Free daily tips, information and advice for people in small business
from someone who has been there, done that in running small businesses.
Every person running a small business needs help. The problems are many, and the solutions are few.
Many give you advice--your accountant, your brother-in-law, and those you meet along the way. Most of the time, their advice is useless.
This is perfectly understandable. Most of these people have never run a business. They come at you from a different perspective.
Example: Margie runs a women's clothing boutique. She stays on top of the latest styles and fashions. Her shop attracts women in business and other high-income women. When the economy took a downturn, Margie's cousin advised adding some lower-priced women's clothing and accessories. The cousin had no experience running a business. Margie had toyed with the idea (which had already occurred to her) and discarded it. She wanted to maintain her brand, her reputation, and her presence in the high-end community. There were some rough times when cash flow decreased, but she kept to her vision. As the economy picked up, Margie experienced an increase in traffic flow and referrals.
In my opinion, Margie followed the correct path. I have advised and coached hundreds of small businesses. My coaching has covered many economic downturns, and I always advise riding out bad times--they will turn around. If your vision coincides with a certain market segment, you don't want to change that for the sake of temporary cash flow.
Example: Bob ran a very successful video rental shop for many years. As technology changed, the market changed. His accountant suggested that Bob raise his prices to maintain cash flow. This might work in certain businesses at certain times. But in Bob's case, he kept thinking about the changing technological landscape. It was not price, but the market that would save him. He decided that his future would best be served by his changing directions. He sold his video rental shop. Today, Bob runs a successful small business putting anything his customers want onto DVDs.
In my opinion, Bob was correct in ending his old business and starting another. He is now serving a market that is more targeted and in keeping with the changing world.
Coaching a business involves more than just adjusting to current conditions. Ideas--no matter where they come from--are valuable. But it behooves small business to be able to ride the ups and downs of the economy and to be able to stay on top of technological change.
My coaching activities take into account the whole business. Your business is a ship floating on an ocean of possibilities, and it must weather all the storms.
I answer your simple questions at no charge. Simply email me at AlWarr16@gmail.com. If you want me to coach you through rough times, email me. When you email, put BLOG in the subject line so I don't delete your request along with the dozens of emails I get every day trying to sell me something. At this point in my life, I have more than 60 years experience in business.