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Why do Small Businesses Owners have such a difficult time becoming successful?
What can we learn from the amount of failure with small business that we can apply to our own business aspirations? There are many reasons why a small company can fail, and at surface level the primary reason businesses fail is they simply run out of cash.
Or that is what many people think, but what reasons could influence a business to fail?
There may be many reasons why a Small Business can fail...and to me, the most important are:
Reason #1: They are not really in touch with customers through deep dialogue.
Reason #2: There is no no clear and real differentiation in the market (read: lack of unique value propositions)
Reason #3: The Failure to communicate value propositions in clear, concise and compelling fashion.
Reason #4: Leadership breakdown at the top (yes — founder dysfunction).
Reason #5: Inability to establish a profitable business model with adequate financial indicators. (Are you the type of owner that mixes personal and company finances?)
If you can identify with one of the reasons, I need you to ask yourself...
Even if you have a lot of experience and expertise in many areas, you can be lacking the necessary skills to run every area efficiently. You may not be able to supervise every aspect of your business and if you try to handle too many responsibilities, you can be putting growth, development and even your own company at risk.
Is your business facing challenges:
Do you have adequate financial management practices? Financial Indicators?
Do you have a business plan? A Marketing Strategy?
Do you know the industry and the market?
Are your profits at risk? Do you monitor and control your expenses?
Do you use cash flows and budgets? Does that information help you make better decisions?
How do you monitor performance? Do you have the right team to achieve your goals?
You as the leader:
Are you motivated? Organized?
Do you monitor your performance and profitability?
Are you a good leader? Do you have high personnel rotation?
Are you reaching your personal goals being a small business owner?
Is your company designed for YOUR well being? I
If you are here, you already own a small company or you are about to start your own business, either way, this course is designed to help you learn about critical topics needed to manage and succeed when you are a small business owner.
After you finish the course, it will allow you find areas where you can improve an existing business or prepare to start one the right way. Understand that every small business, no matter the industry, has a risk of failure, and that will depend on many factors. Not only your knowledge, skill set, experience and desire, but other areas that you might not control, or are not aware how to handle. Is there a way where you can minimize that risk? Yes, you can be prepared from the beginning or have the ability to correct the course of action if you have already started.
This course will help you identify critical tasks and areas within your company that you need to evaluate. We will do exercises and tests that will allow you to learn about small business finances, being a leader, marketing, hiring the right team, be organized and help you improve the chances of your company becoming successful.
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|Section 1: Course Introduction|
|Section 2: Unit 1 - Section 1 -Are Your Ready? is Your Business Ready?|
Section 1 IntroductionPreview
Are you ready to lead a small company? Do you have the skills needed to succeed or is there something you could improve?
Are You Ready Conclusions
Is Your Business Ready Intro
How is my business structure? Do I know what to consider when evaluating your business? Can your company make changes or improve in certain areas?
Are you completely sure of your business and what you are doing? Are you loosing or have you lost focus?
Is Your Business Ready Cont.
|Section 3: Unit 1 - Section 2|
Section 2 Intro
Do you know your business roles? Your team members and their responsibilities?
Know Your Team - Sales Team
Marketing and Social Media Team
What are your employee profiles? Their tasks and expectations? Lets evaluate what you need to consider when looking for employees.
|Section 4: Unit 1 - Section 3 - Identify your Needs - Evaluate Potential Candidates|
Section 3 Intro
Be Specific About What You Require in a New Employee
Can personalities influence your results and performance?
Filtering Down Potential Candidates and Why is Hiring So Important
|Section 5: Section 4 - Unit 1 - Leadership by Example - Employee Profiles|
Section 4 Intro
What does it take to lead a team? Through the good and the difficult times?
How can you motivate and incentive your team? Without it becoming a financial burden? Lets review options that can help you motivate a team.
In the good times and in the difficult times, your leadership will be questioned and put to the test. Lets see some examples on how that can happen and what we have to consider to be a good leader.
Leading by Example - in The Good Times and Bad Times - Scenarios and Tips
Getting To Know the Team and Their Roles -Employee Profile and Postions Exercise
|Section 6: Unit 2 - Section 1 - The Importance of Accurate Information|
Unit 2: Section 1 - Intro
Are you gathering data to help you with business decisions? What information is important to help you evaluate your performance, to set goals? Lets discuss why it is important and how you can do this, with or without special software.
Accurate Information Example and Tips
The Importance of Accurate Information - With or Without Special Software
Information Gathering Examples and Analysis
Information Gathering - 6 Months and 1 Year Analysis - KPI Examples
|Section 7: Unit 2 - Section 2 - Small Business Finance - Preparing a Budget|
Section 2 - Intro
Small Business Finance
Preparing a Basic Budget - Budget Examples
Small Business Finance - Budget Tips
|Section 8: Unit 2 - Section 3 - Sales and Cost Forecasting|
Section 3 Intro
Analyzing your Budget - Scenarios
Budget Example and Analysis
|Section 9: Unit 2 - Section 4 - Growth in Sales versus Growth in Profits - Margins|
Section 4 Intro
Are your sales increasing? Are your costs the same? Is your profit margin at risk? A lot of company owners make bad decisions when sales increase, the can overspend, hire new employees without justification, and many other factors that can place your company´s profits and future at risk.
Growth in Sales vs. Growth in Profits Cont.
Do you know the difference between Gross Profit and Gross Margin? What was your company´s profit and margin in the last 2 or 3 periods? Did it increase or decrease? Do you have a Markup Strategy? How does that influence your pricing strategy and company performance?
4 Gross Profit - Margin - Markup - Example and Analysis
5 Gross Profit - Margin - Markup - Conclusions
|Section 10: Unit 2 - Section 5 - Pricing your Products and Services|
Section 5 IntroPreview
Do you have a pricing strategy? What are the 3 key elements for a pricing structure? Is your pricing strategy allowing you to be profitable and competitive?
Other Key Elements for Pricing a Product or Service - Structure
Pricing Strategies Considerations
|Section 11: Unit 2 - Section 6 - Pricing Flexibility and Tactics|
Section 6 Intro
Evaluating Changes in Your Pricing Strategy
|Section 12: Unit 2 - Section 7 - Business Plan Basics and how to develop a Plan Structure|
Section 7 Intro
Business Plan Basics
Business Plan Structure - Executive Summary - Business Description
Business Plan Structure - Market Analysis
Business Plan Structure - Organization and Management - Product Description 2
Business Plan Structure - Marketing and Sales - Financial Projections
|Section 13: Unit 2 - Section 8 - Small Business Marketing and Getting Organized|
Section 8 Intro
Small Business Marketing Essentials
Small Business Marketing Essentials Cont.
Small Business Marketing Essentials Cont.
As the owner and manager, your day to day tasks may be daunting, and you have to ask yourself, do you have the time to do everything? Are you organized to achieve all your tasks and responsibilities? How can I get organized so I can revise everything that is important? What areas are important to evaluate performance?
Getting Organized Example Sheet
|Section 14: Resources|
Unit 1 - Exercises and Task Checklist
Unit 2 - Exercises and Task Checklist
|Lecture 69||2 pages|
Thank you for participating in Small Business Management.
The first 500 students will recieve a gift after finishing the course.
And if you are one of the first 150 your gift will be extra special! Valued at $.500.00.
After you finish the course, send me an email!
SERIAL ENTREPRENEUR AND CONSULTING FOR OVER 10 YEARS IN LATIN AMERICA AND THE US.
THAT HAS ALLOWED ME TO GAIN EXPERIENCE IN THE FOLLOWING FIELDS:
BUSINESS MANAGEMENT : Project Management, Planning and Execution, Budget Control – Financial Goals, Team Building - Cost Reduction - Process Evaluation and Improvement
LOGISTICS:Inventory Control, Supply Chain Management – Supplier Evaluation, Cost Reduction
SALES AND MARKETING:Market Development, Client Management, Marketing Campaigns (Local and Regional), Pipeline – Sales – Return on Investment
For the last 10 years I have been working with companies that range from multi national to small businesses owned and operated by individuals or small groups of people.
Companies i have worked with are in fields like: Construction - Logistics - Computer and Software Services - Construction Projects - Restaurants - Hardware Stores - Retail Stores - Beverage Industry - Veterinary Hospital Services.
I have had the privilege of learning from great leaders and not so good leaders (Yes you learn as much from a good one as from a bad one), having worked with and for amazing companies and companies that have struggled to succeed.
Because of that, i have been blessed with the chance to help others, execute ideas, create and develop projects and I have been able to fortunately learn from other entrepreneurs, executives and great people who came to this world to make a difference. Just like you.
I have worked for others, helping them build and achieve their dreams, until i got to the point where I decided i would no longer work for anyone else, and pursue my own ideas and dreams. I have started my own companies, with partners, by myself, even purchased one. And having been fortunate enough to have failed in some and succeeded in others, I have decided to share my knowledge and experience. With small business owners who may be struggling, or simply wanting to explore options to improve; as well as other brilliant entrepreneurs that are developing their own ideas and projects to start their small business.