As we are now into November, thoughts of year end are dancing in everyone’s heads. But first we have Thanksgiving and Christmas before we get to the new year. We also have Black Friday which is one of the biggest shopping days of the year with people lining up on Thanksgiving night to make sure they are going to land that sought after toy or electronic.
One of the biggest enigmas for small businesses is balancing time vs. money spent on their Marketing Plan. When first starting out most small business owners have more time than money so the Marketing Plan is often 90%+ focused on time with 10% or less focused on money. For example, a new business owner may spend a lot of time going to different networking events at things like the Chamber of Commerce or BNI. If they are more tech savvy chances are the owner will be spending time on social media.
This year has been one of rediscovering things for many folks, and we here at Dirty Secrets of Small Business are no different. During the show today we shared several stories of things that we are rediscovering. The list includes everything from golf to high school football on the personal front to things like cold calling and networking on a business front.
So what kind of memories do you have of the library? If you’re like most people, it goes back to your early childhood days and story time. Perhaps you rediscovered the library when you had your own kids. Many of us spent time in the library during high school or college. But chances are that once you got into the business world you stopped visiting your local library altogether.
If you’ve been in business long enough, chances are you’ve received some unsolicited interest in your business. By “interest” we mean someone is expressing an interest in perhaps buying your business. It likely came in the form of a letter that was either physically mailed or emailed or from a phone call. These letters and phone calls often come from intermediaries so the actual person who might be interested in buying your company has their identity hidden. Do you welcome these solicitations with open arms? Do you avoid them like the plague…or COVID? Likely you’re somewhere in between.
One of the biggest challenges and common frustrations of any leader is to get everyone on your team on the same page. Use whatever metaphor you want. Things like “all rowing in the same direction” or “everyone reading from the same hymnal” and hundreds of other cliches. At the end of the day, it comes down to what you focus on as a Leader. Because whatever you focus on is what your team will focus on.
One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over. What does it look like when someone is ready to take over the company? Will you just know it when you see it? Should you have the next generation just follow you around for six months or a couple of years to learn by osmosis?