Posted on December 10, 2011
Below, we outline the actions leaders can take to turn around struggling firms. Before following these steps, ensure that you have a small business consultant to act as a partner throughout the turnaround process. An outside business consulting expert is crucial; she or he can offer an unbiased expert opinion that can bring new life into your business.
Step 1: Get to Know the Business
The first thing a turnaround leader or small business consultant should do is research the struggling business. A full facility tour, including meetings with all employees, managers, leaders and trusted advisors, should be conducted. The consultant needs to know the business' story - the reason for its inception as well as successes, advantages, procedures, intellectual property, core beliefs and failures. Next, the business consulting guru should put together a turnaround team within the organization.
Step 2: Meet with Creditors, Customers and Suppliers
Once internal customers are on board with the turnaround process, it's time to get the support of external customers and partners. Turnaround leaders should give these players a clear understanding of why the turnaround process is happening and what the company hopes to achieve.
Step 3: Review Barriers to Business Success
Next, the small business consultant and turnaround team should review major business obstacles. What problems are limiting performance? The business consulting expert should research each major issue. For instance, if being profitable is the main problem, the consultant should analyze profit and loss reports for every month of the last two years. While working with your small business consultant, be objective in your assessment of the data. Can you spot where the current trends started? This is also a good time to think about potential timing issues for reviving the business. Read More...
Posted on November 7, 2011
"But I'm not a widget!" she whined. "It's harder for me!"
Denise was giving the number one reason she despises marketing. I laughed and told her that it was also the number one reason EVERY solo-business owner claims to despise marketing!
Why is that? Because it feels different when YOU are the product.
You're not selling widgets. You're selling YOU, your soul, your passion, your ideas, your services. And marketing YOU feels like ego. It feels phony. It feels sales-y.
I won't lie to you. There will be discomfort when you uplevel your marketing efforts and when you become more present in the marketplace.
But know this:
The people who release their marketing fears are the same ones who have more clients than they can handle and more cashflow than they ever imagined. They learn that marketing is actually how they serve!
In fact, it's a relief when you realize that the problems in your business are not the Universe telling you that you're lame. They're just "marketing problems." Learn the valuable skill of marketing and watch your wealth build. Read More...
Posted on August 13, 2011
Like all small business owners, you want to get more clients but feel that nothing you do is getting the results you want. Rest assured that you are not alone. I have heard this a lot from clients which is why I have put together what I believe to be the key 7 things that you need to do in order to get more clients. Most of the 7 tips are extremely obvious but what I have been finding is that while many business owners are aware of them, they aren't really following them - only read this if you are prepared to make the time to take appropriate action!
1. Take time to define your niche and target market because you can't be all things to all people. You need to know what makes you and your products/services unique so you can position yourself as an expert within your niche. Then you must have a clearly defined market which you can describe in 1 short sentence. There is a lot of information available on the internet to help you do this. You can then ensure that the vast majority of your marketing efforts are targeted directly at your target market in order for it to be effective. For example, if your niche is career coaching and your target market is school leavers, then this is the area you should be focussing your marketing on.
2. Try changing your approach to selling so that you "sell the sizzle not the steak". People will buy from you if you can give them a solution to their problem so stop trying to sell products and services and instead focus on making your target market aware of the solutions and benefits that your products/services provide. Read More...