entrepreneur Archives - Page 6 of 8

SBM #57 Recognition

Tagged as: appreciation, employee, entrepreneur, job satisfaction, leadership, motivation, professional speaker, small business expert, Small Business Minute, staff, success, trickle down

Recognition is the easiest and most effective way to motivate employees, yet remarkably, one of the least used.¬ Entrepreneurs spend endless hours trying to figure out how to motivate their teams, yet ignore this basic human need.

A little research will show that there are an untold number of studies that rank recognition, or appreciation for their work, in the top 10 qualities that lead to job satisfaction, often placing it as the number one item.

The funny thing is, this is not revolutionary. I remember being a young manager in the pre-digital age and regularly coming across articles stating the exact same thing. A different time, a different generation, yet the very same piece of advice for managers. Tom Peters, in his seminal book, In Search of Excellence, stated that “we need to catch people doing something right”!

What about all the good?

All too often we’re quick to notice when something goes awry, we lose no time in bringing the misstep to the guilty party’s attention. Yet, how often have we ignored the many good things that same individual does? Is it because we take the position that it’s their job to do it right and that’s what I’m paying them for?

Catching people doing something right requires very little effort and only entails you to be on the lookout for those moments. Recognition of a job well done can have a significant impact on morale, on profitability as well as innovation.

Build confidence

Think about it for second. You catch someone doing something really well or took the initiative to try something new. At this point you thank them and let them know you’re pleased. So, what do think happens next? Well, it’s been my experience that a smile usually breaks across the individual face. Even the most grizzled employee will probably soften for a moment. That small action on your part signals that what they do, matters. It builds their confidence, all because someone noticed.

Let’s face it, we all like to be recognized. We all enjoy the occasional pat on the back. Don’t you beam just a little when a customer says, you did a great job? Well your employees are no different. Seriously, how much effort does it take to acknowledge a job well done? Very little!

Just a little effort

If you train yourself to be on the outlook, you’ll find plenty of moments to praise. Just be sure to be sincere. The following are just a couple of examples to prime your thinking

You overhear an employee on the phone with a customer and you’re impressed at how they handled the situation. So as soon as the call is completed, let them know that you were impressed and thank them for caring. You can’t wait until later. It must be done immediately after the call is completed to maximize it’s impact.

You task someone to query your customer database for a list of customers that either bought a specific product or service. Not only does the individual provide you what you asked for, but took it a step farther and provided a list of potential targets of that service or product.

Another employee, shares with you something a co-worker did to go the extra mile or how they helped another employee. You first thank the employee for bringing to your attention and then immediately let the other employee know that you appreciate what they did. That’s a double in my books.

It really does matter

These types of situations happen everyday in thousand of business, without the owners ever acknowledging the individuals for going the extra distance. Too be fair, many entrepreneurs do recognize the effort, but fail to let the employee know because they get busy and forget or they don’t think it matters. Let me be very clear on this point, it does matter!

By regularly acknowledging peoples good work, you set the stage for people to give a little more or try a little harder. By letting them know their efforts are appreciated, they will go the extra mile and the impact will have a trickle down effect throughout the organization that will be noticeable.

The beauty of catching people doing good is that it doesn’t cost anything. The reward is the recognition and knowing they are appreciated. So, I challenge you to spend the next week catching people doing good, and see if there is even the slightest change in morale. What have you got to lose?

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Greg Weatherdon has been there, done that. As an entrepreneur, he learned not only how to get a business to the point of running smoothly, but also how to reduce the number of hours he worked, delegate more responsibility to his employees, and take longer vacations while his business chugged along like a well-oiled machine. And now he is providing the secret to success.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM #56 Delegate not Abdicate

Tagged as: abdicate, delegate, enthusiasm, entrepreneur, information, outsource, oversight

Podcast: Play in new window | Download

Every business has lots of moving parts. By default, an owner must have a wide ranging skill set if they hope to achieve any success with their enterprise. Those skills include, but not limited to, sales, marketing, human resources, bookkeeping, production and administration.

Of course, at the onset, we as owners tend to do all these activities. But as your company evolves, and demands on your time increase, you need to seriously consider getting out from under all of those responsibilities. Doing so, would free you up to focus on what you do best as an individual and allow the company to grow.

Fortunately, for many of these areas mentioned, you have choices on how to free yourself from these tasks. You can either hire someone or, outsource those activities to a freelancer. Either way, the end result would be to unburden yourself.

What to give up

What to give up or delegate varies with each entrepreneur. But be aware, there is a fine line between delegate and abdicate. Let’s face it, your enthusiasm for the various roles in your company range from, enjoyment to sheer torture.

What I have found is that we tend to keep doing the things that we’re comfortable with, regardless if it’s a good use of our time, and eschew those things that we don’t like, or have little knowledge.

One of the very first areas that entrepreneurs can’t wait to get rid of is bookkeeping. Heck, some don’t ever do it. They just outsource it right from the beginning and are glad to be rid of the responsibility. Too be fair, it can be a little tedious and many of us just don’t have the patience for administration.

Ignoring powerful information

This is also a great example where delegation turns into abdication. When questioned, most owners simply answer that they don’t understand it, or it’s too complicated. Although it is primarily a record keeping function, what I find absolutely amazing is how little attention some owners pay to this area. For many, they are quite content to run their businesses blissfully ignorant of the powerful information contained within the available reports.

Far too often it takes a crisis to get the entrepreneur to take notice and by that time it may be too late to save the company. These crisis usually take the form of missed government remittances, seriously overdue account payables or worse, a nasty case of fraud. But more often than not, it’s simply a matter of inattention that’s built up over an extended period of time.

Maintain oversight

Delegating doesn’t mean never having to deal with it again. It simply means letting someone else take care of the day-to-day activities. For instance, if you used to spend eight hours a week on something, you can now reduce your time to an hour a week simply reviewing the other person’s activity. You still must maintain oversight and ultimately remain accountable for the results.

All areas of a business can be delegated but successful entrepreneurs stay sufficiently engaged to know exactly what’s going and avoid surprises

Delegating is mandatory if you want to grow your enterprise. It frees you to rise above and plan for the future. Just remember though, delegate not abdicate.

You may also enjoy Delegating is easier than you think

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM #55 – Are You Ready?

Tagged as: benchmark, depression, economic downturn, entrepreneur, expenses, overtime, ready, recession, small business expert, success, walkaround

Podcast: Play in new window | Download

The economy is humming along and your sales are doing just fine. As a matter of fact, things are actually pretty good. That’s why this is exactly the time you should heed that famous Boy Scout motto to “Always be Prepared”. Great advice, but be prepared for what?

Every seven years

On average, there is an economic downturn of some sorts every seven years. Sometimes a little longer, sometimes a little sooner, but seven years on average. Yet when they do happen, most owners seem to get caught totally off guard.

A slowdown, a recession, a depression, each one a little more serious than the other and each one can hurt your business. The trick to minimizing it’s impact, is to do a quick walkaround of your business. Much like every pilot does before takeoff. Why? Because when business is reasonably good, we tend to get a little too comfortable and take our eye off the some of the details.

We stop paying attention to the regular everyday expenses like the wireless phone bills, the internet or the various insurances policies. Or maybe we’ve let our receivables stretch out a little longer than we used to. What about overtime? Is anybody paying attention to it? Is it justified?

What would you cut?

What would happen if your revenue dropped by 20% -30% tomorrow? What expenses would you need to cut? How quickly could you do so? Most individuals can’t answer these questions because they just don’t know.

Making time now to review all your expenses is time well spent. It allows to rationally think things through, instead of being in crisis mode. Doing so now gives you time to explore all the alternatives available to you. For instance, can you use the postal service instead or a courier service? Does that package really need to get there the next day? Can you email invoices instead of mailing them?

If you have delivery or company vehicles, are you getting discounts on fuel by using a corporate fuel card? These cards give you a discount on every litre or gallon of fuel purchased. Over the course of the year this can really add up. If you haven’t been using them, now is the time to get them. Just remember, it’s easier to get credit when things are good?

No one noticed

One of the things I did when I first started out and continued with each startup, was to avoid lunch meetings. By scheduling client meetings before or after lunch, I avoided having to buy a prospective client lunch that I could ill afford. Later on, I would enforce this practice with my staff every time the economy took a downturn. It was easy to do and no one ever noticed. When things got better, we would selectively reinstate lunches.

Are you ready?

Using this kind of benchmark helps you focus on those extraneous expenses that have quietly crept into your business over the past few years. When, not if, a downturn comes, the last thing you want to be doing is trying to generate new business and cut expenses at the same. Doing it now, let’s you answer the question of – Are You Ready?, with a resounding yes!

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM #54 – Are you a Hunter or Gatherer?

Tagged as: entrepreneur, gatherer, harvest, hunter, purchase cycle, referrals, relationships, strategy

Podcast: Play in new window | Download

I like to define entrepreneurs into one of two categories, they are either a hunter or gatherer.

A hunter is someone who’s business requires them to go out every day and find new customers. Whereas a gatherer is much like a farmer who continuously harvests business from an established base of existing customers. The best businesses do both.

Of course, all entrepreneurs start out as hunters. They must, because they don’t have an existing customer base from which to harvest. Survival in the early days requires hunting every day, otherwise they won’t be in business very long.

Neglected Opportunities

Unfortunately, far too many entrepreneurs neglect the opportunities that exist to become a gatherer. They are so accustomed to the thrill of getting a new customer, they completely miss out on or don’t realize the potential that exist from generating incremental business from their previous customer base.

Long vs Short Purchase Cycles

To be fair, some businesses have incredibly long customer purchase cycles. An example of this is roofing sales as most people only replace their roofs every 15-20 years. Another example is new car sales, whereby people are keeping their vehicles an average of 7+ years. So, trying sell these people any sooner is very difficult.

In these situations, there still exists the opportunity to harvest from these relationships through referrals to friends and families. Easy to do, but seldom tried and wastes all the goodwill generated. Even hunter type businesses can become gatherers, if they stay in business long enough.

Many other businesses with shorter purchase cycles, think months not years, still don’t try to increase the purchase frequency. They are in such a habit of hunting that they overlook or fail to identify the many opportunities to promote complimentary or supplementary purchases. They just wait and hope that the customers return or calls them.

Look for Opportunities

Entrepreneurs that act as gatherers look for opportunities to be constantly in front of their customers, reminding them of the products and services they have to offer. With the all tools available today, such as, social media or email, staying visible is far easier than ever before.

Hunting everyday is far more difficult than gathering. Finding a balance between hunting and gathering can reduce the pressure to find a new customer every single day. Understanding whether you’re a hunter or gatherer business allows you to design the most effective strategy that will allow you to maximize your potential from all the goodwill you’ve already generated.

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM #53 – Focus

Tagged as: business, entrepreneur, focus, mistake, narrow, outlier, profitable, raging, small business expert, sunlight, unprofitable

Podcast: Play in new window | Download

Many entrepreneurs’ struggles can be traced to their inability to bring focus to their business. It is said that if you try to be great at everything, you’ll end up being good at nothing. I like to use the example of sunlight to explain the power of focus.

The Power of Focus

Most day our world is full of sunlight and even on the hottest of days there’s little risk of it setting anything on fire. But take that same sunlight and let it pass through a magnifying glass held at just the right angle and within seconds you can create a flame. Then, if properly stoked, it can become a raging inferno. That’s the power of focus and by applying the principles of focus to your business can take a mediocre enterprise and turn it into one that is highly profitable and sustainable.

Not That Popular

Bringing focus is easier than most realize and can applied to many areas of your business but none are more important than sales and marketing. The first step is to identify your most profitable products and services and then rank them. You’ll most likely discover that upwards of 80% of your revenue is coming from approximately 20% of your services or products. This is key. Far too often we waste time and energy on our slow moving products. One of the reasons we do this is that they offer higher margins but also because we hate admitting we made a mistake. However, in many instances these more profitable products are just not that popular.

Now, do the same with your customers. You need to determine, their purchase frequency and order size. Chances are that you’ll find an interesting overlap of your most profitable products and type of customers.

Now here comes the hard part. Ideally you should look to lose or reduce your activity opposite these low volume or unprofitable products. Next, stop chasing those non-profitable customers and focus all your attention on those products, services and customers that are making you money.

For example, if you discover that the most profitable customers are those with 10-20 employees, then that size of company becomes your focus. Clearly, you have something they want, otherwise they wouldn’t be your biggest market. Can you have a secondary target market? Of course, but in most cases, you’ll never exhaust the primary list.

Outliers

Meanwhile, if non-targeted customers want to avail themselves of your business, that’s okay and you should gladly accept their business. But point is you shouldn’t be chasing them, let them come to you, they are outliers. Focus on those individuals or companies where you’ve already experienced a higher level of success and spend all your sales and marketing efforts accordingly.

Narrowing your focus helps you to become an industry specialist or even an expert. The deeper you go in your target market the higher your reputation will soar and the more in demand you become.

Light a fire under your business by narrowing your focus.

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

Podcast: Play in new window | Download

What if, you could start your business all over again? What would you do differently? What do you like or dislike about your current business? What would you change?

Why Mess With A Good Thing?

These sound like simple questions and that’s because they are. As entrepreneurs, we seem to get ourselves trapped into doing things one way. And why wouldn’t we, if it’s brought us some success? Why mess with a good thing, right? Not necessarily.

One of the problems is that the longer we’re in business, the harder it is to make changes. We’ve managed to survive and maybe even consider ourselves successful or resigned ourselves to the fact that this is as good as it gets, even if deep down inside we know it could be better. But aren’t entrepreneurs supposed to work hard and overcome challenges? Of course, but not everyday!

It’s Not A Fair Trade

Didn’t you go into business to have a better life? I don’t believe anybody goes into business to sacrifice their life or their family for the cause. But so many do and all the long they know it’s not right. It’s not a fair trade, but they do it anyways, and many lose more than they gain.

So, what if you could do a “do over”? How would organize and operate your business differently than it is now? Should you have grown bigger or stayed smaller? Would you have a larger staff or less? Should you have targeted different customers? Should you have narrowed your product offerings? Wish you could have more automation or electronic processes?

Don’t Let Fear Stop You

The point is we all make mistakes and head down rabbit holes that take our businesses to places we wish we weren’t. Then, for some reason we lose sight that we absolute control over our destiny. We forget that we can change whatever we want and all it takes is a little courage and faith in our abilities. Don’t let fear stop you from something better.

Transitioning a business to where you’d really like it to be, is not a revolution, but more an evolution. The reality is we have existing commitments to clients, staff and suppliers. Refocusing our business should be done gradually, unless of course there is a crisis. Doing so, gives you the chance to monitor each change you make to ensure they are impactful and taking you where you want the business and your life to go.

Don’t Overwhelm Your Organization

Alternatively, the revolutionary approach risks alienating employees and customers and potentially overwhelming your organization with changes that can’t be managed. Doing too much too fast can leave you worse off than before.

So, what if you could do it all over again? What do you wish your ideal business would look like? Write it down. Don’t let the fact that you don’t know how to do something stop you. You can learn how or find someone who does know and get the help you need.

The objective is to get started down the road to reinventing the business you really want and it all starts with the simple question – What if?

You may also enjoy Define Your Own Success

An interesting read Shoe Dog

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM #51- The 1st Million Is The Hardest

Tagged as: ambition, celebrate success, entrepreneur, goal crushing, goals, million dollars, progress

Podcast: Play in new window | Download

As entrepreneurs, we all set goals. It’s a way to measure our progress. The biggest difference I have found between individuals is the size of the goals. Some people are just more ambitious than others. But the size of ones’ ambition is not a precursor to success.

“Without Goals

We Risk Drifting Aimlessly”

Goals are wonderful, they keep us moving forward. Much like a ships compass, goals give us a heading or a direction in which to sail, even when our destination is over the horizon. Goals give us focus, because without them, we risk drifting aimlessly.

One of the most common goals entrepreneurs have, is a million dollars! It could be a million dollars in sales, a million dollars in profit or a million dollars in wealth. Regardless of what anybody says, a million dollars is still a lot of money and damn hard to achieve. and the 1st million is the hardest. The million dollar goal was immortalized by The Barenaked Ladies hit “If I Had A Million Dollars”.

The problem with having such lofty goals is that, although achievable, they’re rarely short term, nor easily attained. When you think about it, if we were to measure our progress on a daily basis, most of us would become disillusioned very quickly. The painfully slow progress would be akin to watching a kettle boil.

Patience and Resilience

Most big goals require the compounding effects of time and effort to achieve. Having a healthy dose of patience and resilience usually doesn’t hurt. A major setback can easily destroy the will to continue our journey, turning a goal into another failed impossibility.

To avoid the goal crushing reality that are part of the entrepreneurial life, I use a simple formula or process to break down my loftier goals into a series of smaller more manageable objectives. Simply put, if the 1st million dollars is the hardest, it also stands to reason that the $10,000 is the hardest. Yet $10,000 feels much more achievable in the short term.

Intermediary Goals

Once we get to that 1st $10,000 under our belt, we can set our sights on the $20,000 mark, then $30,000 and so on, relishing in our achievements along the way. Before we know it, we’re hitting our 1st $100,000 and have settled in and marking off the mileposts of our smaller, yet more manageable, intermediary goals.

Whenever, I’m faced with a large seemingly insurmountable goal, I always try to remind myself of the adage on how to eat an elephant and that’s one bite at a time.

Celebrate Our Successes

I know this sounds simple and that’s because it is. By setting smaller more realistic short term goals it gives us the opportunity to celebrate our successes along the way. More importantly though, these shorter goals allow us to refine our methods so we can achieve the next one much faster than the previous one.

Setting smaller more numerous goals will give you a sense of progress. Success can then be measured in months versus years, if not decades. Because the 1st million is the hardest.

An interesting read Pre-Suasion by Robert Cialdini

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM #50- Confidence

Tagged as: assurance, Canada, confidence, deep work, entrepreneur, Future, journey, self, small business, small business expert

Podcast: Play in new window | Download

When we first hang out our Small Business shingle, we outwardly exude confidence in our idea and our abilities that we will succeed. But if truth be told, we have absolutely no idea how the story will end. Will it be a fairy tale or a horror story?

Mouse in a maze

Throughout the planning stages, we have spent hours upon hours dreaming of the future we will create. We hope that this future will take us on an amazing and positive journey. Realistically though, this journey will not be in a straight line from A to B. It will not be simply a matter of putting one foot in front of another. Often, the entrepreneurial journey is more akin to mouse in a maze where it keeps running into dead ends in search of that elusive piece of cheese.

Of the many challenges we face is that success and failure can exist in the same day and frequently collide creating an emotional roller coaster. But true believers have the confidence that no matter what obstacles come their way, they’ll have the wherewithal either go through it, around it or over it to be successful.

Self-assurance

This confidence is not based on wishful thinking but is a feeling that resides deep within them. It’s a belief in themselves. A self-assurance, if you will, that lets them focus on the end goal that allows them to continuously move forward even if they don’t have all the answers. They know they’ll eventually figure it out.

Having that inner confidence is what sets the successful entrepreneur apart from the rest of the pack.

Recent book read Deep Work by Cal Newport

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

Podcast: Play in new window | Download

Every entrepreneur goes into business with a list of dreams, hopes and desires for their business and their life. Unfortunately, dreams require more than just hoping and praying for a successful outcome.

What we need to realize is that dreams are just the starting point of the entrepreneurial adventure. Dreams get us in the game, but to be successful in business requires being able to put all the pieces together in order to create a prosperous enterprise.

Those elements consist of:

Sales
Marketing
Operations
Administration
The thing is, most of us are only really good in one or, if we’re lucky, two of those areas.

Self Assessment

Each of those areas require a wide ranging set of skills, yet many entrepreneurs have no ideas what real strengths or weaknesses they possess. Putting our dreams aside for a few moments, we need to ask ourselves some questions. A little self evaluation, if you will.

• What skills do we really need for our business?
• Are our strengths aligned with the skills required for our type of business?
• Do we have the temperament to even be in business?

Find Your Strengths

Relying solely on our own answers, only gets us part of the way. We need to get a little more scientific, because we all think we’re exceptionally talented. However, if we can leverage our true strengths, our path to success becomes just a little bit easier.

Once we’ve done a self-evaluation, we need to follow it up with a formal personality profile to see if our reality aligns with our perceptions. There exists a number of profiling tools available at little or know cost such as Myers-Briggs or Disc. These are readily available on the internet. If you’ve never complete one, I encourage you to do so as soon as possible. They are insightful. Once completed, compare it to your self evaluation.

By knowing our strengths and weaknesses that get uncovered by these profiling questionnaires, provide you with a framework for your personal development. To thy own self be true.

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

SBM#45- Branding vs Reputation

Tagged as: brand, building, entrepreneur, focus, personal, profitable, referral, relationship, reputation, small business, small business expert, Small Business Minute, social media

Podcast: Play in new window | Download

There’s a lot of time and energy wasted by small businesses on the whole concept of brand building and little on reputation. So much of this noise can be traced back to the explosion of Social Media and if the truth be told, that’s all most of it is, noise.

To be honest branding any kind of service business has always been a challenge and is best suited to products. The exception to this is when a service business reaches a size and scope that no longer qualifies it as a small business. The primary factor is that most small businesses have difficulty defining what business they’re actually in and any attempt to develop a brand is a lesson in futility.

Personal Relationships

Think about how you react to certain businesses. There are many large organizations whereby you don’t have a personal relationship with anyone, yet you have come to trust their products or services. That’s because they have consistently lived up to or exceeded your expectation and you’re more likely to try a new offering from them.

Contrast that now with a small business. Typically, you’ve met the owner and/or received a referral from someone who has. The distance from the top of the organization to you, is very short. It’s a personal relationship, their reputation.

What most successful entrepreneurs focus on is not creating a brand but of creating a great experience for their customers. Doing so, has built a reputation that is far more powerful than any manufactured brand.

Delivering a consistent service that customer are willing to tell their friends about is something that can’t be created. It has to be earned and is far more enduring and profitable as people will be willing to be put on a waiting list in order to deal with a company with a good reputation. For those who aren’t willing, they are probably not our target anyways.

The Smaller The Company, The Less Your Brand Matters-It’s About Your Reputation

Focusing on your reputation is a far better use of your time and effort than trying to create a brand. By simply making sure you treat the customer fairly, do what you say you’re going to do and fix any problems immediately. Doing so, goes a long way to building a great reputation.

I don’t know about you but I would much prefer to deal with a small business that has a great reputation over a great brand.

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

ORDER HERE

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Tag: entrepreneur

What about all the good?

Build confidence

Just a little effort

It really does matter

Get More LIFE Out of Your Business

What to give up

Ignoring powerful information

Maintain oversight

Get More LIFE Out of Your Business

Every seven years

What would you cut?

No one noticed

Are you ready?

Get More LIFE Out of Your Business

Neglected Opportunities

Long vs Short Purchase Cycles

Look for Opportunities

Get More LIFE Out of Your Business

The Power of Focus

Not That Popular

Outliers

Get More LIFE Out of Your Business

Why Mess With A Good Thing?

It’s Not A Fair Trade

Don’t Let Fear Stop You

Don’t Overwhelm Your Organization

Get More LIFE Out of Your Business

“Without Goals

We Risk Drifting Aimlessly”

Patience and Resilience

Intermediary Goals

Celebrate Our Successes

Get More LIFE Out of Your Business

Mouse in a maze

Self-assurance

Get More LIFE Out of Your Business

Self Assessment

Find Your Strengths

Get More LIFE Out of Your Business

Personal Relationships

The Smaller The Company, The Less Your Brand Matters-It’s About Your Reputation

Get More LIFE Out of Your Business

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