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Tag: business community

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Overcoming Isolation: Strategies for Small Business Owners

Winning_the_game

Running a small business can be a rewarding journey, but it often comes with challenges. During my 25 years of running a small business, I found that the most annoying challenge for an entrepreneur is feelings of isolation, which may lead to a lack of motivation. Especially in today’s rapidly changing business world, staying connected and motivated is essential to achieving small business goals and meeting projected revenue targets. In this blog post, we’ll explore practical strategies to overcome isolation, stay motivated, and drive success in our small business.

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Build a support network

  • Connect with fellow entrepreneurs through networking events, industry associations, online communities, or social media.
  • Join mastermind groups or be a part of peer advisory boards. There, you can share experiences, seek advice, and receive support from like-minded colleagues.

Seek Guidance

  • Find an experienced mentor or coach who has worked in your industry and can provide valuable insights, guidance, and encouragement.
  • Schedule regular meetings or check-ins with your mentor to discuss challenges, brainstorm ideas, and set goals for your business.

Prioritize Self-Care

  • Take breaks, exercise regularly, and prioritize activities that promote physical and mental well-being.
  • Practice self-awareness  techniques like journaling to reduce stress and enhance focus.

Set clear goals and milestones

  • Define specific, measurable goals for your business and break them down into achievable milestones.
  • Regularly review and track your progress towards your goals, celebrating successes and adjusting strategies as needed.

Stay informed

  • Stay up-to-date with industry trends, market changes, and new technologies that may impact your business.
  • Be flexible and willing to adapt your strategies and tactics in response to evolving market conditions and customer preferences.

Celebrate Achievements:

  • Acknowledge and celebrate both small and large achievements, milestones, and successes in your business.
  • Share successes with your team, customers, and supporters to foster a positive and motivated company culture.

Feeling isolated and unmotivated is a common challenge for small business owners, but it’s important to remember that we are not alone. By building a support network and with the help of a mentor, along with the other strategies, one can overcome isolation and stay motivated in order to drive success for the small business. Remember to be patient with yourself, stay focused on the vision, and celebrate the journey towards achieving goals and projected revenue.

Make sure to comment and add your feedback. I would love to hear from you!

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Avoiding Mental Hindrances to Entrepreneurial Success

mental-challenges-for-entrepreneurs

As an entrepreneur, I can testify that entrepreneurship can be a very rewarding journey, however, it can also come with a load of mental challenges. Going into entrepreneurship may seem exciting and fun, but it requires qualities like resilience, courage, and balanced thinking. In this blog, I will list some common challenges that entrepreneurs face. And I will also give some suggestions on how to prevent or manage them.

Stress and Pressure

Starting and running a business can be highly stressful. Many elements of the work may contribute to mental fatigue. The pressure to succeed, financial uncertainty, long working hours, and managing multiple responsibilities can take a toll on an entrepreneur’s mental well-being.

To prevent unnecessary stress, it is important to prioritize self-care, set realistic goals, delegate tasks, and seek support from mentors, friends, or a professional network. Building a strong support system and practicing stress management techniques, such as exercise, taking time to relax, and practicing reflective thinking, can help alleviate stress.

Fear of Failure

As entrepreneurs, the fear of failure haunts us at times. Failing to meet goals, the denial of a bid or deal, and the fear of losing a major client; all are common challenges for entrepreneurs. Yes, the risk of business setbacks, financial losses, and the fear of disappointing oneself or others can be overwhelming.

To overcome this fear, it is crucial to embrace a growth mindset and reframe failure as a learning opportunity. Surrounding yourself with a supportive network, setting achievable goals, celebrating small successes, and learning from setbacks are key techniques to overcoming entrepreneurial fear. Remember that failure is often a stepping stone to success.

Isolation and Loneliness

Entrepreneurship is a solitary journey, especially in the early stages of building a business. The lack of colleagues around or the longing for a traditional work environment can lead to feelings of isolation and loneliness.

To prevent the effects of isolation, actively seek out networking opportunities, join entrepreneurial communities, attend industry events, or consider co-working spaces. Connecting with like-minded individuals can provide support, collaboration opportunities, and a sense of belonging.

Burnout

In order for entrepreneurs to succeed in launching a business, they have to put in long hours of work and sacrifice personal time for the sake of their success. This can lead to burnout. And suddenly we find exhaustion, decreased productivity, and loss of motivation setting in.

Preventing burnout requires awareness of setting boundaries, prioritizing work-life balance, and recognizing the importance of rest and relaxation. In addition, It is important for entrepreneurs to learn when and how to delegate tasks and establish a schedule that allows for breaks and leisure activities. Cultivating hobbies or interests outside of work will definitely help!

Decision-Making Overload

Entrepreneurs face numerous decisions on a daily basis. They find themselves constantly having to make important choices that range from strategic alternatives to operational matters. Decision fatigue can be exhausting, leading to analysis paralysis and poor decision-making.

To prevent decision-making overload, develop a clear vision and mission for the business, establish decision-making frameworks, delegate decisions when appropriate, and focus on the most critical choices. I personally find that seeking advice from mentors or trusted advisors can also help gain insights and support the decision-making process.

Work-Life Integration

Achieving a healthy work-life integration can be challenging for entrepreneurs who are deeply invested in their businesses. Entrepreneurs have the tendency to get consumed in their own world forgetting their human need for others.

It is important to set boundaries and establish dedicated time for personal life, family, and self-care. Schedule specific hours for work and stick to them as much as possible. Create routines that allow for quality time with loved ones and activities that bring joy and relaxation. Maintaining a balanced and fulfilling life outside of work ultimately contributes to the overall success of an entrepreneur.

While these suggestions can help lessen mental challenges, it is important to keep in mind that entrepreneurship is a unique journey. Our individual understandings of behaviour and surroundings may vary. My experiences and practices as an entrepreneur may be different than yours, and vice versa. Each one of us gets to walk our own journey. However, if one continues to struggle with persistent mental challenges, it is advisable to seek professional help from a therapist or counselor who can provide personalized guidance and support.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Digital Transformation: How to Transform Your Business for the Future

digital_transformation

Digital transformation is the process of integrating digital technologies and strategies into all aspects of a business. The main objective of this process is to fundamentally change how the business operates and delivers value to its customers. The practice will include rethinking and redesigning business processes, creating new business models, and leveraging technology to improve efficiency and effectiveness.

The typical outcome of a successful digital transformation is to improve customer experience, increase employee productivity, and drive revenue growth.

And here are some key steps to transforming a business for the digital age:

Define your vision and strategy

Start by identifying what the core values of your business are and how can technology support them. Then, define your long-term vision and strategic objectives. And finally, develop a roadmap that outlines how you plan to achieve your goals(*). The homework in this step is foundational, and we will discuss the details and how-to’s in future blog posts.

Create a digital culture

Digital transformation requires a culture with three pillars: openness to experimentation, risk-taking, and continuous learning. Empower leadership and all employees to embrace new technologies, and foster a culture of innovation.

Invest in technology and infrastructure

Evaluate your current technology supply and determine what needs to be updated or replaced. Invest in modern digital tools and infrastructure that can support your business objectives.

Streamline your operations

Redesign your business processes to streamline workflows and eliminate holdups. Use data and analytics to identify areas for improvement and automate repetitive tasks.

Engage with customers

Leverage digital channels to engage with customers and deliver personalized experiences. Use analytics to identify customer data and insights to tailor your products and services to their needs.

Foster agility

Digital transformation is an ongoing process that requires responsiveness and adaptability. Develop a flexible, agile organization that can respond quickly to changing market conditions and customer needs.

In summary, digital transformation encompasses more than just technology. It requires a fundamental shift in the way businesses operate and a commitment to continuous improvement and innovation. Work on transforming your business for the future and stay ahead of the competition in this digital age.

* Read the blog post titled “A Roadmap to Business Transformation”

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“Validation” a Game Changer?

business-growth

What did I learn today as an entrepreneur?

I learned a long time ago that we are in the ‘People Validation’ business.  Recent events had me reflect on just how this knowledge is not common, nor are the benefits of operating from this perspective well known.

It does not matter what product or service you monetize on, you are in the ‘People Validation’ business.  I intentionally use the word monetize and not the word sells, and in another blog I will explain why!

I think at times we get it backward as business owners.  We think it’s “Us” that needs to be seen and heard.  Now don’t get me wrong I love a good marketing campaign!  I love businesses putting out content.  Again, note my choice of word ‘content’ – not sales pitches. 

I see content as being educational pieces, creating awareness, providing opportunities that lead to sales, sharing accolades and accomplishments, and branding one’s self as an expert – I love seeing it all.  We shine when we show up like that!  If this is how you are showing up – KUDOS!   If it is not how you are showing up, please keep reading. 

Stick with me here.

You can show up for yourself and your business and do so in a way that others will feel seen, heard, and validated.  You know those posts that share how you served another, the posts that share a pain point and how you may be able to help others, the posts that share you doing something online or in your real community – you are showing up, but others are also feeling the ‘love’, the validation.  It’s not just about you.

Recently I sent out a series of emails to a group of business owners in my circle.  Seems simple enough, doesn’t it?  44 emails in total.  44 emails sharing news and positives for the receiver and in some cases information that was requested.  All these sent emails equaled 4 replies in my inbox, validating the content I sent, and sharing how it was received.  Now, don’t get me wrong I do not need the validation, it is what it is … however, it made me pause and think about Validation.

How many emails do you receive in a day?  Newsletters?  Informational content? Opportunities for connection?  Alerts?  A few, I am sure.

Who are the folks sending emails to you?  Fellow business owners, clients, friends, or, strangers not yet friends? 

How about seeing those who are sending emails as referral partners, potential collaborators, cheerleaders, supports, encouragers, teachers, mentors, or someone who will be instrumental in your business growth – think they warrant a few seconds of your time to share a ‘Thank you’, ‘I appreciate your email’, ‘Email received and read’, ‘Appreciate your time in sending this’, or maybe, ‘Loved your point in this email’.

The ripple effect is:
#1 – they feel heard and seen – THEY FEEL VALIDATED!  The warm fuzzy!  The positive vibes! And when people feel good, they keep coming back for that feeling.

You are in the people validation business.   See that as your main role and the rest will fall into place!

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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4 BUSINESS TIPS TO START OFF 2019

new year

The start of every year may be a proper time to work on setting new business goals and resolutions; after all, it’s the start of a new beginning that has major significance to the whole world.  Here are 4 business tips that will help you start off 2019.

  1. Review your vision for the business:  Starting off the year with eagerness and drive for the vision will help kick off the business year and set it in the right direction.  Evaluate where the business is at and set new milestones for 2019
  2. Categorize your mailing list:
    • Segment your audience and know who your clients are.  Stay in touch with them and seek their opinion and feedback.
    • Know how many leads were acquired during the previous year and make plans to increase this number by setting goals.
    • Pin point acquaintances and ensure to stay in touch with them during the course of the year.
  3. Review the products and/or services list, evaluate the performance of each item and based on that “keep, “discard” or “introduce NEW”.
  4.  Establish a realistic marketing strategy that is based on achieving goals and reaching milestones for the year.
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PRIORITIZING INCREASES EFFICIENCY

prioritizing tasks

Every day brings with it new tasks, situations, and a to-do list that may get overwhelming. Thinking of the day ahead and the things that need to get done can be stressful and frustration may take over. One proven solution to stay in control is to apply prioritizing techniques.

Prioritizing what must get done in a day is a skill that anyone can acquire with a little bit of organization and discipline. However, learning to stay focused and focused on goals requires determination and persistence.

Each day, one gets to do planned activities and unplanned activities.  It is easy to prioritize planned activities. Applying a few prioritizing techniques will increase efficiency on a normal day.  As for the unplanned activities that unexpectedly come up, the best way to handle them is by making decisions that are focused on business goals.

Techniques that may help in the prioritizing process:

  1. Create a To-Do list the night before. Just work on a list without even thinking of what should get done first or last.
  2. First thing in the morning, get the To-Do list and read it carefully. Based on business goals for the day take out the tasks that may not seem important for that day.
  3. Number the remaining items on the To-Do list based on importance to the set goals for the day.
  4. Deal with unplanned activities that may unexpectedly arise, by making decisions that are based on daily goals.

During the prioritizing process, learning to say “No” may seem a difficult practice at first. However, it is a practice that needs to get done in order to stay focused on the prime tasks assigned for each day.

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TARGET MARKET VS TARGET AUDIENCE

target market

Entrepreneurs and small business owners may have the brightest business idea, but if they fail to identify their target market and their target audience they have set up their business venture for disaster.  A distinct target market is the number one element of a successful marketing strategy.

WHAT IS TARGET MARKET?

It is analyzing a business sales market with the ability to identify who will be most interested in the product and/or service it is offering… and why?  It is a segmented market whose interests are focused on the product and/or service a business is selling.

3 REQUIREMENTS FOR DEFINING YOUR TARGET MARKET

Research

Look at the demographics and geographic positioning of the market you are selling to.  Explore their social status:  their age, family size, education level, jobs they are holding, what area they live in, can they afford your product or services?

Segment Your Market

Based on your research divide your market and filter your data based on market interest and income status.  You may find that a segment of your target market can afford to buy your offerings at full price; while you may also find another segment of your market that is interested in your offerings but can only afford to buy them at a discounted price.

Know Your Customer Base

Connect with your customers regularly and occasionally survey their needs for what you are selling.  As your business grows, your client needs and social status may change.  Build a system that will keep your client base information up-to-date.  Your current clients already have an interest in your product/service and after all word of mouth will help you acquire new clients or even potential clients that are interested to follow your business.

WHAT IS TARGET AUDIENCE?

Based on its target market a business can then identify the group of people that may be interested to get their promotions and advertising material, or they may even be at the ready stage to buy a product!  That group of people can vary in terms of age, occupation, geographic location, family status, or income, but the only factor that makes that group the target audience is that they are identified as having developed an interest in your product/service.

3 REQUIREMENTS FOR DEFINING YOUR TARGET AUDIENCE

Knowledge of target market

The more you know about your target market the easier it is to identify your target audience.  If, for example, your target market is Women in high positions in the workplace; then in order to identify the audience it will help to know their management ranking.  Are they part of Senior management or are they in Junior management?  Are they involved in a decision-making process or do they just transfer recommendations through the company hierarchy, etc…

Surroundings matter

When the target market gets outlined it is also important to consider its surroundings.  If women in high positions, that make decisions in the workplace, are the target market, then the target audience will be these women along with anyone in their social and professional circles:  their subordinates, coworkers, direct reports, husband, partners, kids, and family members, fitness club friends, etc….

Purpose is Key

Define the purpose for providing your business offerings.  Is the purpose behind your product/service to enhance beauty? Or is it to facilitate logistics? Is it to develop your customer team? Or is it a food item that your clients or family members may be interested in?

Knowing the target market and knowing the purpose behind providing that specific product and/or service will definitely help the business define its target audience and stay focused on the needs to whom they are selling.  A distinct target audience is definitely the number one element of a successful sales strategy.

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PROMOTIONAL SOLUTIONS TO GROW A BUSINESS

news magazines

Most small businesses create their marketing strategies without considering the many online marketing tools available for them to use as they promote and create visibility for their business.  Here are three promotional tools that will help grow a small business.

Speaking at events

Becoming a speaker at events may require some effort to attend the different events that take place in a business area.  Joining business networking groups and becoming active members there may open up opportunities for increased visibility for a small business. In some groups, speaking at events may be offered as a benefit to members only.

Podcasting

Position your business as a leader in its business industry, and create podcasts that educate, inform or maybe create awareness about a product or service. Podcasting is a growing trend that will increase visibility for your business, and they make good content to post and circulate on social media platforms.

Advertise in a community newspaper

Community magazines are usually widely distributed and read by the public.  Find the community magazine that is most viewed by your business target audience and run an ad there for a few months in a row.  Ads are most effective when seen by the viewer repetitively.

Some beneficial promotional resources that are worth exploring are:

  • Bizbites (bizbites.ca) – a pool for business podcasts
  • Canadian SME – the #1 small business magazine in Canada.

More tools are available out there, explore opportunities and search for what works best to position your business as a leader in its own industry.

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Business Community: What are the Benefits?

business networking

Build a network of connections

Small businesses cannot survive on their own. In every business, most sales are done through word of mouth or referrals from people who have established trust in the business or the owner of the business. Building a network of connections results in getting leads that may turn into customers or that may send customers to a business. Being a part of a business community will help expand the reach and, with that, increase leads.

Learn Best Practices

Business community websites are filled with information that can be of importance to small businesses. Starting from how to start a business to the latest business trends, business communities are a great resource to gain knowledge about how to’s and where to’s for growing a business. Whether it be through forums, group discussions, or just postings on a profile timeline, there is always something to learn and gain knowledge from.

Stay Motivated

Being a part of a network will definitely help motivate a business owner. Entrepreneurs tend to lack motivation at times as they are responsible for all business tasks. At times they get overwhelmed with tasks and lose motivation, and at other times they may feel they have run out of ideas and lose motivation to continue. A good way to stay motivated is to find a professional business community and stay active there. Stay connected with business owners on the network, attend community networking events, stay visible by placing ads or taking up speaking engagements during events, and always offer to help. That will not only keep a business owner motivated, but it will also increase business visibility within the community.

Generate Leads

Business leads come from knowing people. Meeting people requires a community. Loos for business communities that have a virtual platform and that also run events. That way, one will get to meet people and then stay connected over the internet to send leads and referrals. One thing business owners have to remember, in a community, one has to give in order to take. Give leads, and others will send you leads. Give referrals to other business members, and others will send you referrals.

Enjoy Benefits

Business community websites usually offer benefits to their members. Benefits may vary from free services to discounts and offers to access to business resources and more. Make use of these benefits! Many businesses register at business community websites and forget about their accounts. It’s good to visit business community websites often to explore new benefits added to members.

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