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Category: Change

A Huge Key to Small Business Success

Posted by on in Branding, Business Coaching, Change, Communication, Continuous Improvement, Market Demand, Marketing StrategyLeave a comment

Nearly Half of Businesses Fail Due to Market Demand

This is a crazy statistic and it’s definitely one that small business owners need to pay attention to. Starting a small business and growing it over time can be exciting and scary and statistics and everything that plays into it can cause many sleepless nights. On the positive side, there are things we can do to help prevent being one of these statistics.

Especially for start-ups, it’s important to understand and align with market demand to avoid becoming a part of history. Here are three practical strategies that small business owners can employ to ensure their venture meets a real market need and thrives in a competitive landscape.

1. Conduct Thorough Market Research

The foundation of any successful business is thorough market research. Understanding who your customers are, what they need, and how they prefer to receive your product or service is crucial. Market research can come in many forms, including:

  • Surveys and Questionnaires: Directly asking potential customers about their preferences and pain points can yield valuable insights.
  • Focus Groups: Gathering a diverse group of people and getting feedback on your product or business idea can help refine your offerings.
  • Competitive Analysis: Studying what your competitors are doing right or doing wrong can help you find a niche or an area of improvement that they are missing, giving you a competitive edge.

Investing time and resources in solid market research before launching your product or small business can save you from making costly mistakes associated with launching a product or service for which there is no real demand. No demand, no customers.

Word of Caution: Many people, especially people you know and trust, will not tell you the whole truth. They will sugarcoat and that will not help. I’ve seen many small business owners start a business on sugarcoated information, only to realize the fatal flaw in their market research. One way to get around this is to survey outside of your network. Another way is to create a culture of asking for honest feedback. Overtime, people will realize you want the truth and finally gain the courage to say the things you may not want to hear. The latter takes time so for Entrepreneurs with great ideas and fast-moving energy, this may be difficult. Keep in mind that many of the best decisions are slow decisions.

2. Develop a Strong Value Proposition

Once you have a clear understanding of the market needs, your next step is to create a strong value proposition. This is a statement that clearly and concisely describes why a customer would choose your product or service over others. It focuses on the uniqueness of your offering and the specific benefits it provides that are not available elsewhere.

Essentially, Answer This Question: “In a room with 99 other providers that do what you do, why should I buy from you?”

Here are a few tips to help you create a compelling value proposition:

  • Highlight Unique Features: What makes your product or service unique? How does it solve problems better than any other similar offerings?
  • Emphasize Benefits: Focus on how your product improves lives or adds value, rather than just listing its features.
  • Speak to Your Audience: Use language that resonates with your prospects. Make them feel understood and valued.

A well-defined value proposition feeds the core of your messaging for your marketing strategy. It attracts the right customers for the right reasons which means you and they are on the same page from the get-go thereby reducing time and cost to get to the sale.

3. Review, Adapt, and Repeat

Starting your business is just the beginning. To be in it for the long term, getting customer feedback in real time and adjusting to provide ever better products and services to stay relevant and competitive, needs to be part of your company norms and culture. Use that feedback for effective and efficient growth and development.

  • Gather Feedback on a Regular Basis: Use tools like customer surveys, online reviews, and social media interactions to continuously gather insights about customer experiences and expectations.
  • Implement Change Proactively: You’ll need to adapt as you go to stay in the game. Proactive change is almost always preferable to reactive change!
  • Stay Flexible: Market trends and consumer preferences change rapidly. Staying flexible and being willing to pivot can help you stay top of mind with your target market.

By investing in thorough market research, crafting a compelling value proposition, and continuously adapting based on customer feedback, small business owners can significantly increase their chances of success. Remember, understanding and meeting market demand isn’t a one-time thing – it’s an ongoing process that requires persistence, flexibility, and creativity. By following these strategies, entrepreneurs can not only survive but thrive in today’s competitive business environment.

“Your most unhappy customers are your greatest source of learning.” – Bill Gates

If you would like to learn more about small business success, contact Coach Ernie today!

Assumptions – And Pest Control!

Posted by on in Assumptions, Business Coaching, Change, Christy Austin, Coach Christy, Communication, Continuous Improvement, Employee Motivation, Executive CoachingLeave a comment

by Coach Christy Austin

Working with countless teams over the years has shown that assumptions are like a hidden pest. Like termites in the foundation, they erode our business, resulting in lower productivity, dissatisfied customers, and increased employee turnover. An assumption is defined as “an expectation believed to be true, without facts or evidence.” Though most are unaware, we each make hundreds of assumptions every day and don’t even realize it.

We make assumptions.

Our staff make assumptions.

Our customers make assumptions.

Our potential clients make assumptions.

This affects our overall success and often negatively impacts our bottom line!

Our own assumptions are laced through the DNA of our business. We know what we’re thinking, we know the culture we want, we know our values, we know our daily procedures, we know what we expect from employees, and we know how to work hard to make things work. But, does our team, or our customers, know these things? We often assume they do!

According to a recent Forbes Survey[i], the most common assumptions in the workplace that hold teams back include these.:

  • Management can’t be trusted.
  • I can’t make any mistakes.
  • If someone has an issue, they’ll speak up.
  • This is the way it has always been done.
  • Don’t fix it if it isn’t broken.

Obviously, most of our assumptions are automatic thoughts that “pop” into our minds. We never question them because we think they’re facts. Why? Because, much like family dysfunction, our assumptions are “normal.” They are familiar to us.

What assumptions did you make when you woke up today?

  • I’ll leave at my usual time because there’s never much traffic.
  • Our morning meeting will be productive.
  • The new hire probably won’t work out again.
  • My staff will work hard.

When I walked into my office this morning, I immediately sat in my chair, assuming it would hold me. I flipped a switch, assuming my lights would work. And I began typing away on a keyboard, assuming my computer would precisely function to answer dozens of emails. Interestingly, none of these assumptions are guaranteed and in fact, I’ve had many days these assumptions weren’t true – the chair broke, the lights didn’t turn on, and the computer didn’t send emails. Nonetheless, daily I assume each of these will happen normally without a second thought.

The greatest challenge with assumptions in the workplace is, most often, we can’t identify our own because they’re buried deep in our everyday function and routine. They come from our experiences. We don’t recognize these personal assumptions until they cost us something – time, money, valuable staff members, and other resources. In the end, just like with termites in the foundation, assumptions end up costing business owners much more than they realize!

So, what’s the solution, i.e., Pest Control?

Self-Awareness – Take time to become aware of assumptions, individually and as a team, and then we can begin to assess their validity through evaluation and dialogue.

Communication – Assertive communication is the key to dispel assumptions by ensuring others truly know what we expect, value, and need to maintain the culture and success of our business.

Policies and Procedures – A strong team culture is formed and maintained through simple and consistent procedures and policies, such as continuous improvement programs, which minimizes the pesky assumptions and guides us to achieve our goals and continued business success!

Do you know what assumptions are costing your team and your business?

Coach Christy can help you and your team with Pest Control to minimize those pesky assumptions and build a stronger team and more profitable and successful business. Give her a call today!

[i] https://www.forbes.com/sites/nicolebendaly/2019/07/05/14-assumptions-that-are-holding-your-team-back/?sh=aaee6da76ebf

Positive Pressure for the Long Game and Small Business Success!

Posted by on in Business Coaching, Change, Employee Motivation, Executive Coaching, Success QuotesLeave a comment

The journey of a thousand miles, as Lao Tzu said, begins with a single step. This ancient wisdom also applies to the world of small business where the prospect of starting a business from scratch, building a business over the long term, and achieving small business success, can often overshadow the significance and value of short-term objectives.

I often preach, play the long game. Start with the vision and work backwards to your daily task list. This works well but sometimes steps in the middle, such as quarterly or monthly goals, get missed. These short-term goals are important, for small business owners as well as their employees, to pay attention to but often get put on the back burner to make time and energy for the daily firefighting.

Short-term goals serve as a powerful catalyst for long term success, providing positive pressure and motivation that can move small business owners towards their vision. Specific and challenging goals lead to higher performance compared to easy or vague goals. Short-term goals, defined as objectives achievable within a year or less, offer immediate feedback and motivation, allowing business owners to adjust strategies and maintain momentum.

For employees, the benefits are just as great!

  • The immediacy of short-term goals provides a sense of urgency, creating positive pressure that can motivate employee action and foster a culture of achievement within the organization.
  • Short-term goals can also enhance one’s belief in one’s ability to succeed. Achieving them can boost employee confidence, reinforcing the belief that larger objectives are attainable. As motivational guru Tony Robbins once said, “Setting goals is the first step in turning the invisible into the visible.”  
  • Short-term goals can serve as steppingstones towards long-term objectives, breaking down complex tasks into manageable parts. Known as “chunking,” this process can reduce mental stress and improve employee productivity. It also allows one to leave their comfort zone much more easily. Only through discomfort can we achieve more.

“Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.” – Brian Tracy

Work from Home & the Long Game

Posted by on in Business Coaching, Change, Covid-19, Executive Coaching, Success Quotes2 Comments

As the economy opens back up, many people will be finding working from home as part of the new norm. Some business owners and employees want it, some not so much. Wherever you stand, if you have not settled into the WFH format yet, here are a few tips to get you there.:

Think Habits – Our habits determine our success. Do the right things, do them consistently.

Establish Routines – Get into a rhythm and stay there as best you can. Map out your days and your ideal calendar to help you stay on task and avoid distractions. If the first Monday of the month from 8:00 – 12:00 works best for admin work, make it so every month.

Be Professional – Some people can be productive in their jammies. If that is you, awesome. If you need to shower, shave, and put on a suit, do that. If you need to do a Zoom meeting, be sure to follow the prescribed dress code!

Find Your Space – If you do not have a separate home office space with a door, do your best to create a space that will work for you. Find a corner of the family room or basement, set-up a desk, put a calendar on the wall, and whatever else you need to say, “This is my work space and don’t bother me when I am here.” Train family to respect the work schedule and workspace as best as possible.

Self-Care – Be careful this does not get lost in the confusion of being at home vs being at work. Take care of yourself first so that you can take care of everything else.

• Take frequent breaks – get up and walk around, get a drink of water, etc.
• Disconnect when you need to especially from the social media blitz.
• Remember, me time is allowed and necessary.

Finally, WFH is likely to be a large part of the new norm. We were trending that way before Covid-19 and we are definitely there now. So, plan for the long term to WFH and remember a key element to a successful work from home effort is communication. When people are at a distance, we can lose sight of the need for and the effectiveness of our communication so…

Include this last tip into your routine: Call first, call often!

Let me know, how do you find success with WFH?

It’s Not About Change…

Posted by on in Business Coaching, Change, Covid-19, Executive Coaching, Success QuotesLeave a comment

It’s about adapting to change.

Change is the norm. Always has been. Covid-19 has been a big change for sure and it’s effects are likely to continue for some time to come. So, the key is adapting and doing our best to adapt well for the long term. Here are a few key points for adapting to change. 

The Three P’s

Be Positive – As much as possible, keep it optimistic. Our tendency is to initially fear the sky is falling but that rarely happens. Think about worst case and be prepared as best you can but hope for the best.

“Optimism, when applied to your life, develops strength and peace within you.”

– Norman Vincent Peale

Be proactive – Sudden change will give rise to fear and put us in a reactive mode, i.e. fight or flight. Self-directed change or change we prepare for allows us to respond in a more logical manner for better results. Develop contingency plans and robust systems so when the need arises, you are ready to go.

“It will never rain roses: when we want to have more roses, we must plant more roses.

– George Eliot

Be Purposeful – Set your goals, both short term and long term, based on your core values. Doing so allows you to go after them and move with purpose. That purpose gets you out of bed in the morning, it helps you dispel any doubts, and it helps you to be ready for any storm that may come.

“Occupy your thoughts with purpose and you will be so busy pursuing a meaningful future there will be no time for doubt, chaos and disappointment.

– Carlos Wallace

Do your best to be positive, proactive and purposeful and you will weather the storm.

Let me know…how are you handling the change?

Rock on!

Batten down the hatches…

Posted by on in Business Coaching, Change, Covid-19, Executive Coaching, Success QuotesLeave a comment

shipstorm
Batten down the hatches!

Weathering the storm is the norm right now.  Battening down the hatches is necessary to help ships keep water out and stay afloat in stormy waters.  In days long gone, the key elements “to batten” include the wooden grates over the hatches in the ships deck, the tarps thrown over the hatches, and furring strips nailed around the edges or ropes to hold the tarps in place.

Four key business elements that help batten down the hatches during troubled times include:

  1. Map out your marketing strategy – having this in place and effective implementation are critical always but especially during the storm.  Keeping your marketing active versus cost cutting approaches makes all the difference between businesses that survive and those that thrive.
  2. Diversify your customer base and service offerings – As a part of 1. above, diversity helps to keep your business off the revenue rollercoaster through tough times as well as any usual seasonal effects.
  3. Plan worst case…sound strategic planning includes what if worst case scenarios most of which won’t ever happen.  But if they did, you are more likely to have a contingency plan ready to go and even if you don’t have just the right plan, working through scenarios is good practice and helps to ensure you and your team can meet the challenge when the need arises.
  4. Set aside a rainy day fund – Every cent counts and even a small rainy day fund sets the right tone for your team from core values to daily cash flow management.

“If you would be wealthy, think of saving as well as getting.”
Benjamin Franklin

If you didn’t have these four key business elements in place before the Covid-19 pandemic hit, you might be feeling the pain.  If so, triage your business and get through as best you can.  When you get a moment and catch your breath, schedule a time for you and your team to take a look at the four key elements above so when the next storm comes, you can batten down the hatches!

Covid-19 Anxiety, Find Your One Thing…

Posted by on in Business Coaching, Change, Covid-19, Executive CoachingLeave a comment

Covid-19 and social distancing for the last couple of weeks has been stressing me to my limit as it probably has for you too.  Being off my routine, in lockdown mode (I know, safe at home) worrying about business stuff and family stuff and with a lot fewer warm hugs has really knocked me off my game.  Can’t sleep, stress eating, not getting out to run (worsens everything) and a low level anxiety from everywhere have been the new norm…the negativity creeps on you and before you know it, it’s hitting you hard.  Thankfully, my friend Tim Cole sent me a link to an insightful article by Mitch Albom in the Detroit Free Press which I really needed today.  Mitch writes about Knox who has an incredible story…a blessed ray of sunshine all the way from Haiti that helped Mitch find his one thing.BikeRideJoy

My one thing…this weekend, my 9 year old son finally learned to ride his bike overcoming a ton of anxiety.  He’s been putting it off for years.  There was a super stress moment and some tears but he pushed through and of course, once he got the hang of it he didn’t want to stop.  He rode about 8 miles before the day was done and he didn’t let me help in any of it except to cheer him from a distance and adjust the seat and the brakes a few times.  This win was all him!  I got a long warm hug for the assist and then he let go but came back and gave me a second long warm hug, bonus!  :)

In writing this I also realize for the umpteenth time, that we have rays of sunshine all around us all day every day.  We just have to get out of our funk and look for them.  Life’s best things are the littlest things right under our noses.

As these next days and weeks come and go, find your one thing(s), your rays of sunshine, and count your blessings.  And if you can, help someone else find theirs because we are all of us everywhere on quite the rollercoaster.  Thank you Mitch and thank you Tim!

What is your one thing?