Business Insider: Before You Take the Leap, Do These 5 Things

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For years, I talked about it. For years, I gave it away for free (more in the next section). For years, I lacked the bravery to step into the wild, shielded by a full-time job and numerous excuses for why I couldn’t, shouldn’t or otherwise. Finally, I took the step; I took the leap and jumped and built a ladder on my way down. By leap I mean self-employment. Now, I am not suggesting that you walk into your boss’s office and offer him your final farewell tomorrow. If you don’t have somewhat of a safety net, gleefully return tomorrow to your day job and consider it a blessing that will serve you well as you SERIOUSLY and finally build your enterprise to step out and give it 150 percent of your time and attention. Oh yes, and it will absolutely take that! Long nights, early mornings, sacrifices, did I say sacrifices? It will take living like most are not willing to, to have options and the freedom that many will NEVER be able to. Whether you leap cold turkey into entrepreneurship or you take a more moderate approach, plan to do these five things for business success.

  1. Decide how you pay for your current lifestyle

Will you rely on a spouse? Or work part-time or on contract while building your business? Or will you grow your enterprise while you maintain your full-time job? Whatever your plan, be sure to have an exit strategy from this support and set clear goals and objectives on how you will focus on your business 100 percent of the time.

 

  1. Build an emergency fund

Making a decision to hang up your corporate cleats in favor of dress sweats and sneakers, and hanging out your own “For Business” sign is a tough and oftentimes fearful decision. Many are the stories of entrepreneurs with less than $100 to their name amassing fortunes off of true determination and grit! I applaud them and relish in these stories; however, for most of us, it gives us a sense of security to plan to fire our bosses. With that, ideally plan for 12 months, and no less than six months of your current expenses in savings. This will help to keep you afloat until you can start to earn a salary from your business. (This book will help you do that much more quickly.)

 

  1. Uncover what makes you different from the pack

If an investor offered you $100,000 today to invest in your business and the only catch was that you had to pitch to him exactly what makes you different than your competitors, what would you say? Knowing why customers should choose you over your competitors is an instrumental component of building a sustainable business. Being able to effectively communicate that within a 30-second elevator pitch, a presentation to customers/investors, and in written communication is a non-negotiable skill set. Every entrepreneur must be able to articulate what makes them unique.

  1. Identify your niche

A niche is a special area of demand for a product or service. Find yours today. Upon beginning this journey, ask yourself, “What problem does this product or service solve?” and, “How does it uniquely address a need?” The great Albert Einstein notably stated, “Genius is the ability to focus on one particular thing for a long time without losing concentration.” Many business owners fail due to their desire to do too many things. They spread their attention and funds across so many areas that they fail to do any of them with great excellence. Find the one thing that you do so well, that you enjoy doing and would do for free for the rest of your life, and you have at least found the skill set that you should wrap your product or service around. Perfect that business and drill it down to serve a small subset of the market, creating extreme value and high demand. For me, it is developing people with unique strategies and passion. That is why coaching and consulting was a no-brainer. The ability to deliver it Q.U.I.C.C™ to start-ups and small businesses is my niche.

  1. Decide, TODAY, how you will get your first five customers

Many of my coaching clients are thrown off by this question. In fact, the majority of new businesses don’t give a second thought to how they plan to acquire clients and new business. This should be the core component of your marketing plan. Yes, you need to write a marketing plan. Under market strategy within your plan, you should look at the top 5–10 tactical action steps you plan to take to get your first five customers. Depending upon your product and service, you can start with your sphere of influence (family, friends and colleagues) to gain your first customers. They can also serve as part of your product/service research for your business. With a great product, you will receive word-of-mouth advertising from this group as well. If you are transferring a skill from a corporate job, but not in a competitive capacity, and branching out on your own, your previous employer (provided you made a proper exit rather than utilize a 10-piece orchestra to gleefully announce that you were leaving the drains of their organization and corporate America in general) always serves as a perfect first customer. After all, they know your work and trust you, HOPEFULLY! As you begin to have exit interviews, start to plant the seed on how working with you as a client in your new business solves a particular problem within the organization that you know they have. Even if you have left your corporate job long ago, reaching back to previous employers is always a great place to start.

Idea, Accident, or Solution to a Problem

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Quite often, entrepreneurs become such out of frustration of finding a solution to a problem. Sometimes they launch a business that solves a problem they experienced in the past; take Kevin and Melissa Kiernan, a married couple from Waldwick, New Jersey, who became overnight entrepreneurs when they eventually got fed up with animals raiding their garbage cans through the night. Each morning Melissa would walk out the front door to find trash and debris scattered all over the front yard. Armed with frustration, turned motivation, Kevin headed off to the fabric store to concoct a solution to the animals’ free-for-all. Instead of covering their garbage can with a plastic lid, the Kiernans designed a cover made of waterproof polyester and elastic made to fit almost all garbage cans. Positive feedback from their idea and design led this couple, not at all looking to build a business, to seek financial support from the famous show (I know you know it) Shark Tank to scale their business. After a pretty scary retort and a few hearty laughs, Daymond John, Shark Tank entrepreneur and world-famous founder of FUBU brand, accepted a great offer, landing him and the Kiernans in a swift but successful business venture, selling thousands of units at the launch. I’d say this is one heck of a profitable solution!

When trauma plagues a family and income is lost, often cash conservation becomes paramount. This was the case with Lynsi O’Dell, when her husband suffered a debilitating brain hemorrhage. Seeking ways to save money with four kids and one on the way, O’Dell started to try different recipes for laundry detergent. After almost a year, Lynsi finally found the magic formula. Backed by the primary desire to produce a skin-sensitive product to address her children’s eczema, she found the magic bullet, which many of her friends begged to try. With that motivation, O’Dell sent an email to her friends and sold 15 gallons. Then she moved on to a craft show, selling another 75 gallons and with that, Coconut Rain was born. With five distributors across the state of Michigan and roughly 40 percent growth since joining an online marketplace, I said that’s a profit solution!

Now, not everyone has such a sweetheart story to tell. Some of us couple ideas with sheer tenacity to be successful and claw our way to business excellence. Others of us still take the one thing that we excel in, stop making some Fortune 500 company rich, and take the leap to do it better, faster, and with extreme innovation. This is my story! The one thing that I knew I did better than most leaders is teach, coach and motivate people to greatness through strategy, creative business development and extreme innovation. I could do it in my sleep. It gives me extreme pleasure to see people grow, and humbly stated, I’m quite good at it. From years as a trainer, to even more years as a sales director, it was in my DNA to help people reach their destiny. For years, I talked about it. For years, I gave it away for free (more in the next section). For years, I lacked the bravery to step into the wild, shielded by a full-time job and numerous excuses for why I couldn’t, shouldn’t or otherwise. Finally, I took the step; I took the leap and jumped and built a ladder on my way down. Now, I am not suggesting that you walk into your boss’s office and offer him your final farewell tomorrow. If you don’t have somewhat of a safety net, gleefully return tomorrow to your day job and consider it a blessing that will serve you well as you SERIOUSLY and finally build your enterprise to step out and give it 150 percent of your time and attention. Oh yes, and it will absolutely take that! Long nights, early mornings, sacrifices, did I say sacrifices? It will take living like most are not willing to, to have options and the freedom that many will NEVER be able to.

“Strong Marketing Plan Series: Step 1: Market Research”

May 10, 2016/3 Comments/in business growth /by buildbizness business tips, business tips for success, and small business tips for success
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businessmen-1005545__180_IIIn part one of our Strong Marketing Plan Series, we will explore market research—what it is, why it is important, and how you can conduct it to help your small business. To achieve sustainable business growth, you must first get to know your customers, your competitors, and your industry. Market research is the process of analyzing data to help you learn which products and services are in demand, and how you can gain a competitive edge. Many people fail to include this important step in their marketing strategy and dive head first into creating content. It is natural to be eager, but without market research you run the risk of creating the wrong content. As an entrepreneur, you don’t have that time to waste.

 

By incorporating these 4 dos and don’ts into your marketing plan, you will gain valuable insight that will help you identify business risks, trends in your industry, and sales opportunities.

 

1   Do: Size Up Your Competition

Before you can play the game, you need to know who your opponents are and how they operate. This can be as simple as running a Google search for popular terms in your industry or searching “top 10 (insert your niche) blogs”. You can also turn to social media and learn who the prominent businesses and influencers are in that space. Who are people following, engaging with through comments, or re-tweeting? Many industry leaders are writing e-books. Visit the Kindle section on Amazon and search with key words to discover which authors are most popular. Keep track of what you learn about your competition on a spreadsheet.

 

2   Don’t: Assume Your Customer’s Needs

As a business owner, you are a problem solver. But before you can provide your clients with a solution, you need to know what they need help with. To do this, refer back to your list of competitors. Dig a little deeper and visit their websites. What customer problems are they solving? Do they have a list of FAQs? Do the majority of their blog posts address a specific challenge their customers are facing? What are they selling and at what price? Add this information to your spreadsheet. As a result of this research, you may opt to add additional services or change the way you deliver your product. As your business grows, you will have ample opportunity to get creative with product development. However, to ensure success from the start, market something that you are confidant people want.

 

3   Don’t: Recreate The Wheel

Trade groups, business magazines, academic institutions, government, and other third parties gather and analyze research data about business trends. Internet databases are chock full of information related to your location and industry. In addition, you may already be collecting analytics that you aren’t aware of. If you have a Facebook page for your business, you have access to helpful data about who is clicking and when. The same applies to your blog. Comments are indicators of engagement, but you can also learn a ton from the back end of your platforms. For example, if you embedded an infographic with tracking capabilities, you can monitor every time it is clicked, viewed, shared, and how long each online user viewed it. This wealth of knowledge will afford you a greater understanding of what makes your target market take action. You can then adjust your content accordingly to make it even more relevant.

 

4   Do: Get To Know Your Customers

While secondary research is critical, it is also important to go straight to the source. This means conducting qualitative primary research such as interviews, surveys, questionnaires, or focus groups. Once you have a group of willing participants, you can design and questions that inform your business plan. You might choose to incorporate questions about a person’s demographic, buying habits, what they dislike about similar products on the market, or what problems motivate them to purchase a product.

Once you have done your market research, you can incorporate it into your marketing plan. You will no longer be throwing a dart while blindfolded, hoping to hit a target. Instead, you will have incredibly valuable information about who your customers are, what they want, and how they are likely to purchase your product or use your services.

Have you been surprised by something you’ve discovered in your market research? If so, please share in the comments below!

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“Entrepreneurship is like the “Butterfly Effect”

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Last week the live caterpillars arrived for my daughters’ anticipated butterfly launch later this month.  Watching these caterpillars (which has mildly repulsed me, but I’m charging forward in the name of Motherhood & Science) over the past sevecolorful butterflyral days, has inspired me!  As I’ve watched these, once pinky nail sized creatures, move up and down, up and down, their specimen cup of a home, gathering food and making small, yet impactful strides towards their ultimate goal, both independence from that cup and full transformation into its intended existence, a beautiful, prominent butterfly destined to FLY, I am reminded of the similar pursuit, sheer will and determination required of Entrepreneurship.

In previous social media posts, I focus on a term called “Relentless incrementalism”- the process of accomplishing something substantial through small but incessant additions.   These young caterpillars so relentless, so determined, while the initial journey has been tough to stomach, as somehow managed to inspire me.  The similarities of what it requires to be great in business and these little creatures’ journey to beautiful butterflies is uncanny.

While heartbreaking, according to Bloomberg, 8 out of 10 entrepreneurcatepillarss who start businesses fail within the first 18 months. This means that 80% of entrepreneurs don’t make it.  Now we could speculate forever on the reasons, and there are more than enough blog post that do, my aim is to support the upside.  Root for the underdog, “Be” the small business cheerleader if you will.  The solution is in the “Butterfly Effect”!  Wikipedia describes the “Butterfly Effect” as a concept that implies that small causes can have large effects. Initially, it was used with weather prediction but later the term became a metaphor used in and out of science.  In chaos theory, the butterfly effect is the sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state.  So as it relates to these mini-creatures habituating themselves inside their specimen cup on my granite counter top, EVERYTHING is riding on the work and the conditions that they are in currently.  Can they see their butterfly destiny?  Who knows?  But they are resilient in the pursuit of excellence by taking steps every day that will ultimately result in a larger later state.  Much like entrepreneurs and sadly back to the 80% that don’t make it, more importantly (and inspiring) the 20% that do, we are tasked with this same rigor!  They get that the relentless incrementalism of their current labor intensive environment will EVENTUALLY build something or teach them something even greater AND much like these pet caterpillars, it requires a mental state that fully taps into one’s Inner B.O.S.S (Bad Ass, Omnipotent, Sole-Sucking, Strength read more about this concept in my book “Grow Your Business in 90 Days or Less”  http://www.amazon.com/Grow-Your-Business-Days-Less-ebook/dp/B017TE8HWM ).  Now please understand, I am in no way suggesting that this constant state of “grind” is easy…BUT it is necessary.  While building my business and maintain a full time position, I got up at 5am, worked until 6am, then again from 8pentrepreneurshipm to nearly 1am almost every night.  I relied on the small and not so small wins to get me through.  Evaluating the caterpillars and my own journey, I carved out the top 3 mental characteristics needed (develop or sharpen if you don’t have them) to survive the “20 Mile March” (a term from the book “Great by Choice” by Jim Collins).  Mental fortitude and a strong mastermind are foundation to making it.  Here are my 3 tips and hacks for staying the course:

 

  1. Curb Procrastination Now!

Easily the biggest conduit to small business failure.  I recently listened to an entrepreneurship podcast, in which the guest talked about wanting the business success more than being afraid of doing the hard work!  Wasted time and procrastination can easily derail your inspiration, ambition and lead to consistent bad habits.

 

My #1 cure for this is the “15 minute” rule!  I learned about this principal in graduate school while I fought to

 

  1. Find and Channel Your Personal Productivity Hacks!

When you treat the daily grind of entrepreneurship as a game it propels you into a realm of productivity you never thought possible.  My favorite productivity hack is “Eat the Frog First” (I hear you thinking, what is with her and creatures).  This concepts focuses on tackling your toughest task, or the thing that you are dreading doing first.  At the top of the morning when most people are fresh and void of numerous interruptions in their day.  My biggest challenge has always been tackling the toughest task.  Usually these are the task that are also the most pivotal and the thing that propels your business forward.  So to cure this behavior, I plan my day with a list prepared the following evening and commit to one thing that I must complete (or at least reach a benchmark) before I allow myself to do anything else.  This means no emails, no phone calls, no social media, etc. Once I’m done I set a treat for myself, whether that’s perusing the internet for concerts, great handbags or a task from my list that is necessary but enjoyable.  Denzel Washington said it best “Do what you have to do so you may do what you want to do”.

  1. Build systems IMMEDIATELY!

Perhaps the cornerstone of scale, the ability to create systems in your business will ultimately lead to your business becoming a self-sufficient enterprise that exists independently of your laborious sweat and tears.  As soon as you have done a task with some frequency, look for ways to increase efficiency in completing the task, whether it is a standardize response to the same question received consistently in your business or automation in your record keeping.  For me it was the “What’s included in a sponsorship proposal?” question. So to save time from this same answer over and over again I’ve set up a friendly, warm, helpful, yet automated auto response to this question.  This saves me at least 15 minutes every time the question comes up  which is nearly 10 times a day.  This system has also been helpful as I have hired and trained new virtual assistants.  Systemize EVERYTHING!

I’m interested in hearing your productivity hacks!  Please list yours in the comment section below.  Fill out the contact form and your hacks and your business could be published here on the blog.

 

“5 Steps to Creating Your Millionaire Mindset”

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keep-it-calm-5-tip-to-stop-yelling1If I asked you what the one thing holding you back from being a millionaire is, what would you say? If you answered, “debt” or “not enough income” or “my family isn’t wealthy”, you’ve created money blocks in your life that are working against you. Our mind is the most powerful tool we have in shaping who we are, what we achieve, and the amount of money we attract into our lives. I didn’t see dramatic business growth until I trained my thoughts to do some of the work for me. Here are 5 steps you can follow to create a millionaire mindset.

 

Step 1.  Develop an Attitude of Gratitude

When we are grateful for the things, people, and experiences in our lives, we move ourselves into a space of positivity. In turn, more good things come our way. Each morning, before I get out of bed, I say thank you to the universe and think of at least one thing I am grateful for. You will probably find that once you start your list will grow. Even during the most challenging times, there are little things to be grateful for—an article that made you think, a joke that made you laugh, or a favorite sweater that kept you warm. When you start the day in this headspace, it will attract more of the things you are grateful for. Being thankful for your first $5 sale eventually leads to being thankful for a $500 sale, and so on.

 

Step 2. Click Your Heels

In The Wizard of Oz, Dorothy always had the power to go home, she just needed to believe she could and recite her affirmation, “there’s no place like home”. The same strategy applies to growing your business. I use daily affirmations to set my intention for how much income I want to make each month. You can recite, write, or think your affirmations throughout the day. Before long, this process will become habit and you will ensure that your subconscious is thinking about your success even while you are busy putting the kids to bed.

 

Step 3. Visualize Success

Visualization is a technique used by athletes, public speakers, and CEOs alike. I practice visualization before starting a new project. Let’s pretend you have a book launch event coming up. Picture the suit you will wear, the faces in the crowd, and how you will deliver your speech. Picture wild applause when you are done speaking, and long lines of people buying your book and asking for an autograph. Visualize the positive reviews your book receives and your target number of sales. Really feel it, believe it, and celebrate it. What you just did was create a road map for your brain. You imagined your best scenario and are headed toward it. If you feel yourself slipping into thoughts of self-doubt, take a few moments to visualize your success.

 

Step 4. Write a One-Item To-Do List

Each morning before I read my email, I decide what my one most important task is for the day. Sure there are 100 other things competing with it in my brain, but by setting my intention to complete the most important, I ensure that I am doing at least one thing each day that takes my small business to the next level. I’m not suggesting you forgo the little things entirely, but make sure you prioritize. When you run your day this way, you may find there are small tasks that never make the cut. Evaluate them to see if they are something you can outsource—or if they should come off the list completely!

 

Step 5. Do Well by Doing Good

The best part about developing a millionaire mindset is that it not only helps you, it helps others. Before the day is over, I make sure that I have helped at least one person. It might be as simple as an email offering encouragement, sharing knowledge, or alerting someone of an opportunity they may benefit from. In fact, this is how some of my best clients came into my life. Helping others isn’t always convenient. However, if you view it as a way to build relationships, improve your karma, and fill your sales pipeline, it’s a practice you can’t afford NOT to incorporate into your everyday routine. Go ahead, pay it forward!

 

So, before you look at the world around you to improve your financial situation, turn inward. Let me know how YOU create your millionaire mindset in the comments below!

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Business Growth Equals Selling…Create and Implement an Effective Sales Strategy

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If your business involves selling a product, you are probably looking for ways to improve sales. A sales strategy will focus your efforts on your most important customer audiences, existing or potential.

Here are the most important things to keep in mind when designing a sales strategy.

 

Create a sales plan. Having a document that outlines your sales goals and strategies will help you to stay on track and assess your progress. As you begin to define your sales plan, keep these things in mind:

  • Sales goals: These goals should be specific and measurable, not something like selling a million units. Base them on the nature of your product and try to break them down into manageable parts. For example, sell 50 units to end-users in 30 days and sell 100 units to local independent retailers in six months.
  • Sales activities: These are your tactics—how you plan to make the sale. You may say you’ll sell direct-to-consumer through a website or via craft shows, for instance. Or this part of the plan may include activities like developing a sell sheet to send to independent retail stores.
  • Target accounts: Your sales plan should also include the accounts you want to sell to. If it’s end-users, for example, plan how you’re going to reach them through eBay, classified ads or your website.
  • Timelines: Put dates to all of the above elements so you can define your steps within a realistic timeline. Don’t forget that your timelines should be fluid; if you’re underachieving, your sales plan can help you figure out why and define the corrective steps you need to take.

Hey You…Small Business! Channel Your Inner B.O.S.S.

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Check out an excerpt from my latest ebook!  Chapter 2: Channel Your Inner B.O.S.S.

Could Your Business Be Failing Due to Branding?

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Not like many

Owning your own company is an exhilarating experience for many people. You have finally put your ideas into fruition and you want to get the most out of your company. The only problem is that you fear your business may fall victim to the same thing that many small businesses have succumbed to: that no one will remember it and it fails. Did you know that one of the number one reasons that small businesses (or any business, really) fail is that they don’t have a good brand? Effective branding is one of the most important things you need to do in order to keep your business running full steam ahead.

The first thing you need to do is conduct  in-depth marketing research. You need to find out what other companies like yours are doing to make themselves known. Customer preferences and tastes will vary depending on where you open your business and knowing what sets you apart and how to combine the two will put you ahead of the other companies in the area.

Next, you need to offer customers something that is unique, that stands out, and sets you apart. What is it about your proposed company that you can offer to clients that others cannot or what can you give your customers that other companies seem to have a hard time offering? Once you find that unique niche, you can work on the next steps.

Now, you need to choose a brand name that not only stands out but that sets you apart. You want to choose a name that reflects what you feel customers’ needs and desires are, but you also want it to convey your company and what you intend to come from your company. You want a brand name and a message that clearly states what you are about. Consider the industry that you are breaking into and work from there. Are you working in the art industry? Then you don’t want a name that sounds boring. Are you in the legal industry? Then you don’t want an artsy kind of name. Giving your company a name that hones in on what you offer is the best way to start. The key though is to make it unique to you!

Once you establish a name, you need to establish communication with your intended clientele. Did you know that about 85% of communication is non-verbal when it comes to running a small business? Communication is about more than just words. You communicate through emotions, so try to invoke emotions. For example, if you own a resale shop for toddler clothing, you wouldn’t paint the girls section blue, you would paint it pink. You want to set direction and focus through more than just words.

Now that you have established communication, you want to establish consistency. Doing the same thing over and over that works will keep people coming back.  Deliver the best customer service time and time again. Have a great resolution center or procedure that others cannot compare to. Keep things new and lively. It will push you far above the rest.

Making The Most Of A Business Coach

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A business coach is one of the most important things you can have when you are trying to grow your business. It doesn’t matter what industry you are in – strategy & growth need to be top focuses, and often, you cannot do it alone.

Here are some tips to ensure you make the most of a business coach. It’s always a good idea to find someone who has experience. You should also be sure you are establishing a strategy early on.

At B3 Consulting, we have worked with 100+ businesses in a wide range of industries and are in different levels of entrepreneurship. Choosing a business coach is not something you want to take lightly.

Below are three ways to make the most of a business coach.

Be Open to Ideas

Be open to the ideas that they share. They are the coach and you hired them to learn from them. This means you have to be willing to take their ideas and turn them into strategies that are going to help you and ultimately deliver business growth.

Explore New Options

It’s always important to explore new options. We have created all sorts of new ideas for search engine optimization, improved customer engagement, and changed employee infrastructure. If something has not been working for you, there is no reason to keep following that route. Your coach is going to look at the big picture – something that you cannot do because you are too close to it all. They are going to show you new ways of doing things and this can be just what you need to be more successful.

Take Notes

You probably aren’t going to have a business coach in place all the time, throughout the duration of your business. This means you want to listen to what they say and understand the reasons for why they suggest different things. Pay attention to the analysis so that when you hit another bump down the road, you can remedy the situation on your own. When you have plenty of notes from the consulting sessions, it can ensure you know how to tackle problems that you run into.

Not all business coaches are created equally. When you decide you are ready to make a difference and get professional help for building strategies designed to take your business to the next level, you want to hire someone who can truly make a difference and help you achieve your goals are.

Don’t hire a coach and then not be willing to listen or make changes. You want to reach goals and grow your business to be bigger and better. Make the most of your time with a coach by choosing the right one and being open to the suggestions.

Still not convinced about the benefits of business coaching?  Remove the risk and sign up for a FREE 30-Minute coaching session!

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SWOT Analysis Can Help With The Growth of Your Business

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2000px-SWOT_en_svg

Before planning any marketing strategy, project or venture, a small business owner needs to focus on planning methods as well as the best assessments in order to help their company go forward. SWOT analysis has been proven to be extremely effective, identifying the strengths, weaknesses, opportunities and threats of the business. By studying this, you will be able to set goals and achieve results.

Here is a look at what goes into the process which will help with small business growth. It will begin with the internal factors, which consist of strengths and weakness, followed by external issues, which are the opportunities and threats that come into play and which one has to be aware of.

Strengths – You will know what does well in terms of sales and how certain employees help with the growth. Keep on focusing on what you are good at and how you can improve on these areas. Clients and customers enjoy good service with some variety in products.

Weaknesses – A business needs to look at various areas where they are suffering. They may not be optimized for the internet and this can bring them down. Even if they do have a website, they need to focus on internet marketing, social media and mobile marketing. Keeping statistics and records over the last couple of months will tell a business where they have not been performing as well. It is also important to look at the way your staff is working because this can bring a business down. Someone with a bad attitude is not going to help with the small business development. Employees should enjoy what they do.

Opportunities – There are always opportunities available in the business sector. However, it is nothing that you can rush into because too big of a risk is going to damage your reputation. This is where planning is important. However, one should always be thinking where the business can expand.

Threats – This could come from other businesses that are similar in nature. Competition is always something to bear in mind and one has to look at strategies which will help the company progress. Once you have found what the problem is, you need to find solutions and this may mean bringing in extra staff having the experience and qualifications. For example a small business may have developed with creative and talented programmers and designers. However, one needs marketers onboard so that word is spread.

There are certain coaching techniques and consulting firms that help with this SWOT analysis. It is not something that you can just suck out of your thumb. It is especially useful to have a professional help you with this should you have something specific to look at, such as new technology or a trend that you want to introduce.