How to Avoid the 3 Most Common Challenges for Small Business Owners

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SUMMARY


On this segment of the Lifestyle Business Owner Radio Show, Aaron and Mayumi Muller welcome Mike Raber.  Mike is a professional speaker, wealth coach and co-author of Amazon's #1 Best Selling book, Brilliant Breakthroughs for the Small Business Owner: Fresh Perspectives on Profitability, People, Productivity, and Finding Peace in Your Business. Mike has dedicated his life to helping small business owners design a business, establish a financial foundation to help them reach financial independence and determine what’s truly important to them through empowerment, passion and purpose. 

Having experience in owing his own business for years, Mike noticed that other business owners were running into the same challenges as he was facing such as, obtaining new customers, boosting revenue, and generating leads.  Identifying a target audience was most important for Mike's Limousine company, which meant dedicating a majority of his efforts in growing his current relationships with his current clients and focusing on cultivating new ones due to referral's and leads. This enabled Mike to systematically unlock a new market of raving fans and recurring business--which led him to help other business emulate with the same formula. 

LET'S GET DOWN TO BUSINESS


For smaller businesses, many times the struggle lies in finding strategic ways to obtain new customers. Advertising and marketing are useful resources to draw in new customers and showcase your services, but if you do not have excess cash flow it may be difficult to see the immediate value in such expenses.  Create a plan by familiarizing yourself with your financial report, identifying what your company is currently producing and where you want it to go.  Putting systems in place allows uniformity, scalability and accurate numbers which should reflect the direction you are going.

"Try not to overcomplicate the process."

  • Look at your demand, cash flow and financial reports and adjust accordingly.
    • What are you doing to generate revenue?
    • What is it costing you to generate revenue?
    • Proactively simplify and shed the excess baggage in your company.

THE STREET SMARTS OF SMALL BUSINESS


Find out the 3 most common challenges most business owners face.

  1. Lead Generation
    1. Getting new customers 
    2. Don't throw money into something that doesn't guarantee results
    3. Identify customers needs and solve problems
    4. Intentional, consistent contact with customers to keep yourself relevant 

  2. Proper Financial and Business Planning
    1. Know what your cash flow is
    2. Smart Debt
      1. Be selective about where you are spending cash for your business 
      2. Identify what additions will draw immediate revenue instead of adding an extra expenses with little benefit

  3. Systematizing Your Business
    1. The true value of your business is what it will produce without you in it! 
      1.  Identify the 'WHY'
      2. Identify where is your business coming from
      3.  Implement Lead Generation
        1. Facebook, blog posts, etc. 
        2. Consistency 
    2. Maximum Income--Minimal Expense 
    3. When the system runs by itself, business owners can remove themselves from the equation. 

 

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Want More?

Listen to our latest Lifestyle Business Owner Radio Show segments here:

How To Get Started In Business 

Why Every Business Owner Needs An Attorney

How to Brand Your Business

The Power Of A Relationship With A Business Banker

Using Community Currencies 

Printers, Cartridges, and Being a Retail Business Owner

How Search Engine Optimization Has Changed

Increase Your Sales Effectiveness

Supercharge Your Website

How to Find Great Employees

The Power of Old Fashioned Customer Service

Positioning Your Company For The Future

How to Run Social Media Ad Campaigns

How Social Media Affects Your Brand and Image

 


 

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