Business Today
February 2015
Small Business Toolbox
Do you cut corners or gain an edge? A small business is a boot-strapping force without a marketing engine behind business in the beginning. Anything that it is a farce, not a force. And when you can be done without huge expense or ARE the sales force, it is all the more investment is the underlying motivation important that you understand how marin order to realize a profit sooner rather keting can be working for you behind the than later. The problem with many busi- scenes and ahead of your sales effort. ness owners’ mindsets is that they are The most effective marketing programs more focused on curtailing spending as require your investment in the beginning opposed to making wise investments of and then become a momentum-building their time, resources and money. asset through leveraging other people, Could one of these five misguided technology and effective communicamindsets be causing more harm than tion and outreach to saturate targeted good in your business? segments in powerful Friends & Family ways. Then when you Sweat Equity: Leverdo have your sales hat aging the talents and reon, your job is a lot sources available through easier. family and friends can be Expense Versus cost-effectively strategic. Investment MenHowever, too many busitality: Is an expense ness owners view these mindset costing you opportunities as a way of the ability to truly cutting expenses instead grow profitably? When of being resourceful. You you get into the “I can’t have a cousin who is a afford” mindset, you web designer, a son who are basically forcing is an accountant, or a yourself into a sustainneighbor who does proing or survival mode of motional items who owes operations instead of a you a favor. When you apgrowth mode. Growth proach these resources takes investment. Infrom a standpoint of them vestment of time. InSHERRE DeMAO owing you something, vestment of resources. then you are already setInvestment of money. ting yourself up for frustration and fail- The key is to know the difference beure. Anyone you get involved in support- tween what is an investment and what is ing your business should be viewed as an expense. The five key areas to review a valuable resource and treated as such and invest when you are trying to grow from the get-go. Perhaps the reason that your operations are: image/marketing; cousin or neighbor can never seem to facility/location; training and developget around to the “freebie” you are get- ment; hiring/outsourcing; and technolting is because you aren’t valuing what ogy. Interestingly, for no-growth or negathey are actually providing. tive growth companies, these are the DIY Everything: How much is do- areas they tend to cut when sales slow ing everything yourself really costing down as compared to growth-oriented you? Sure, as a business owner you wear companies that understand that to grow all the hats in the beginning. But there is to know a good investment when they comes a time when the best thing you see it. can do for your business and its future Mass Versus Mindful Appeal: Too growth is to relinquish some of the hats many business owners don’t dig deep to someone more adept, qualified, effi- enough into the psyche of their most cient and effective. Your time is an asset, ideal customers. As a result, the generic a valuable one. If you are spending all of appeal gravitates no one into their doors your time in supporting and sustaining in spite of the money and time spent. Do roles, then you are losing the ability to you know without hesitation who are income-produce and income-generate your most ideal and profitable prospects? more opportunities. Do a time inventory If you only “think” you know, that’s not to see exactly what doing everything good enough. The better you know who may be costing you. is ideal and what makes them ideal, esNo Marketing, Just Sales: A sales pecially in how they think, hw more
successful you will be in attracting and retaining them. If you are suffering from any one of these ill-advised thought processes, then you are most likely cutting corners that are curtailing your business’ ability to grow and prosper. To gain an edge in business, you must be willing to go out on the edge in what you are willing to do to get to the other side. After all, isn’t that what makes entrepreneurship so rewarding and exhilarating to begin with? Sherré DeMao is the author of nationally acclaimed books and is founder of SLD Unlimited Biz Growth Inc., a full-service operational strategy firm based in Denver, NC. Her column seeks to help business owners build and grow sustainable enterprises with economic value and preference in the marketplace. DeMao can be reached at 704.483.2941 or sherre@sldunlimited.com.
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Opportunity Ahead Contact Gail Williams at
704.895.1335 about advertising opportunities BusinessTodayNC@gmail.com www.businesstodaync.com P.O. Box 2063 Cornelius, NC 28031
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