Navigating a small business can be tricky. There are internal and external elements that play a role in the company’s infrastructure, performance, and brand identity. Getting a small business to the point where they can be sustainable is key. That means understanding the challenges they face and having a plan in place to overcome them. In any business, there are certain obstacles that hinder growth. Before you get to that point, it’s important to determine what you want to accomplish, where you want the business to go, who will be a part of that strategy, are you equipped with the right tools, do you have a timeline in place? What are your costs? Taking the time to define your goals to have a clear path will help you determine whether you succeed or fail.
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Being an entrepreneur is exhilarating and exhausting and both emotions can be experienced within hours or even minutes apart. Typically, I experience these emotions upon closing a new deal and/or walking out of the "breakup" meeting with one of our biggest clients. Both scenarios are unavoidable and every entrepreneur should plan accordingly. Briefly, I would like to share with you why I spend an equal amount of time analyzing and forecasting the loss of a client as I do the close of new business.
In most cases, an appropriate amount of time has not been allocated determining marketing goals. Instead, an absorbent amount of time was spent reviewing budgets, allocating resources, approving plans, building the right team, and .......... the list goes on. Without considering, "How do we know if we succeeded or failed?" There are six fundamental questions we always like to ask: