Your Business Might Be Out Of Business In 2020… Unless…
Let’s look at your business challenges today. Here we are in 2020 and your small business is rolling along as the news talks about deaths due to the Coronavirus, and politics day and night. You are being warned not to travel, to wash your hands, to stock up on water, and of impending doom and gloom politically… and stocks are falling and a recession is about to hit… What does this mean to your business? How can you avoid going out of business? Let’s discuss the top 3 real challenges your business faces in 2020. And also look at the ones that you want to quickly address. This article will help you create more revenues and profits this year.
The Top 3 REAL Business Challenges – 2020…
You can’t miss reading this!
Despite what you may think they are… the challenges to your business are actually not politics, a recession/stock market crash, or the Coronavirus.
Let’s look at the reasons your business may struggle in 2020.
According to research from the Small Business Administration, only half of new businesses survive during their first five years and only one-third of new businesses survive for 10 years. If only half of all new businesses survive for the first five years that means that about sixty-five percent of new businesses are out of business by year ten. Bloomberg says that of every 10 businesses, 8 fail within the first 18 months. With a low chance of survival, how can you avoid business failure?
When you understand the top 3 business challenges every business faces you can overcome those challenges. In fact, your business can thrive and survive no matter what. Forget politics. Stop focusing on any illness that is threatening world health. And stay in business no matter what the stock market is doing. I have owned my own businesses since 1979 and survived all the ups and downs of the world. I have also been a business consultant to over 6,000 small business owners who like me have thrived by following my advice.
Here are the challenges and some solutions. How to stay in business …
1. Your Business Lacks A Core Unique Positioning Statement® And Has No Real Value Proposition
You may have a fantastic product or service yet you don’t have enough qualified prospects each day and are struggling to make the money you want. This is because your business does not stand out and without having a strong Core Unique Positioning Statement® that acts as your value proposition you don’t attract the interest or attention of prospects.
What can be done? Create a Core Unique Positioning Statement® by following this example:
State specifically who you work with
Declare that your business is the “only”
Name the result you deliver
Provide a guarantee
As an example, here is our Core Unique Positioning Statement® at Heartrepreneur LLC:
We help frustrated small business owners generate more leads and attract new clients by implementing our proprietary simple and easy 5 step profit formula. We are the only company with this proprietary, proven Heart® Formula that helps to immediately generate qualified leads and close sales – guaranteed.
Notice how this builds our brand and separates our business from all other business consultants and allows us to share our unique value. It is critical that your business has a Core Unique Positioning Statement® which is not the same as a Unique Selling Proposition. You must capture market share and fast so that your business stays in business.
2. Ignoring The Results Clients/Customers/Patients Want
Don’t guess at what results your audience wants. You must regularly ask those who are prospects, current clients and past clients what they want and need and not what you believe they want or need. People change. Trends change. This is why each quarter you must do market research and find out what your audience actually would like to buy. It is much easier to sell hamburgers to hungry people than to try to sell hamburgers to people who are not hungry and are vegan! Wake up and get in touch with your target audience. Hear what they desire and quickly offer what they are hungry to buy.
3. Unsound Business Model
Sadly, in my four decades as a business owner and almost 3 decades as a business coach and business consultant, I see many entrepreneurs who have an unsound business model. Most lack a business plan and continue to push their idea without proven revenues and profits flowing in. I believe that no one should be in any business that has not worked up a business plan. That plan needs to include financial forecasts that aren’t guesses and that are in fact based on predictable revenues that will come as a result of strategic and proven marketing. There must also be a plan in place to measure success and quickly solve any issues that arrive.
One Last Tip For Business Success
Get an outside expert who will guide you to success and solve your business problems. A great business consultant will have the knowledge you need as well as the talent, skill, and experience to grow your revenues and profits and assure your success in business.
A top business consultant can assist with sales, marketing, business improvement, business expansion and will help execute ideas while making recommendations. As a business consultant, I offer help with things like – not enough qualified prospects, a low rate of sales, cash-flow issues, etc. Then I create solutions for my clients and save them time and money and give them fresh perspectives in business.
In the comments put your top business question and I will personally answer you.