During a recent presentation I was invited to make for a Small Business Development Center luncheon I took notes on the struggles the small business owners were having. These are issues I bet most of the smaller businesses are having to deal with on a daily basis.
– No clue who their ideal customer is.
-Thinking of Advertising as another bill.
-No idea of what a Brand is/or what their brand was.
Let’s digest the first issue, not knowing who their ideal customer was. I have given many of these workshops and this seems to be an issue in most startup small businesses. They think they have to concentrate on everyone, instead of concentrating their efforts on one key segment of the customer base. Why would you want to limit the customers that come into your business? You aren’t, you are concentrating your efforts on the one segment of customers that make you the most money.
Next note, thinking that your advertising is just another bill and when things slow down it’s the first bill you cut. No, please don’t. Advertising is a machine that you put money into, and if you are doing it right every dollar you put into that machine your are getting many many more dollars out of it. With that thought in mind, when things slow down wouldn’t you want to add more dollars to that machine to get more out? OR better yet, work on the machine and make it more effective and then add more dollars.
Third most common issue at these seminars, not sticking to a brand. Every business has a brand, even yours. If you don’t control your brand, your customers do. A brand isn’t a logo, it is what your customers think of your business. If you want to be the best bakery in the town, then brand yourself as the best bakery in town. Do that, but you need to back it up. How about just being the bakery that always has the treats your customers are looking for? Isn’t that of more value than trying to kill yourself to someone elses standards? Be your brand, live it, sell by it, grow it.
If you think you’re ready for help with your small business, please don’t hesitate to contact me. You don’t need to struggle your way through this business thing, I can help guide you through the rough parts.