Three Challenges Facing Small Business in 2017

By ellenjharris | Blog

Dec 06

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From the executive management consultant perspective the outlook for business might seem bright today. Furthermore, in reality, it may be too soon to bask in euphoria just yet.
Several high growth firms saw their profits decline as health care costs spiked.
However, there is concern about growing revenue and growing uncertainty. Many new business owners have to rethink survival in the New Year as many Entrepreneurs are ‘dispirited’ leaving 2016. The biggest contributor to this uncertainty is 854 regulations that doubled in 2016. In 2017 there are 2,988 regulations crushing small businesses.

Challenge #1: Capital! It is still hard to come by.

Banks grudgingly approve loans in few cases. In other cases banks rubber stamp rejected on a majority of loans.
Government requires interns and other temp works be paid like full time employees and mandated to provide full benefits once reserved for full time employees.

Challenge #2: Small Business will soon offer retirement plans.

The administration of a retirement plan carries a cost that is prohibitive to most small businesses.
The goal of the local, state and federal governments is balancing retirement plans on small businesses.

Challenge #3 Businesses without consistent $10,000 monthly revenues can’t survive.
The fact is single business owners cannot wear all the hats required to build a business.
Even the best of owners with the best of organizational and management skills will be hard pressed to maintain the right thought processes.
If that owner gets side-tracked or loses focus, growth stops.
Global expansion is a myth for some businesses. The myth forces many U.S. Entrepreneurs to act and think locally.
Yet there is one additional factor too many entrepreneurs overlook, ignore completely, or do not consider in their business: Revenue Producing Integrated Systems
What are revenue producing integrated systems?
Marketing and sales are the revenue producing integrated systems.
This is a shift in mindset because in large companies these two functions operate separate from each other. They work in siloes.
Revenue Marketing and Revenue Performance Management tries to integrate the two functions. Only 5% of Fortune 1,000 companies have achieved the objective.
Today, it is highly possible for the small business owner to merge these two functions into a system.
When these two functions merge you experience marketing that works for your business in the background while you concentrate on other revenue generating work.
When business owners think of sales is a service system and think of marketing is an education system the business creates a driving force that helps the business grow.
How often do you think of education as a service?
Education as a service is a higher education concept but you do not need higher education for this system to work in your business.
What you need is a system that connects you to more potential clients in more meaningful ways.
Marketing is an Education system and a sale is a Service System. It is a combination that has been absent in business for a long time. It may be the root cause of why consumers have a sense of being devalued and unheard.
Can you deliver what you do today with more value?
Do you see this as an opportunity for you?
Here’s why it is a gap you can fill with your highest value.
Nearly 80% of the market does not know how to work with you. The market does not know the value of what you bring to their lives? The only way they can know is if you teach them, help them understand, educate them.
Most of the questions the market will ask you sound like this:

  • “How to I…?”
  • “When do I…?
  • “Why to do I…?”

When you are describing the answers to the market you inherently engender enthusiasm for what their lives will look like. Your love for what you do will come through. No one can describe what you do like you can!
It is not always about the words, but it is about the feeling, the emotion you convey when you speak about how your market, your listener will be changed for the better.
Why not get a head start into 2017 and make a difference in the lives of countless of people?
Experience the education service system.
Discover how you can bring this tangible system into what it is that is important to you and h ow you serve.
Learn how you can bring something different to your audience with a twist.
Enroll for free in the EAAS series beginning in a few days. Click here to receive your invitation.

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About the Author

Ellen J Harris leads the Business-Accelerated Company which specializes in Leadership, Intellectual Capital, Intellectual Revenue Assets, Intellectual Property. Ellen appears on Blog Talk Radio, Scott Golden's Power of Perception and Hugh Liddel's Sales Talk Radio. Listen in as she shares insider tips on business growth.

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