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These Factors are Impacting Small Business Owners Today

Factors Impacting Small Business Owners Today1It’s a wild world. We talked about VUCA—the sweeping forces keeping entrepreneurs on their toes. But do you want to know the real-world factors that impact these forces? Let me tell you.

 

Running a business is not what it used to be. Some things remain—good planning, structure, pricing, and marketing. You do not need a lot of money to get into business—but don’t be undercapitalized. These days, it isn’t enough to want to “disrupt” your industry—it’s been done already. Now is the time to get smart about market forces because volatility has become the norm.

 

The market belongs to the nimble—three views to keep in mind

 

Do you have a great product or service? Let’s assume that your marketing is working for you, and then you hit a bump, or you lose an important client—you’re sunk. How do you pivot and what are the factors that can help you keep moving?

 

I work with entrepreneurs with brick and mortar and virtual storefronts. My goal is to help my clients make money—and keep making more. Profit flows to those who make smart choices, and take necessary, informed chances. That is what I do—help small business owners understand their choices—and chances.

 

Change is constant, and here are some important features all entrepreneurs should be aware of:

 

  1. You are important: Sure, everyone is important. I mean your brand—your personal brand, not only your business. For small business owners—your personal brand is often what gets you a job, or loses it. Wherever your financing is coming from, investors want to know who they are dealing with, whether you can be trusted—do you have a history of smart decisions and responsible behavior? Especially with start-ups, or new ventures, a great deal of big business still requires you to pass the smell test before someone buys from you—or sinks money into your efforts.

 

  1. Changes in the system: Stuff happens—all the time. The big picture changes depending on what channel you watch. Consider the influence of just a few overarching systems including:

 

  • Weather: The weather is a huge system that has a big impact on business. According to the National Center for Atmosphere Research, the wily ways of weather patterns can influence the U.S. economy to the tune of $485 billion per year. Production, supply, manufacturing, energy, transport—are just a few criteria impacted by weather. Climate change affects where people live, what they buy, and where they go to spend their dollars, and their careers. Like the economy, the weather is not expected to settle down anytime soon. Keep it in mind.

 

  • Trends: With social media, content marketing, and marketing automation, you can reach out and touch a good portion of not just your client base—but the Create the next viral video and enjoy your fifteen minutes of fame, or a few million dollars brought to you by your ability, and the ability of your team, to tap into a shifting, restless world eager for the next new thing.

 

  • Tech: Tech is no longer just an industry. It is what you need to build into your business through innovative marketing, better processes, supply chain decisions, communication, and more. You may have a great idea, or a well-established business, but if you cannot move with the times on technology—you are going to get left behind.

 

  1. Know where you are on the curve: Are you just out of college and vying to build a no-cost start-up into something big? Have you been on a career track for ten years and ready for a change? Maybe you are part of the third-age, the Boomers or close to them, with decades of valuable experience and a desire to put it together in a different way.

 

Whether you are a micro-entrepreneur, or a successful CEO planning to step out, it is important to know the right steps to get where—and what—you want. Do you want to struggle for the next ten years for sweat equity? Or make some real money to support your current or hoped-for lifestyle? Work with a mentor, or business counselor to find your place on the curve, develop the right questions and be sure you have the right answers to get your best chance at success.

 

A big part of a profitable business today is learning how to successfully fit into a world of change. Your biggest assets are what you bring to the table in the form of knowledge, experience, adaptability, and willingness to seek and receive good advice.

 

When you want to ride the wave, instead of being swept up in it—call me at 585-633-7563. I can help you make the money you want.

Yours in profit,

Bob Britton

 

 

About the Author Bob Britton

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