For entrepreneurs—new and seasoned—this is an excruciatingly tough time to be in business and that’s simply because money is tight almost everywhere. Those who have it to loan as well as those who have it to spend are extremely cautious with their funds. That, I believe, is the biggest challenge of the current economy. As such, even entrepreneurs with exceptional products and services are struggling to stay in business.
Conversely, the opportunity that the current economy presents is that businesses now have the “out” to be what they want to be rather than what they think they have to be based on their industry. More businesses are discovering that it’s okay if they choose to be a local business versus a global enterprise, a niche firm versus a multi-faceted company, an entity that serves one main consumer group rather than multiple. Though it’s scary for an entrepreneur to change, there’s an unspoken freedom in the “mess” that is our current economy and entrepreneurs should embrace it. With that said, here are some tips for taking your business to the next level…whatever you deem that to be.
• Hone Your Vision
You must be able to visualize what you want to achieve. This vision must be concrete. Having this specific vision will allow you to better determine what it’s going to take for you to realize you vision.
• Acknowledge Your Reality
You must acknowledge what your present capabilities are. That means you must assess your financial abilities, your skill set and your ability to secure outside help to execute your vision. If your current reality does not allow for you to create your vision, you must then do one of two things: (1) revise your vision to something more feasible for your current reality or (2) step back from your original vision, instead focusing on enhancing your capabilities so that you can eventually execute your original vision.
• Create Your Plan
I’ll be the first to say that success does not always require a plan. Sometimes, it does “just happen” but we all know that’s more often the exception rather than the rule. So, planning is the next step you need to take if you want to reach “the next level.” This is simply because it’s a lot easier to see how much further you has to go to achieve your vision when you have a checklist of what must be accomplished to get THERE as Kelly A. Morgan calls it in her book, Journey To A Place Called THERE: A Navigation Guide for Creating a Balanced Life.
• Look Beyond Your Desired Bottom Line
Money talks in business. We all know that. However, most people forget that money walks if you don’t do business right. Therefore, I would also encourage you to not only invest in activities that will result in increased sales but to also invest money and/or time in activities that may not directly contribute to your bottom line. Showing consumers what you’re able to do or what kind of businessperson you are, even when there’s no obvious benefit for you, will make you that much more memorable to a potential client. That’s critical, especially for entrepreneurs in highly competitive industries.
Good luck as you venture into this next fiscal quarter. Make it a good one! As always, if you have a marketing question that you would like me to answer, send me an email at AskTanisha@TheLoftyEntrepreneur.com or ask@madamenoire.com.
Tanisha Coffey is a professional writer and marketing consultant based in metropolitan Atlanta, Georgia. She provides her services through the strategic marketing consulting, professional copywriting and independent author services firm Scribe, Etc.
