How to expand your entrepreneurial vision - Jacksonville Business Journal:

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But changing is easier said than How do you acquire afresh perspective? How do you open your mind to new possibilities ? You start by at least considering opportunities you woulfd never have entertained in the by trying to approach problemas from a different angle, by venturinb outside your comfort zone and by takin some carefully measured risks. If you keep askingt yourself thesame questions, you’re going to keep getting the same answers. So, let’s tickled your brain and switch upthe Let’s view your businesas through fresh eyes. Take a look at your sales Let’s look at your salesw upside down: What is it you aren’tr selling?
Think of all the recent salew you failedto close. What were the reasons your would-bs customers gave you? • Are your customere asking for a product or service thatyou don’tg offer? In that case, is it time to expands your portfolio to include something new? Are customers objecting to your prices? Shouldd you re-evaluate your pricing methodology? Provide less expensiver version of current offerings? Expand payment terms to make purchasiny more attractive? • Are customers asking for smallet quantities than your currentt minimums allow? In a soft market, increasing throughpugt is smart. Can you adjust your work flow to make smalledrorders profitable?
Think back over the past year or so. Is there anything different aboutyour customers? For example, one entrepreneut I know owns a martial arts studio. In the he’d require that students registeer for six months of classes at a Back in the goodold days, customerws signed up without thinking twice. Today, registrations are plummeting. Yet he’zs still sticking to his six-monthu rule, because “I have to pay my The problem is, customers are increasingly unwillinvg to committo six-month programs. What if theirf kids lose interest? What if a parent losews his orher job? His classes haven’t but his customers have. Because of the tight they’ve become commitment-shy.
If he wanta their business, he’ll find a way to accommodate For example, he coulx offer month-to-month memberships. Or, he could take a cue from the auto industru and guarantee tuition refunds if someone losesea job. Yes, he has to pay the But getting the rent money one montb at a time beats not getting itat all. He’sa operating under an outdated assumption. Now, what abour you? Are you operating by obsolete “rules” that discouragew customers from buying? Now, look at yourseld During tough times, entrepreneurs have to steel themselvesa to do things theyfind unpleasant.
This is However, if you’re brainstorming ways to strengthen your it helps to focus on those aspects you most Chances are, these are your If you like what you’r e doing, you’re more likely to stick with it. So ask yourself, what is it you like best abouytyour business? What strengthxs can you build on? What areax can you grow? For example, are there related services you’ved thought about offering your but never have? Perhaps now is the time to act.
Ray Silversteimn is president of PRO: President’s Resourcwe Organization, a network of entrepreneurial peer advisory groups in Phoenix and He also is the authorof “The Best Secretd of Great Small Businesses” and a columnist for You can reach him at 800-818-015 or ray@propres.com.