Avoiding Mental Hindrances to Entrepreneurial Success

As an entrepreneur, I can testify that entrepreneurship can be a very rewarding journey, however, it can also come with a load of mental challenges. Going into entrepreneurship may seem exciting and fun, but it requires qualities like resilience, courage, and balanced thinking. In this blog, I will list some common challenges that entrepreneurs face. And I will also give some suggestions on how to prevent or manage them.

Stress and Pressure

Starting and running a business can be highly stressful. Many elements of the work may contribute to mental fatigue. The pressure to succeed, financial uncertainty, long working hours, and managing multiple responsibilities can take a toll on an entrepreneur’s mental well-being.

To prevent unnecessary stress, it is important to prioritize self-care, set realistic goals, delegate tasks, and seek support from mentors, friends, or a professional network. Building a strong support system and practicing stress management techniques, such as exercise, taking time to relax, and practicing reflective thinking, can help alleviate stress.

Fear of Failure

As entrepreneurs, the fear of failure haunts us at times. Failing to meet goals, the denial of a bid or deal, and the fear of losing a major client; all are common challenges for entrepreneurs. Yes, the risk of business setbacks, financial losses, and the fear of disappointing oneself or others can be overwhelming.

To overcome this fear, it is crucial to embrace a growth mindset and reframe failure as a learning opportunity. Surrounding yourself with a supportive network, setting achievable goals, celebrating small successes, and learning from setbacks are key techniques to overcoming entrepreneurial fear. Remember that failure is often a stepping stone to success.

Isolation and Loneliness

Entrepreneurship is a solitary journey, especially in the early stages of building a business. The lack of colleagues around or the longing for a traditional work environment can lead to feelings of isolation and loneliness.

To prevent the effects of isolation, actively seek out networking opportunities, join entrepreneurial communities, attend industry events, or consider co-working spaces. Connecting with like-minded individuals can provide support, collaboration opportunities, and a sense of belonging.

Burnout

In order for entrepreneurs to succeed in launching a business, they have to put in long hours of work and sacrifice personal time for the sake of their success. This can lead to burnout. And suddenly we find exhaustion, decreased productivity, and loss of motivation setting in.

Preventing burnout requires awareness of setting boundaries, prioritizing work-life balance, and recognizing the importance of rest and relaxation. In addition, It is important for entrepreneurs to learn when and how to delegate tasks and establish a schedule that allows for breaks and leisure activities. Cultivating hobbies or interests outside of work will definitely help!

Decision-Making Overload

Entrepreneurs face numerous decisions on a daily basis. They find themselves constantly having to make important choices that range from strategic alternatives to operational matters. Decision fatigue can be exhausting, leading to analysis paralysis and poor decision-making.

To prevent decision-making overload, develop a clear vision and mission for the business, establish decision-making frameworks, delegate decisions when appropriate, and focus on the most critical choices. I personally find that seeking advice from mentors or trusted advisors can also help gain insights and support the decision-making process.

Work-Life Integration

Achieving a healthy work-life integration can be challenging for entrepreneurs who are deeply invested in their businesses. Entrepreneurs have the tendency to get consumed in their own world forgetting their human need for others.

It is important to set boundaries and establish dedicated time for personal life, family, and self-care. Schedule specific hours for work and stick to them as much as possible. Create routines that allow for quality time with loved ones and activities that bring joy and relaxation. Maintaining a balanced and fulfilling life outside of work ultimately contributes to the overall success of an entrepreneur.

While these suggestions can help lessen mental challenges, it is important to keep in mind that entrepreneurship is a unique journey. Our individual understandings of behaviour and surroundings may vary. My experiences and practices as an entrepreneur may be different than yours, and vice versa. Each one of us gets to walk our own journey. However, if one continues to struggle with persistent mental challenges, it is advisable to seek professional help from a therapist or counselor who can provide personalized guidance and support.

BizReflections

Grace Nasralla is the founder and senior business blogger at BizReflections. She is a Co-Owner at HUDDLESPACE which provides small business owners with offices for rent. This year (2024), Grace launched a loose leaf tea brand and named it Brew & Scone.

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Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

March 29, 2023March 30, 2023

Digital Transformation: How to Transform Your Business for the Future

Digital transformation is the process of integrating digital technologies and strategies into all aspects of a business. The main objective of this process is to fundamentally change how the business operates and delivers value to its customers. The practice will include rethinking and redesigning business processes, creating new business models, and leveraging technology to improve efficiency and effectiveness.

The typical outcome of a successful digital transformation is to improve customer experience, increase employee productivity, and drive revenue growth.

And here are some key steps to transforming a business for the digital age:

Define your vision and strategy

Start by identifying what the core values of your business are and how can technology support them. Then, define your long-term vision and strategic objectives. And finally, develop a roadmap that outlines how you plan to achieve your goals(*). The homework in this step is foundational, and we will discuss the details and how-to’s in future blog posts.

Create a digital culture

Digital transformation requires a culture with three pillars: openness to experimentation, risk-taking, and continuous learning. Empower leadership and all employees to embrace new technologies, and foster a culture of innovation.

Invest in technology and infrastructure

Evaluate your current technology supply and determine what needs to be updated or replaced. Invest in modern digital tools and infrastructure that can support your business objectives.

Streamline your operations

Redesign your business processes to streamline workflows and eliminate holdups. Use data and analytics to identify areas for improvement and automate repetitive tasks.

Engage with customers

Leverage digital channels to engage with customers and deliver personalized experiences. Use analytics to identify customer data and insights to tailor your products and services to their needs.

Foster agility

Digital transformation is an ongoing process that requires responsiveness and adaptability. Develop a flexible, agile organization that can respond quickly to changing market conditions and customer needs.

In summary, digital transformation encompasses more than just technology. It requires a fundamental shift in the way businesses operate and a commitment to continuous improvement and innovation. Work on transforming your business for the future and stay ahead of the competition in this digital age.

* Read the blog post titled “A Roadmap to Business Transformation”

BizReflections

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March 14, 2023March 30, 2023

A Roadmap to Business Transformation

Developing a roadmap for business transformation requires careful planning and consideration of the unique needs of a business. Staying aware of the business conditions and necessities is of high importance to develop a successful roadmap for transformational change. Here are some key steps to follow:

Define the vision and goals

Start by identifying the long-term vision and strategic objectives for the business. What are the core values of the business, and how can technology support them? Define the goals for business transformation in terms of specifics and measurable outcomes. Located the areas that require reshaping to prepare for the future and equip the business with the right tools to implement transformational change.

Assess your current state

Conduct an inclusive assessment of the current operations, processes, and technology infrastructure. Identify gaps and inefficiencies that need to be addressed to achieve the business vision. At one point there may be a need for assistance especially when it comes to areas that require some expertise. Do not hesitate to seek professional help when needed in order to achieve the goals for business transformation.

Prioritize areas for improvement

Based on the final assessment, prioritize the areas that have the greatest impact on achieving the business goals. Identify the specific initiatives that need to be taken to address these prioritized areas. And acquire the tools that are essential to make transformational change happen.

Develop a technology strategy

Define a technology strategy that aligns with the business vision and goals. To do that, we need to identify the technologies that will achieve organizational objectives and develop a plan for implementing them in a structured and timely manner.

Create a change management plan

A successful business transformation requires change management that includes communication, training, and engagement. Develop a plan that outlines how the organization will communicate the changes to its employees and stakeholders, and provide training and support to help them adapt.

Establish governance and metrics

Establish structures and standards to monitor progress and ensure accountability. In addition, define metrics that will measure the status and success of the transformational change. And finally, establish processes for monitoring and reporting on its development.

Implement and iterate

Implement the roadmap in a phased approach, starting with the highest-priority initiatives. Continuously monitor and adjust the plan based on learnings and the acquiring of new insights. It is recommended that the monitoring process happens regularly, so ensure it’s incorporated into the implementation plan.

In summary, developing a roadmap for business transformation is a complex process. It requires careful planning, collaboration, and execution. By following the above-listed steps, one can develop a roadmap that outlines a clear path to a futuristic business transformation that is aligned with organizational vision and goals.

BizReflections

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February 21, 2023September 8, 2023

Revolutionize the Way You Write

read_and_research_using_artificial_intelligence

As a writer, I often find myself struggling to come up with fresh and engaging ideas for my blog posts. However, since discovering this innovative writing tool, I have been able to develop a writing process that has increased my speed when writing blogs. Chat GPT can revolutionize the way you write. It has definitely done that for me!

What is Chat GPT?

An AI-powered language model that has the ability to generate natural language responses based on user input, that’s what Chat GPT does. As a writer, I can input a prompt or question into the model, and it will generate a response that can serve as the basis for a blog post or other type of content. I take that content, modify it to fit my writing style, and use it for my blog posts.

Overflow in Ideas

Since using Chat GPT, I have been able to generate a wide variety of ideas for my blog writing. The model has helped me to brainstorm new topics, come up with interesting content, and use my time efficiently as I develop outlines for my posts.

In addition, Chat GPT can generate entire paragraphs of content based on the prompts I give it. This has enabled me to write high-quality blog posts in less time than it would have taken me without the help of that tool.

Rich Content

I also appreciate the versatility of Chat GPT. The model can generate responses in a wide variety of styles and tones. That means that I can use it to develop content for a range of audiences and purposes. No matter what audience I am writing to, Chat GPT can provide me with the guidance, inspiration, and tone to create engaging and informative content.

I highly recommend using Chat GPT. Writers who are looking to streamline their writing process and produce high-quality content will find the tool pretty helpful.

Visit the OPENAI website and start benefiting from its Chat GPT smart tool http://chat.openai.com/

BizReflections

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February 2, 2023March 30, 2023

The Key to a Professional Business Image

Having a designated business address is an important aspect of starting and growing a successful business. A business address is key to a professional image. It can enhance credibility and help to separate personal and business dealings. It can also be necessary for legal compliance and for receiving mail and packages related to the business. In today’s digital age, a corporeal business address may not be necessary for day-to-day operations. However, it still plays a vital role in building a strong and trustworthy brand. Whether you are starting a new business or looking to expand your current operations, finding the right business address provider can help you achieve your goals and take your business to the next level.

When looking for a business address provider, consider the following factors:

Location:

It is important to look for a provider with a strategic location. Pick an address in a reputable and convenient area. Aim to have it close to your target audience or business partners, as that will not only enhance your image but it will also make you seem reachable upon need.

Mail Receipt:

Make sure the provider offers secure and convenient mail receipt services. Some providers offer Package receipt while others may not. Some providers offer designated mailboxes while others may not. Assess your business needs and find the providers that fit what the business requires.

Professional Image:

Look for a provider that offers a professional and credible business address. For example, having an address in a corporate building vs having an address in a retail store. Only you can determine what works best for your business! Strategize, and choose a provider that can enhance your marketing and advertising expression.

Customer Service:

Choose a provider with responsive and helpful customer service. At times you may need to connect with the provider to ask a question or resolve an issue. It is during these times that you rely on your provider’s approachable customer service.

Cost:

Incorporate the cost of a business address provider in your budget. Review the services offered making sure they meet your business requirements. Shop around for affordable pricing so you do not exceed your budget.

Additional Services:

Look for providers that offer additional services, such as mail forwarding, virtual office services, and meeting room rentals. Even though you may not need all that as you start up your business; however, these are services you may need later on as the business grows.

Reputation:

Research the provider’s reputation. Search for online reviews and speak with other business owners. Your provider’s reputation will become your business reputation; so make an informed decision when choosing a business address provider.

Make it a part of your home business strategy

If you are a home business, consider having a business address. Establishing a professional image, meeting legal requirements, protecting privacy, and managing mail and packages are crucial to operating a business. Separating personal and business finances and improving marketing and advertising efforts is vital for growth. Getting a business address helps to establish credibility, promote privacy, and maintain a clear separation between personal and business dealings.

BizReflections

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January 27, 2023March 30, 2023

The worst nightmare for the business owner

As business owners, we set goals and strive to achieve them on a daily basis. Yet, as we go about doing our work, we realize that some tasks may fail and other tasks may succeed. And even though we are conscious of the undetermined results, we stay focused on the ultimate business objectives to guide us toward success. Overcoming obstacles is a characteristic that every business owner should master. Nevertheless, some obstacles, if not carefully dealt with, may turn into nightmares.

Let’s look at some of the potential worst nightmares for a business owner:

Financial complications

One of the worst nightmares for a business owner is experiencing risky financial problems. And I am talking about financial difficulties that may threaten the survival of a business. These troubles may be a sudden deflation of revenue or going bankrupt. It may also be facing substantial debt or having to lay off employees. Facing situations that require radical decisions that will determine the existence of the business can be a nightmare if not planned for. A part of business planning is incorporating a proactive plan that will assist business owners as they make decisions during these emergency situations.

Losing a major customer

Another nightmare is failing to retain a major customer. And if that was a long-term or high-value customer, it will make the situation an even more devastating blow; as it could potentially lead to significant financial losses. Identifying major customers, and building a retention strategy, will secure long-term relationships and maintain the sustainability of the business.

Legal issues

A small business may be subject to facing a wide range of legal issues, such as lawsuits, regulatory investigations, or maybe some intellectual property disputes. That can be a nightmare for small businesses as court issues are usually time-consuming. These legal issues are also expensive and potentially damaging to the reputation and credibility of any business.

Reputational damage

A small business’ reputation is a valuable asset, and any damage in the standing of a business will affect its credibility and trustworthiness. Once the reputation is harmed, it gives way for the negative press to fuss, customer complaints will skyrocket, and social media will backlash. And that can have serious consequences on the survival of a small business.

Loss of key personnel

Another major nightmare for a business is the sudden loss of a key staff member. Whether it be an important executive, a top salesperson, or a highly skilled worker; that can cause a major setback for a business. These unexpected crucial vacancies can impact the business’s ability to operate effectively and achieve its targets.

Natural disasters or other emergencies

When operating a business, it is crucial to allocate an emergency fund, and ensure that proper insurance is in place to cover natural disasters and other emergencies. Unpredicted crises such as earthquakes, hurricanes, floods, or power outages can disrupt a business’s operations and turn them into a nightmare. These disastrous conditions can cause significant damage to the facilities, equipment, and inventory. And in some cases, it can even result in human loss.

Cyber-attacks or data breaches

A significant nightmare for a business may be caused by a violation of cyber security. Cyber-attacks and data breaches are alarming as they result in the theft or loss of sensitive data. We have all heard of shocking stories of how customer information or proprietary information has gone missing in reputable banks or businesses. Such horrifying experiences can have serious consequences on the credibility or reliability of the business.

BizReflections

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November 25, 2022March 30, 2023

Google Search Tricks You Never Thought Exist

How often do you use Google search?

Google’s plan for its search feature seems to be geared to continuously increase the number of searches even without any submission by the user. We are at a point now where we ask Google for everything! Want to know the weather? Ask Google. Want to get the location of a business? Ask Google. What to know where a restaurant is? Ask Google.

Google seems to appreciate that people are using their search feature and they are definitely investing in it. Now we can perform searches that are based on keywords and get our results without even having to submit the search. Let’s test that:

Go to Google and type the following search keyword: Weather

Isn’t it helpful to save time and get the result instantly without even submitting the search? Wait, there’s more! Google search has extended its feature ability to do simple calculations.

Let’s try another function. This time let’s try the calculation: 567*44=

Google now instantly gives us the answer, without even submitting the inquiry for any calculation! That means that now Google search can replace our calculator for simple calculations. In fact, now Google has its own calculator under the search term: Calculator Google.

To take that further, Google search now does complex calculations, graph functions, and it solves geometry problems. It converts Fahrenheit to Celsius, currency and weight comparisons, and a lot more.

Google search even compares travel information including price comparison!

Future Features

More Google searches are coming up every year. And there will be new features with artificial intelligence in years to come including a 360-degree shopping experience that is still being worked on.

If you are a fan of Google products like I am, keep looking out for new search features regularly. Google’s latest technology will definitely continue to contribute efficiency to our daily work routine.

BizReflections

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October 9, 2022March 30, 2023

Entrepreneurs Make Exceptional Hikers

This summer I decided to explore forests and parks in an attempt to increase activity and regain muscle strength. As an entrepreneur, I have learned that once I make a decision, I have to work on an implementation plan. So, in an attempt to understand what hiking is all about, I decided with my girls to go for a walk in Hilton Falls Park. Starting with a bottle of water and an old pair of walking shoes, I walked 2.5 km. That day, I enjoyed my time with my girls, I took some pictures and I went back to where my car was parked, thinking that I have hiked that day. Little did I know that hiking is a sport and one can become a professional hiker!

As I approached my car, I noticed a lady in the car beside mine packing her hiking sticks. She looked like she was performing a cleansing ritual from the sweat of a long hike. As I came closer, I recognized her face and even her name came to mind! I called her name out: “Karen?!”, she looked at me with eyes that were trying to recognize who I am. I mentioned my name, and we immediately started recollecting the time when we were working together at an International non-profit organization, over 20 years ago.

We stood there for almost half an hour chatting and updating each other news. I mentioned to Karen that my plan for the summer is to hike the trails of Halton Hills. She then told me about her hiking journey and how she’s been volunteering with the city as a ranger on the trails. She even volunteered to be my guide in my hiking journey!

What? I questioned if I heard that right! So, I sought clarification, and she confirmed that she would volunteer to be my guide on my hiking trips. That was at the beginning of June 2022. And since then, I have been hiking with Karen at least once a week. That is when I realized that hiking is more than just walking the trails. It is an adventure, it is a commitment, and it requires the qualities that I have acquired as an entrepreneur. I understood then that entrepreneurs make exceptional hikers! And here are four reasons why Entrepreneurs make exceptional hikers:

_{Entrepreneurs are Visionaries}

Entrepreneurs are usually good visionaries. They can see the bigger picture of where they want their business to be within a certain period of time. They willingly work hard to get where they want to be one step at a time. Similarly, hikers can clearly identify what hikes they dream of and plan to hike within a specific time period. Hikers are able to discover their ambitions and they work hard to succeed in achieving their dream hikes one step at a time.

_{Entrepreneurs are Risk Takers}

Being a risk taker is an important quality that helps Entrepreneurs flourish and succeed. In fact, one cannot be an entrepreneur without possessing the ability to take risks. It is that challenge that drives them to accomplish and meet goals. After all, the majority of entrepreneurs have taken the risk of leaving a secure job to start their entrepreneurial journey.

In comparison, hikers take risks during every trip they make. Whether it be inside a forest, every time they hop over slippery rocks and waterfalls, or even as they climb rocky mountains. They are very much aware of the predictable, but, at the same time, they are not afraid to face the unpredictable. After all, isn’t that what risk-taking is all about?

_{Entrepreneurs are Determined}

Entrepreneurs are very determined people. They keep trying despite failure. They are good at picking up the pieces and giving it another attempt, and they keep doing that until they succeed. Entrepreneurs learn from their own mistakes and they keep developing their ways until they achieve their goals. Hikers have different challenges, but it is their determination that allows them to reach their targets. Trust me, walking 8 km was not an easy task for me, and many times during that hike I felt discouraged and unable to continue. It was only through my determination that I was able to achieve hiking that distance. Professional hikers go on 25km and 30km trips and they keep at it until they reach their objective.

_{Entrepreneurs are Persevering}

Perseverance is a quality that refines character. It is a skill that can be acquired through experience (learning) or through an example (other’s influence). It is a quality that determines the success of an entrepreneur. John D Rockefeller, who is a business tycoon, said: “I do not think that there is any other quality so essential to success of any kind as the quality of perseverance.” This quality has the same effect on hikers as they face challenges; whether it be physical challenges (pains and aches) or natural and environmental challenges (slippery rocks, muddy or dry soil,….), it is through perseverance that hikers succeed in achieving their goals and reaching unsurpassed objectives.

Are you an entrepreneur? Then, my recommendation to you is to consider hiking as the activity that will help you build your entrepreneurial character. The qualities that entrepreneurs already have does equip them to become hikers, and hiking will help them polish their abilities to become the entrepreneurs they want to be.

BizReflections

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March 9, 2021July 17, 2023

Starting A Business: The Under-Appreciated Element

Listen as you read …

Many in this world dream of starting a business. However, establishing a business requires an entrepreneur’s character and resilience. An entrepreneur is driven by a dream and does whatever it takes to make his vision come true. At times, it may require long days and nights of work. There may be instances where one will face failures but learns from them. Other times it will require the ability to handle different types of personalities. And definitely, it expects a character that can handle success with grace.

A Guide to Starting a Business in Canada

While talking to people, I find it common to meet individuals that love to start their own business but do not really know where to start from. Some people begin with writing a business plan, but I personally favour a different approach. And I always recommend for my clients to start by finding their business dream.

Have You Found Your Business Dream?

We can start a business based on numbers lacking the passion that drives the business, but that will only be a project with a short lifespan. Or we may start a business with big dreams and a great passion to accomplish the work, but lacking structure, budget, and projections for profits and gains. And that is also a project with a short lifespan. Finding the business dream can be a good start as one will go into the business with enthusiasm and passion to accomplish the work. However, the structure has to be identified and defined as part of the process.

Yes… A business dream is a major element in starting a successful business and cannot be underappreciated as it is the driving force of business development.

Find your business dream

An Inspiring Vision

Once we find what our business dream is, then it’s time to think it through carefully and turn the dream into a vision. A vision is more defined and allows us to see what the final destination is like as we dive into our business journey.

See how the bigger picture is clear?

We have the dream, and we have the vision. Yes, it is time to move on and identify the product or service that will be offered to clients. In Addition, a decision has to be made in regards to the type and name of the business.

Structure and Finances

At this stage, it is a good time to write a business plan. It doesn’t have to be too complex and long, but it has to be measurable with a clear action plan and timeframes. A 1-year, 3-year, and 5-year plan is recommended as guidelines to help the business reach its important milestones. And as part of the planning process, we need to carefully think about the financial status of the business. Now is the time to reflect on whether we will be needing a bank loan or not. What type of Bank accounts will we need to operate the business? Will there be a need to rent an office or rent equipment? All these decisions may have financial ramifications in the future, and that is why it may require some planning before we move into the execution phase.

Get The Business Registered

Running a business requires an official status that we cannot neglect. If the business is planning to operate across Canada then it has to get registered with the Federal government. On the other hand, if the plan is to operate inside one specific Canadian province, then there is no need to register it at the Federal level, but we definitely will need to get it registered with the provincial government.

End the Startup phase

We still need to complete the financial structure and open the bank accounts or get the loans that we need to run the business. I also recommend short-term planning as the final step to starting a business. Set short-term measurable goals one or two weeks at a time and make sure to work hard to achieve them.

Notice how we started with the bigger picture and once we understood and mastered that part, we then moved on to a short-term action plan. That’s when the Startup process is complete and it’s time to move on to the execution phase.

A guide to starting a business in Canada

BizReflections

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February 20, 2021July 17, 2023

Meeting Customer Needs in a Pandemic Era

Meeting customer needs: the objective of every business.

Listen as you read …

Are you one of the enterprises that had to remodel its business processes in order to stay operating during the COVID-19 era? Or are you still running your business in survival mode? Meeting customer needs in a pandemic era have been the focus of every business.

The Difference

Innovation in remodeling the business is what differentiates businesses that are meeting their monthly revenue from businesses that are struggling to survive. The Pandemic has changed lifestyles and closed businesses and the need to restructure and remodel the business will allow more room to meet customer needs. The pandemic has really hit the business community hard, especially in trades like food, events, and hospitality industries.

A Business Guide

Here are Four tips to guide the business as it innovatively remodels its offerings:

Time to Reflect: Take time to reflect, evaluate and write down the current offerings of the business. It is very important to have a clear view of what’s current in order to identify the sudden change that took over since the pandemic started.
Identify Changes: With an open mind, identify the changes that were imposed on the business. Keep a log in order to enhance clarity of the situation . Sometimes business owners find it difficult to embrace change. However, in the world of business, change has proven to be evident. In normal days business owners have to keep watch for trends and quickly adapt to the changes that come with them. While the pandemic brought major changes to the business world, business owners still have to adapt and be open to alter their practices.
Brain storm: Reflect on the list of changes that the business had experienced one at a time. Write down innovative remodelling ideas for the business. It can be amendments to practices and operations, or it may be bringing in some new products or services. While brainstorming mark down creative and innovative ideas as they come to mind. And always keep customers as the target audience and core mark to the new model.
Create a Plan: Now that all the facts are at hand, it is time to organize the collected data and edit the list of remodelling ideas. With that we are equipped to establish a readiness and come up with a plan. The objective behind that process is to implement change. Modifications that are geared to regain consumer confidence and recommence consistent growth for the business.

Summary

That exercise will restructure the business model to retain and acquire customers in a pandemic era. Once that practice is complete, and the business starts running with the new model, then it is time to craft a marketing plan that works in sync with the new changes.

BizReflections

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Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. On our channel there is a collection of business videos that equip small business owners for growth.

December 14, 2020February 22, 2023

December: A Critical Month for the Small Business

Entrepreneurship was very important at our home as my parents were entrepreneurs. And despite the rush and hustle that always came with the month of December, it was the month we enjoyed the most. My Dad owned a retail store on a busy street in the city of Beirut. And one of the most memorable times I have for December is when my siblings and I used to alternate to go and help my Dad at the store. That was always the busiest time of the year. Yes, to some businesses it may be a busy month, but to others, it is the slowest time of the year. Whatever season December may mean for any business, it is considered a critical month to many owners and entrepreneurs. Many may not see it as a critical month yet, however, this blog may be an eye-opener to many!

Listen as you read …

Steps To Consider

If December is a high season for the business, get the help it needs to meet customer requirements. However, if it is a slow season and has a decline in sales, it does not mean that time spent on planning and doing admin work gets undervalued. Here is a list of tasks that can be done in December to prepare the business for a successful year ahead.

Evaluate:

Evaluate the calendar year not only in terms of sales but also in terms of operations and customer relations. Review business practices and learn from mistakes done. Take another look at the marketing strategy and determine what has worked best in creating visibility for the brand. Evaluate what was done to increase following. Review sales reports and try to follow patterns for growth. Research the achievements of competitors and learn from them.

Reach out:

Use slow times to reach out to customers and check on them. Send season’s greetings that reflect sincere wishes and promises for future work relationships. Send out a newsletter with wishes for a successful new year. Assure customers that your business will always be there for them when they need it. Reaching out to current customers is very important to increasing customer retention. Use the season as an opportunity to establish contact with customers, leads, and everyone on the mailing list.

Plan:

Yes, December is the time to plan for the new year. Write your vision and set business objectives. Break them into goals and set timelines. Research business and marketing trends. Sketch out a marketing plan so the business stays ahead in brand visibility.

Get Organized:

Prepare for January/February income tax filing. Catch up on administrative work. Follow up with the accountant in order to complete income tax filing in a timely manner.

If December is not the busiest season for your business industry, it doesn’t mean it’s a slow month. It’s up to the business owner to use it wisely and make it a time to prepare for a successful year ahead.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel is a collection of business videos that equip small business owners for growth.

April 24, 2019April 8, 2022

PERCEPTION: MAKE IT OR BREAK IT!

Do start-ups, or maybe entrepreneurs in general, focus on their business, or do they get easily overwhelmed and distracted by competition? Is competition always a threat or can it be an extension to business objectives at times? Whether we make it or break it in this competitive world will depend on the perception that guides our business journey

Businesses have always struggled with the idea of being close to completion and in many cases, they have fiercely tried to find ways to fight competitors. Like any other business concept, things do fall back on how a business owner perceives competition.

Here are 3 ways to perceive competition in hope that readers will opt for the realistic choice:

An Enemy

Continue with the attitudes of the past and stay distant from competitors. If approached, reject and sadistically object their presence and continue to viciously bad mouth and fight them.

A Stranger

Embrace the passive approach. Take the attitude of “I recognize your presence, but stay away”. As long the competitor does not interfere with my business I am safe and I can make gains.

A Lead

Reach out to competitors and meet them face to face. Ease down the perception that you may be a threat to them. Share some best practices of the industry and exchange information that may benefit both parties. Approach competitors with an open mind, be willing to give first so you may build trust. Work on establishing a relationship that will ease down existing boundaries and reshape them into boundaries that are built on respect and that will create a win-win situation for both businesses.

Yes, competitors can be leads and may be very good leads at times. Strategize as you build relationships and stay focused on the objectives that you have set for your business.

January 6, 2019April 8, 2022

4 BUSINESS TIPS TO START OFF 2019

The start of every year may be a proper time to work on setting new business goals and resolutions; after all, it’s the start of a new beginning that has major significance to the whole world. Here are 4 business tips that will help you start off 2019.

Review your vision for the business: Starting off the year with eagerness and drive for the vision will help kick off the business year and set it in the right direction. Evaluate where the business is at and set new milestones for 2019
Categorize your mailing list:
- Segment your audience and know who your clients are. Stay in touch with them and seek their opinion and feedback.
- Know how many leads were acquired during the previous year and make plans to increase this number by setting goals.
- Pin point acquaintances and ensure to stay in touch with them during the course of the year.
Review the products and/or services list, evaluate the performance of each item and based on that “keep, “discard” or “introduce NEW”.
Establish a realistic marketing strategy that is based on achieving goals and reaching milestones for the year.

July 28, 2018April 9, 2022

PRIORITIZING INCREASES EFFICIENCY

Every day brings with it new tasks, situations, and a to-do list that may get overwhelming. Thinking of the day ahead and the things that need to get done can be stressful and frustration may take over. One proven solution to stay in control is to apply prioritizing techniques.

Prioritizing what must get done in a day is a skill that anyone can acquire with a little bit of organization and discipline. However, learning to stay focused and focused on goals requires determination and persistence.

Each day, one gets to do planned activities and unplanned activities. It is easy to prioritize planned activities. Applying a few prioritizing techniques will increase efficiency on a normal day. As for the unplanned activities that unexpectedly come up, the best way to handle them is by making decisions that are focused on business goals.

Techniques that may help in the prioritizing process:

Create a To-Do list the night before. Just work on a list without even thinking of what should get done first or last.
First thing in the morning, get the To-Do list and read it carefully. Based on business goals for the day take out the tasks that may not seem important for that day.
Number the remaining items on the To-Do list based on importance to the set goals for the day.
Deal with unplanned activities that may unexpectedly arise, by making decisions that are based on daily goals.

During the prioritizing process, learning to say “No” may seem a difficult practice at first. However, it is a practice that needs to get done in order to stay focused on the prime tasks assigned for each day.

July 3, 2018April 9, 2022

TARGET MARKET VS TARGET AUDIENCE

Entrepreneurs and small business owners may have the brightest business idea, but if they fail to identify their target market and their target audience they have set up their business venture for disaster. A distinct target market is the number one element of a successful marketing strategy.

WHAT IS TARGET MARKET?

It is analyzing a business sales market with the ability to identify who will be most interested in the product and/or service it is offering… and why? It is a segmented market whose interests are focused on the product and/or service a business is selling.

3 REQUIREMENTS FOR DEFINING YOUR TARGET MARKET

Research

Look at the demographics and geographic positioning of the market you are selling to. Explore their social status: their age, family size, education level, jobs they are holding, what area they live in, can they afford your product or services?

Segment Your Market

Based on your research divide your market and filter your data based on market interest and income status. You may find that a segment of your target market can afford to buy your offerings at full price; while you may also find another segment of your market that is interested in your offerings but can only afford to buy them at a discounted price.

Know Your Customer Base

Connect with your customers regularly and occasionally survey their needs for what you are selling. As your business grows, your client needs and social status may change. Build a system that will keep your client base information up-to-date. Your current clients already have an interest in your product/service and after all word of mouth will help you acquire new clients or even potential clients that are interested to follow your business.

WHAT IS TARGET AUDIENCE?

Based on its target market a business can then identify the group of people that may be interested to get their promotions and advertising material, or they may even be at the ready stage to buy a product! That group of people can vary in terms of age, occupation, geographic location, family status, or income, but the only factor that makes that group the target audience is that they are identified as having developed an interest in your product/service.

3 REQUIREMENTS FOR DEFINING YOUR TARGET AUDIENCE

Knowledge of target market

The more you know about your target market the easier it is to identify your target audience. If, for example, your target market is Women in high positions in the workplace; then in order to identify the audience it will help to know their management ranking. Are they part of Senior management or are they in Junior management? Are they involved in a decision-making process or do they just transfer recommendations through the company hierarchy, etc…

Surroundings matter

When the target market gets outlined it is also important to consider its surroundings. If women in high positions, that make decisions in the workplace, are the target market, then the target audience will be these women along with anyone in their social and professional circles: their subordinates, coworkers, direct reports, husband, partners, kids, and family members, fitness club friends, etc….

Purpose is Key

Define the purpose for providing your business offerings. Is the purpose behind your product/service to enhance beauty? Or is it to facilitate logistics? Is it to develop your customer team? Or is it a food item that your clients or family members may be interested in?

Knowing the target market and knowing the purpose behind providing that specific product and/or service will definitely help the business define its target audience and stay focused on the needs to whom they are selling. A distinct target audience is definitely the number one element of a successful sales strategy.