Many small business owners become jacks-of-all-trades and do a little bit of everything when it comes to managing their businesses. This versatility can be a tremendous asset when first starting a business. As time goes on, however, the small business owner who continues to do everything him or herself will hit what I call the success stopping point.
The Past is The Past
Our past is a precious gift, without it we would not be here today. But, if like me you have painful memories, its difficult not to try to shed yourself of those memories and pretend they did not happen.
In a recent podcast, we covered the concept of building a business foundation for your small business. Why is it that important? Here’s a statistic. Roughly 50% of businesses in Canada fail within their first 5 years, often before they’ve had a chance to hit key business milestones. That’s an alarming statistic for any business owner, even if they’ve passed the 5-year threshold. What causes those businesses to fail?
Canadians love summer ☀️
Last Thursday (July 5th) at our weekly SBCN Coffee Connect I had a great conversation about social media video marketing with our latest SBCN member, Angela Kafadar of Video Power Up.
This is a simple question, but the answer is anything but simple !
We all know many big corporate brands because they have the money to hire people to advertise and market their products or services in a multitude of ways (e.g. TV, radio, newspaper, magazine, billboards, fundraisers, special events, social media, etc.).
As a small business owner, no matter how much revenue you generate, it’s the size of your profit margin that makes the biggest difference between growing a thriving business and struggling to improve mediocre results. That’s why great entrepreneurs should put profit at the top of their priority list as they plan for the coming year. Here are two simple ways to reliably improve your profit margin and the health of your business.
Create systems to reduce costs
Why do we dislike being "sold to"?
When we hear the word “selling” of any kind, we want to run. The truth of the matter is, we are being sold to everyday. Everything from clothing, cars, and even our toothpaste has been marketed to us.
Why are we so hesitant to buy from a MLM company or any direct seller?
Many pyramid schemes have been disguised as MLM or direct sales companies made millions misleading others, hence the word "scheme" often being added when referring to MLM or Direct Sales.