STARTING A BUSINESS?
According to the U.S. Bureau of Labor Statistics roughly 20% of small businesses fail within the first year, 33% within the first two years and 50% within the first five years.
SCALING AN EXISTING BUSINESS?
A recent study conducted by Dunn & Bradstreet found that 90% of all business failures can be traced to poor management resulting from lack of knowledge … the inability of management to critically think about their business.
Critical thinking isn’t an abstract, transferable skill … its “domain specific”. In other words, critical thinking is intimately tied to knowledge of the subject. First, you must possess information to think about it & the way you think about information in one field (like business) is almost entirely different from how you think about it in another field (like chemistry). To avoid these common traps and mistakes, it is absolutely imperative that you acquire business knowledge and apply it.
Critically thinking about your business requires knowledge in four key business areas: planning; accounting; marketing/sales; and Human Resources. Improve your domain specific business knowledge: subscribe to free weekly Small Business Thoughts posts; view the free Micro-Thought videos; sign up for a free personalized business mentoring session and be sure to download your copy of “Small Business Thoughts Real-Time Strategic Planning“. Start planning your business success!
Sample “Thoughts Library” Posts
- Document Your Sales ProcessI have been asked, “Why do I need a defined sales process?” My answer is you don’t…unless, of course, you: A defined process makes it easier to test ideas for improving sales results. A defined sales process with conversion rates can allow you to quickly generate, pipeline and revenue reports. For example, if you have […]
- How To Work With Annoying Manager TraitsWe’ve all heard it before, “People leave their managers, not their companies.” While statistics vary, at least one recent survey shows that over half of respondents quit a job because of their boss, and an additional one-third have considered quitting because of their boss. So, yeah: People who quit jobs often actually quit their manager. […]
- Scale Your Business Using Retention & EndorsementDuring a recent mentoring session, I was asked how can a business scale in today’s climate? For a business to scale, consider the following fact…studies show it costs five times more to sell to a new customer than to sell to a returning customer. So, instead of focusing all your attention on gaining more leads, […]
- Your Time-Focus Should Change While Starting A BusinessBefore I get into today’s thought, I would like to share some facts. Small businesses make up 99.9% of all US businesses and create 1.5 million jobs annually. There were 32.5 million small U.S. businesses in 2021, according to the SBA. Of those, 22 million were individually operated, meaning they have no other employees other […]
- Aligning The Marketing-Sales Process For ProfitDuring the pandemic, small business weaknesses were exposed. Many failed because they did not align their marketing and sales functions into an integrated process. By this I mean that marketing, the sales personnel and all of the company employees must work together in the areas of strategy, tools, and customer acquisition to maximize the business […]
Sample “Micro-Video” Thoughts
“What Clients Are Saying“
“Very knowledgeable and straight forward individual. Very useful information & experience that is rare to find.” — TP, Agriculture, Farming
“The personal one-to-one coaching is so valuable. It is a genuine touch of connecting & learning. I feel heard & understood. John is excellent in delivering content, share experience and guides me respectfully.” — SG, Child Care
“I felt he was extremely knowledgeable and validated me as a small business owner. He helped clarify business topics, provided insight and handouts, and helped me hone my marketing message.” — DLR, Healthcare
“Great tips and guidance from my mentor.” — LJW, Arts Industry
“John has lots of initiative, tenacity and openness. Quick start…Lots of insights/encouragement/support right away.” — RMG, Retail & Events
“He gave me great info and things to think about right away.” — MC, Financing/Capital
“The amount of information and the quality of the information is amazing! It is time well spent and much appreciated.” — MR, Personal Maintenance Services
“Johns mentoring style is very cut-to- the-chase and he knows how to deliver a wealth of information to you in a clear and intentional manner.” –MY, Retail & Wholesale Trade
“My mentor was helpful in guiding me toward what is most important to think about right now in my process. He was great. Ill be following up with him.” — NC, Web Design
“My mentor is/was very helpful. I’ve received great value. The handouts, willingness to meet and prompt answers makes it an incredible value for new business owners.” — HE, Digital Sales
“I appreciate the clear and concise guidance/direction.” — PH, Arts, Entertainment & Recreation
“Having a mentor like this is extremely helpful. He is a wealth of information and is super helpful.” — TC, Manufacturing
“John set out clear next steps and seemed excited to continue the conversation: John was thoughtful and clearly communicated next steps for us to take.” — DCB, Retail & Wholesale Trade
“My mentor has been incredibly generous with his time and has even put in research on his own time to help support my goals.” — ZD, Business Consulting
“John is knowledgeable and a great man to work with! Definitely appreciate his insight and all he is doing for me! — GK, Home or Personal Maintenance Services
“The mentor knows what he is talking about and really wants to help.” — JB, Manufacturing