Wednesday, May 15, 2024

Get The Scoop On Business Solutions To Your Problem By Gary Smith

Business Solutions to
Your Problem

(And the Answer To Your Prayers)

By Gary L. Smith

Are you working twenty-five hours a day, eight days a week? You rarely see your family, and when you do make time for your daughter’s dance recital or happy hour with your buds, you’re not there. Not really. You’re thinking about the latest problem and how you’re going to fix it.

Every second of your waking life is spent trying to figure out how to hang on to this fledgling business of yours. You’re busy wearing all your many hats, worrying about making payroll and if Social Security will be enough to keep you in ramen noodles when you retire. 

Who the hell has time to go for the dream when you barely have the time or the money to eat? Can you even remember the dream? Let me refresh your memory. You want the freedom to live, work and express yourself as you choose. You want the power to influence the marketplace, your culture, your community.

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Instead, you’re a slave to your business. It owns you—and it’s kicking your ass. And if you’re being honest, even though the rest of the world thinks you’re a big-time (or rising) entrepreneur, sometimes it feels like your business is quicksand and you’re sinking down right in the middle of it, not a tree branch in sight.

Like so many one-man bands, you believe that your knowledge and skill set isn’t teachable, and if you can’t teach it, you can’t systematize it. And if you can’t systematize it, you can’t grow it. If you’re making good money doing what you do, you can get stuck in the mindset that you’re the only person on the planet who can do what you do. You become blind to the trap you set for yourself. So, if you’re not sure if you should continue, ask yourself one question: 

Do you want your business to die a slow, miserable death?

Your core system is the unique offering that differentiates your business from all the others in your industry. It’s not just about product or service; it’s also about your approach to delivering your product or service, and it’s about the specific talents, abilities and experience you bring to the table. It’s your big idea, your know-how and your mojo all wrapped up into one crazy cocktail that can’t be duplicated. But what is your why?

Find the “why.” If your dream is to just be big and get rich, that’s not enough to grow a significant, successful business. Ask yourself why you started this business and not another business. What purpose are you serving? What gets you lit? If you know your “why,” it will resonate with your clients. This year is nearly over, you may have to reset your revenue goal if you’re off track. If you’re ahead of your projections, stay the course, the trend is your friend. 

On the other hand, if your business is on life support, take action and adjust where necessary. To get the heart of your business beating again (meaning you can survive without perpetual panic), recalculate how much revenue do you need to generate? Don’t put yourself last on the list. Start by figuring out what you personally need to be comfortable, to know that you’re back on your feet. Then figure out how much revenue your company needs to make to actually support that. Remember, we just want to hear that beep, beep, beep on the heart monitor again. Later, you can adjust your revenue goal to include all your aspirations (send kids to college, see the world…and buy Twinkies whenever you darn well, please). 

Moving forward, ask better questions. We can only find the best answers when we ask great questions. Rather than ask, “Why do I struggle?” ask, “How can I take home $2,000 a day, every day?” Either way, your brain will find the answer. 

Below are some a few more steps to consider, hopefully they will bless you in growing your business:

  1. Define your goals: Clearly outline your short-term and long-term objectives for your business growth.

  2. Know your audience: Understand your target market’s needs, preferences, and behavior to tailor your products and services effectively.

  3. Build a strong brand: Invest in branding to create a memorable identity that resonates with your audience and sets you apart from competitors.

  4. Offer exceptional customer service: Providing excellent customer service support can enhance loyalty and encourage repeat business and referrals.

  5. Focus on Marketing: Develop a comprehensive marketing strategy encompassing digital marketing, social media, content creation, and traditional advertising to reach and engage with potential customers.

  6. Leverage technology: Utilize technology to streamline operations, improve efficiency, and enhance the customer experience.

  7. Expand your reach: Explore new markets, channels, or geographical locations to broaden your customer base and revenue streams.

  8. Invest in talent: Surround yourself with skilled professionals who can contribute to your business’s success and help execute your growth plans.

  9. Monitor and adapt: Continuously track your progress, analyze data, and adapt your strategies based on market trends, customer feedback, and performance metrics.

  10. Stay innovative: Keep innovating and evolving your products, services, and business model to stay competitive and meet the changing customer demands.

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About the Minority Business Finance Scoop - is the premier news blog covering minority, black, and emerging businesses and how they develop and finance their companies. The publication is dedicated to showcasing the business and economic development of Black businesses and entrepreneurs of color.

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