Running a business can be rewarding but not without its fair share of challenges. In this insightful podcast episode, Dr. Terri Levine dives deep into the common struggles that business owners face and offers invaluable recommendations to overcome them.
Terri Levine’s findings, derived from a survey of 52 business owners, highlight seven key challenges entrepreneurs often encounter.
One key takeaway from the episode is the importance of setting yourself apart in a competitive business landscape. Dr. Terri Levine emphasizes the importance of distinguishing your services and crafting a distinctive core positioning statement that highlights the unique value of your services.
Key Highlights From The Episode:
[00:15] Today’s focus: Common struggles that business owners experience and the recommendations
[00:27] #1 Cash flow management
[00:59] #2 Marketing
[01:34] #3 Staffing and hiring
[01:59] #4 Competition
[02:23] #5 Time management
[03:06] #6 Technology
[03:48] #7 Government regulations
[04:18] Get help; https://heartrepreneur.com/
Golden Nuggets:
- To triumph over competition within your business niche, distinguish your services and craft a distinctive, core positioning statement. [02:07]
- You cannot manage time; you can only manage your behaviors. [02:26]
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Full Transcript:
Welcome back to Digital Marketing for Coaches & Consultants. I’m Dr. Terri Levine, and I am really glad that you have joined me here today because I did a survey of business owners. We surveyed 52 business owners, and then we took all of their results, and I’m going to share their struggles with you and my recommendations. See if any of these are right for you. The first problem that they said they have is cash flow management. Many of them expressed, from actually reading the results, frustrations in managing their cash flow. They did not, a lot of them, have positive cash flow. Do you? And obviously, you need that to run your business effectively, to pay your bills.
They didn’t have any accounting programs, accounting software, and they weren’t really aware of their income and expenses. Are you? Answer that honestly. Second, and I wasn’t surprised by this, is marketing. They were struggling in getting the word out about their services or about their products. And they really didn’t have a very good, what I would call, intact marketing strategy. A proven marketing strategy. And those are things that go from social media, to email, to any other form of getting the word out.
And one of the things that they can do is, obviously, partner with an agency like Heartrepreneur agency, or learn how to partner with other businesses to get the word out. The third struggle that they had was staffing and hiring, even if it’s simply independent contractors. They found it very difficult to find the right people who are qualified for the tasks, and then to even retain those people. And if they had people, how did they create the right environment for those people? In other words, you also have to be a manager of your business. Okay. Number four, they said competition. They said they’re facing a lot of competition by other businesses in their niche.
And the way that we shift that for my client family members is to help them to differentiate their products and services, and to come up with their core unique positioning statement that, literally, has them stand out in the marketplace and not be a cookie cutter. Number five was what they call time management. So, I’ll tell you my belief, you cannot manage time. You can manage behaviors, not time. So, it’s learning the right behaviors because you, like me, probably wear a lot of different hats in your business, and you’re probably doing multiple tasks simultaneously.
Well, learning how to focus, how to leverage, how to optimize, will free up a tremendous amount of time so you’re truly focused on the tasks that are most important and make a difference financially to your business. And, by the way, you can delegate all that other stuff to us here at Heartrepreneur agency. It’s what we do. Interestingly enough, number six was technology. It seems like there was a lot of struggle and challenge keeping up with the latest technology. And, of course, it is changing all the time nowadays.
Whether it’s, “I have to go to workshops, or conferences,” or, “I need a technology consultant in this area or that area,” “What is the best technology for my business?” I always extend my hand and tell you, happily, you can have a call here at Heartrepreneur agency, the link is always here to schedule that call. And it’s not a sales pitch in disguise, our role in business is passing it forward and helping others that aren’t in the same position we’re in by giving customized help and advice to you. And number seven were government regulations. And, of course, it depends on your business.
In some businesses, like financial advisors that we help, it can be complex, it can be kind of time-consuming. And there’s industry organizations and associations that can help you and might be really familiar with your industry. Which of those tips is most helpful for you? Let me know. Make sure you’re subscribing and sharing the show. And truly, I extend my hand. Reach out, have a call with our team. We are pros. We are experts at digital marketing. And we’d love to see what’s going on with your digital marketing and give you, for absolutely no obligation, some tips, some help, and advice.
That’s what we do here at Heartrepreneur agency; giving our advice to you as a way of passing it forward. I hope you enjoyed this episode of Digital Marketing for Coaches & Consultants, and I look forward to seeing you here at the next episode. Bye now.
