also considers himself a student of business and an avid reader of business and self-improvement nonfiction.
When he sold his business-to-business media company, Cahaba Media Group, in 2020, Evans decided to use some of his accumulated wisdom and experience to help others work through their own business challenges.
“I've worked for big companies, small companies, well-run companies and poorly managed companies. I've worked in middle management, senior management and in my own company,” Evans said. “I’ve had some notable successes, some embarrassing failures, won a bunch of awards and made a ton of mistakes along the way.”
Today, Evans is a consultant and an active angel investor, and he has served on several nonprofit boards, including The Friends of Birmingham Botanical Gardens, Mitchell's Place and The Entrepreneur's Organization.
Q: Are you enjoying this next phase of your life?
A: The reason I’m doing this consulting work is I want to feel productive. Business is an avocation for me and I feel like I have some experience to share, so I like to stay engaged in the business world, and this allows me to do that. But I do enjoy my freedom of schedule. Not setting an alarm clock is one of the great perks of my lifestyle these days.
Q: You mention that you have had plenty of failures and successes. What has one of those failures taught you?
A: Early in my career, I worked for a company that had a hard time defining what our target market was. We sold to almost any sort of business, and therefore our own marketing efforts were chaotic and not very effective. What I learned from this is that a focus on everything is a focus on nothing. The best businesses are those that clearly define a market niche they want to target, and focus all their efforts to get the most out of that niche.
Q: How does a small business get to the next level?
A: Many small businesses quit growing revenue and struggle to get to the next level once they reach about eight or 10 employees. All 10 of those employees report to the CEO, and the CEO doesn’t want or know how to delegate, and therefore the business never builds a management team. A business where everyone reports to the owner will stop growing when that owner runs out of capacity and time. Time is the one resource you cannot buy more of.
Q: What is your approach to people management?
A: Be as transparent as possible with what is going on in the company, and create a meritocracy culture. High performers want to be around other high performers. Get rid of poor performers quickly.
Q: How do you fire someone correctly?
A: First of all, if you are letting someone go, it should not come as a surprise to that person. A manager should be having regular conversations with direct reports, especially poor performers. Once a decision has been made, meet with them late on Friday afternoon, tell them that the company has decided to go a different direction and that today is their last day, and have all the paperwork and benefits details written down in a document, which you give them at that time. Keep the conversation calm, professional and brief. Treat people with dignity, and leave them alone to pack their things and leave.
Q: What tips do you have for someone starting a business from scratch?
A: Make sure you have financial records that are properly organized, accurate and timely. And learn how to read them! Poorly organized financial records are the most common problem I see with my clients. Running a business without good financial records is like trying to drive a car blindfolded.
To find more information about Wally Evans, visit wallyevans.com.
