Money
Money is the number one reason why small businesses fail.
Lack of money is the main reason why most small businesses are not successful.
Small businesses are successful when they create efficiency in all aspects of their business. The efficient small business recognizes and constantly works towards not wasting 2 things:
TIME and MONEY.
Putting Your Business into Perspective
Ask yourself:
- What is it that I am selling? A service, a product, or both?
- Who are my customers?
- Who do I want my customers to be?
- How does my business operate?
- How can I create my marketing strategy?
Create a Chart
Make a chart with these 4 headings:
- What are you selling? List the benefits.
- Who are your customers? List your target market(s).
- How will you Operate? List your operation methods.
- How to get the word out? List your marketing strategies.
Ginger Lyon: One Good Nurse, Inc.
We used one of our Start It Right! graduates, Ginger Lyon, as an example to create this chart. Ginger is a certified foot and nail care nurse. www.onegoodnurse.com
- What are you selling? Benefits: Nurse, Attention, Health, Convenience, Comfort, Pretty Feet, Empathy, a Good Listener
- Who are your customers? Seniors, Family Members, Senior Facilities, Orthopedic Patients, the Disabled, Diabetics, Podiatrists, Athletes, Dancers, etc…
- How will you Operate? Multiple Clients – One Location, Administrative Help
- Marketing – Get the Word Out: Networking, Related Events, Advertising, Online Media, etc…
After compiling this list, we posted the questions and answers on the wall to create a chart. By doing this, it revealed how these components flowed together and are both interdependent and dependant on one another. For example, what you are selling will reveal your target customers, recognizing your target customers will determine your marketing strategy, and so on.
It’s important to understand how all aspects of your business affect one another and how you can make each component more efficient with regard to your time and money. Take the time to strategize and plan. This is will create your recipe for success! Your goal should be to create a more sustainable business, economically, to create PROFIT.
Next Roundtable Meeting: Wednesday, July 14th, 2010
Topic: TBD
Facilitator: Bill Smith
