Is it the time to make changes to your business?

Do you have a business not going in the positive way you expected? Have you started believing making small twists or big changes to your business makes it look more promising? I consider a blessing to have the courage to recognize change needs to happen in your business, your projects or in life. I picked this quote because it reminds me that change is not only needed, but a way to embrace perfection.

But what are some of the signs to look for in order to make a change?

You picked a niche you are not comfortable with

You knew it from the very beginning. You feel much more comfortable with a niche you are expert in, but you decided for one reason or another to go for something else. Remember that we all want to deal with experts. Experts are made after lots of work, experience and many problems solved so it doesn’t happen from night to day.  Every day in your business, you should feel you are at the right place at the right time, and if it isn’t you might have not identified your niche and there is some self-discovery to be done. You are on your way to happiness, so try a little harder.

Numbers don’t lie

When you look at numbers, they tell the story. You are probably looking at the sales and expenses numbers every day to see how the business is behaving, and even better if you are comparing them to the projections you made in the business plan. Remember a business exists to be profitable unless you don’t need the money at all. Go to your numbers again and understand what is working for you and what you are missing. When you really enjoy what you do, money just follows. The business has to serve a noble purpose by making people lives better, and you can only do that by performing activities you absolutely love. Again, it is about happiness so keep trying.

You feel as if you are in a vicious circle

You probably have taken all the right steps toward building a successful business. Maybe you followed good advice and you are applying it accordingly but for some reason it is just not working. You have your business plan, your steps are clear, you worked on your cash flow, have hired the right people, have a good product, you dedicate good time to network but it is simply not selling. Give yourself some months, but if after a year or so it is still not working, chances are you might be better off exploring other opportunities and switching gears. You can reuse many of the things you have invested in already, but some will have to definitely go and it will be for the best. Again, if you are doing what you know best, and you enjoy what you do, you cannot feel in a vicious circle, so this might be a sign you are in for a change.

The only way to understand when change needs to happen is making a commitment and setting deadlines to yourself and face reality when the time comes. Depending on the amount of your investment, changing direction in your business might not be easy or happen immediately but you need to be aware that it can happen and you will have to react quickly. Evaluating and thinking thoroughly on how things are going, sharing with an advisor, an accountant or a friend should be a good regular practice. Nobody wants to react when there is nothing left to rescue. Remember you were way more flexible than many other people by quitting your job and starting your new adventure. Keep going as you are in your way to be perfect. 

Why do I need a business niche?

If I had to ask you small business owner, what is the product do you offer, what would you say? According to studies, you only have 10 seconds to respond to make your answer memorable.

You may know you didn’t give a memorable answer if you spend more than a minute giving explanations and examples trying to sound convincing in the hopes that your listener starts making an idea on his own and put you out of the uncomfortable moment. Most importantly and worrisome is that fact that, if you listen closely, you are trying to convince yourself. A few questions may come up to your mind while you speak such as “do I really do that? Hmmm…sounds like a lot and really complicated, am I sure?” It happens more often that you think.

Then the polite answer from that person comes back usually with compliments and additional questions and everything seems fine. But the actual result is that person will forget very soon what you do and much more rapidly your name, and you will end up losing a potential client.

Most of us are scared of focusing in just one niche and saying we do just one thing. We do that because we have a natural and human tendency to widen the list of services we provide because we feel our chances to get more clients is bigger. That sounds logical, but is certainly not true.  Here is the ugly truth for you and me broken down in three jabs just to make it a little easier to breathe it in.

We are never memorable

By not having a niche and one only dedicated service, we lose the amazing opportunity to be remembered by our potential leads. Think about it, if you need an alteration or a financial planner, don’t you go in your mind thinking who gave you the best impression or who do you want to see again? It is true that we tend to use the services of people we like, but to have a shot of being even included in that list of prospective service lenders, we first have to be remembered. If a potential client cannot explain what you do, you won’t be remembered and you have the lowest chance of being selected.

We are seen suspicious

What do you think of someone that tells you he can excel in most sports? Please don’t tell me you don’t get a bit suspicious. We all would! That’s our human nature. We all want to work with the best tailor in the city or the best hair stylist. No one wants to have a hair cut with a hair stylist just graduated. If we cannot be seen as a specialist on something, chances are we won’t be able to concrete business with anyone no matter how great we are or how impeccable our work is.

We never make a difference

The fact that we don’t have a niche and mention the many different things we do makes us questionable as people wonder why us and not somebody else who does something similar. If by any chance, our message gets across correctly, potential clients will start wondering what makes us stand out from a crowd of many other professionals. We are not seen as a specialty and for that reason, we are also forgotten really soon.

So, before you do anything else related to your business, stop for a moment and analyze how you want to be known for, as this is the only chance you have to start and grow a business. Next time somebody asks what is your business about? Make sure you have a short convincing self-explanatory answer that elicits questions but does not leave any room for interpretation. Dare to be that needle in a haystack we are all looking for.

Networking Lessons 2016

Let me ask you, how many networking events have you attended in the last three months? If you cannot count them anymore, it is a really good sign. If you are an entrepreneur like me, you have to be out there looking for your next opportunity. Chances are clients are not going to come flocking to your door at the beginning, but it is you who has to attract them and bring that business.

Since I quit my job this last April, I have been attending many networking events and here are some lessons I learned in the past few months so you can really get the most out of those experiences.

Define the networking groups that work for you

Different groups have different tones basically depending on the personality of the leader and the people who attend. I discovered not every group is for me and each one serves a different purpose. Whether I can talk about lessons learned, business advice, strengths and weaknesses or doing business, I have now a group identified for specific reasons, so next time I attend one I set my mind to prepare accordingly.

Be memorable

Think about it. For how long do you remember a business connection you met for the first time at some event? I believe the answer is: depends on the impression that person made in you. There are people who naturally connect and others that do not, and you usually walk out of the room knowing whom you want and do not want to see again. Your expertise, the uniqueness of your product and its multiple benefits can take you very far, but remember we connect at a personal level as well, so as much as someone needs your product if that person does not have a good impression on you, there won’t probably be any sale. Personality and manners is key to create a memorable first impression, and there is no second chance to make a good first impression.      

Make sure you say what you do

The other day after I connected with one of my recently added networking contacts, we discovered she needed my services. She was not sure I could do what she needed, and I didn’t know she needed help. I believe the ability to sell is something you master with time and patience, but it starts by identifying a need followed by offering your help and trusting your instinct. Make sure you say what you do wherever you go as your business depends on you speaking for it.

Arrange those business cards in groups

I realized business cards continued piling up in my bags and pockets, so I decided to arrange them in categories. I started looking at those business cards and placing them in three re-sealable bags tagged with the following categories: The first category is “We are connected!” where I included all cards that made a good impression on me and can see them as true resources and I am keeping my eyes open for potential opportunities to them as well. The second category “Potential Partner” has all the business cards of people that I believe I can partner up and work together for the same client, and the third category “I don’t remember” where I placed all the business cards whose owner or product I cannot remember. Since I have them organized now, it is really easy for me to place the next group of cards I receive.

Continue doing what you are doing and it will pay off

I still go to networking events trying to find my ideal customer or another entrepreneur who is going through the same ups and downs as me. It really never ends, as it is a way of life now. Entrepreneurs have to be out there constantly searching and listening with open eyes and an open mind.

At one of these events, somebody I had just met said, “I’m sure you can find clients from any networking session, but they first have to like you”, and that’s when I reassured myself this is just a matter of time. 

How to Find Passion in Your Work

Do you love going to work every day? Do you love spending hours and hours at work even putting time out of your personal life? In a perfect world, I think earning a salary should come from the satisfaction of doing something we believe in and makes us feel inspired so that time is an ally, and we enjoy every single minute of activities that don’t feel as work anymore. According to a Gallup survey in 2013, 70% of Americans either hate their jobs or are completely disengaged. So, if you belong to that 70% you may want to take a step back and consider where your career has taken you.

When you have a job, you will probably have a performance evaluation that can depict your performance and detail your strengths and weaknesses in the best-case scenario, but sometimes we forget that the most important feedback should come from within. Can you ask yourself these questions? Did this job or project make me happy or proud? Did I really feel that I was contributing with something I believe in? Did I really learn something that makes me a better human being? And finally, if I could do it again, would I? I believe the practice of seeking answers within you should be part of your daily life. When you ask questions, you continue learning and have a sense of awareness to experience everything to the fullest.

These are a few suggestions on discovering your passion and dedicating your time and everything you have to find that balance that can make you feel really accomplished.

Define what makes you happy and fulfilled

So you know what makes you miserable, but what makes you happy and proud? I believe that as bad and miserable as your current job can be, you should be grateful to experience it to its fullness.  One cannot know for sure or speak with authority without walking the walk, and for sure, gives you plenty of experience to help you discern what you do and do not like. Make a list of all the things that produce you joy and rank them in a scale of 1 to 10. Look at ones with the highest score and imagine a day doing that. What does it look like?

Find your talents

Many times you cannot appreciate your own talents or do not have a complete list. You have to pay especial attention to those you do without actual realization. It is other people who are ready to tell you the many qualities and values they perceive every day, but it is way more difficult identifying those from the inside. We are too busy living our lives that we rarely stop to assess our skills or wonder how to exploit them to make an additional earning. We are at our best when we use our natural talents as we all have too many things to offer. Write the story of your life identifying challenging moments and overcoming those, stories of how easy time flew by when you were doing something, times when you talked non-stop feeling passionate about some topic or were extremely successful. Also, try experiencing new and different things and ask a good friend and an acquaintance his or her opinion about your talents. You will be pleasantly surprised.

Start with something you feel confident about

If you realized your talents could produce you some extra money or eventually you can launch your own business, start with something you feel confident or you know how to do “with your eyes closed”. Exuding confidence helps convey your message extremely well and you and your product or service will be memorable when you go out there and talk to potential clients. The most successful entrepreneurs I met are the ones who believe their products are the best available in the market, and it is just a matter of time until everyone else knows.

Finding your true passion may take some time, but it is a worthy and patient process that only you can do.  I believe there are things money can’t buy and nobody knows what tomorrow may bring. Besides, don’t you want to invest your life in something you really believe in? 

How to Make Sure Your Small Business Has a Future

Have you ever driven to a new place without a GPS? Have you ever planned a party without making any notes on the things you are going to buy? Just imagine these situations if you have not experienced them. In both situations, I think is possible to get a positive outcome, you eventually reach your destination or have a great party, but can you imagine the waste of resources? I would call these situations “trying to operate in the darkness” unnecessarily.

These are simple comparisons we can also apply in business. It is nearly impossible to operate a successful business in the darkness. Out of 10 business owners I talk to, 9 did not write a business plan before starting their businesses and they seek advice only after they hit a wall or struggle to continue their growth.

Writing a business plan makes any business owner 2.5 times more likely to succeed from the ones that do not write one. You don’t want to be lost in the middle of a highway hoping and praying it will take you to your destination. Working on a business plan will make you think on what you have and what you need, and that exercise will save your valuable resources especially when you are starting a business and every dollar counts.

Here are 4 powerful reasons to make you consider getting a “business GPS”.

You will come up with a solid Elevator Pitch

When you start defining what your product or service is, you need to explain it so clearly that a potential customer can explain it to you if you asked him. If you are selling puzzles for children, probably they will be somewhat easy to describe, but if you are selling financial advice or insurance, it won’t be as easy. Remember the best way to land a sale is explaining the benefits of your product, so with puzzles you are actually selling memory improvement and heightened creativity, and with insurance you are selling peace of mind and security. People respond to products or services that solve their daily problems, and that starts by your audience understanding and remembering what you sell, so a good elevator pitch can also increase your own confidence in your products or services and start putting the good word out for you.

Your business idea will be backed up by data

The key to a good business plan is research. You want your office, store, or product display to be in front of the eyes of your potential customers. So, you need to find out whom these people are and where to find them. Depending on your budget, you can use the many online free tools such as US Census or Sizeup websites, or you can buy a subscription to ESRI or IBISWorld for example.

You will have a better idea on what you are getting yourself into

Over time, you develop skills that can be put to good use in any industry, but some other times you need specific expertise and good instinct that can only be developed with constant practice in that field. Working on your business plan will make you think on specific steps you need to take and project yourself and your company in 3 to 5 years time. When you plan those specific steps, you will have another chance to think if this is something you see yourself doing. You don’t want to be stuck running a company in an industry you didn’t know from the very beginning, or much worse you don’t enjoy.

You will be taken more seriously

You can come up with business ideas, but when you put them on paper and start thinking on how to turn that idea into a reality, two things can happen: you can fall in love even more with that idea, or you will have to forget about it. Let’s face it: we all want to know if we are in love at some point. So, go figure out by yourself and work in that effort that will pay big time. You will be taken more seriously, first, by yourself, and by the people who heard you talk about your idea probably more than once.