small business gurus - the blog of Cat & Keith Matson

by Cat Matson

Q: What is the purpose of business?
A: To stay in business

Too simplistic … a little pessimistic even?  Not really.  If you can’t stay in business, then all your dreams and goals of building a ‘successful’ business are irrelevant.

Regular readers will know I comprehensively reject any notion of a ‘one-size-fits-all’ approach to business success (and therefore avoiding failure), however there are some business fundamentals every business owner should have ‘checked off’ to ensure the best chance of survival.

1.    Be clear on your business model – that is, how you make money.
While this seems pretty obvious, I see many business owners who know how they ultimately make money, but they don’t know the steps for getting there. 

2.    Be strategic
Think ‘strategy’ is only for large corporations?  Not so – in fact small businesses need to be even more strategic as they have fewer resources with which to achieve their outcomes.  Being strategic is about being clear on your outcomes, who you serve and how you serve them … and strategically integrating all your activities to best achieve those outcomes while serving those people.

3.    If you don’t know ‘how’ to do something … find out ... or outsource it
Doing your own bookkeeping is a great example of this – knowing how to ‘work’ MYOB is one thing, knowing how to manage the financials of a business is something else all together.

4.    Get the ‘right’ help
Too many business owners wait until they’re drowning before they seek professional help … and by then it’s too late.  Surround yourself with trusted advisors who have a good track record – both in advising clients AND running their own business.  You might think the cost of their advice is high … but what is the cost of not having that advice when you need it?

Survival is often discarded for loftier goals … but sometimes it’s the pursuit of those goals that distracts us from the essentials.

Igniting your business performance

Alito - Business Mentors & Advisors

by Cat Matson

I have a confession ... and in confessing this particular indulgence, I know some of you are going to be suprised (maybe even a little disappointed).  But in the name of supporting your business growth, I'm going to make it anyway.

There's a song on the charts at the moment that I really enjoy ... if I hear it in my car, I turn the radio up and sing along (loudly) ... and yesterday, when it came on during my last "am I ever going to make it" few minutes of my run, I turned the volume up as well as the treadmill speed and used the beat to 'get me home'.

The song is Guy Sebastian's "Like it Like That".  Yes, I know, a bit ... um ... corny?  Is that the word?  Anyway, never mind if you don't share my taste in music (I love John Farnham too, so you might as well just get over it), there's a great message for business owners in here.

Listening and singing to the song as I was driving this morning got me thinking ... what if business owners marketed themselves like pop stars?

This song was released ages ago (July) ... and I'm sure there are plenty of other good songs on the album.  But they haven't been released yet.  All we are hearing from this 'marketer' is 1 song - 1 message - repeated over and over again.  He isn't diluting his message with multiple products (songs) ... he's waiting for his current primary message to take hold and to get him front-of mind with possible purchasers before releasing his next message (song).

Now, is excessive air-play of the one song a potential problem - will people get tired of it?  Maybe ... but really, the people who are going to tire of the song aren't his target market - they're not the ones who are going to buy his album anyway!

You often hear musicians say after a song is a huge success that they get quite tired of performing it - how boring for them.  But fans love to hear their favourite songs over and over again - and it generates sales.  From a business perspective, potential customers need to hear the same message over and over again before they 'get it'.

So, just because you're tired of introducing yourself with the same 'elevator pitch' or you feel like you're boring your prospects with the same message ... remind yourself, they hear it differently everytime - different context, different mood, different need ... and eventually they'll hear it enough times to buy.

Igniting your marketing performance

Alito - business mentors and advisors

by Cat Matson

My good friend, Tim Reid (@TimboReid for those of you on Twitter) asked the question earlier today ... "what bugs you most about your marketing?"

As I sat frustrated at all the loose ends I still had to handle and NOT getting to the marketing tasks I had on my list for the day, I quick responded, 'not being able to get to it'.

Here's his response ...

(my favourite is lower your expectations - doesn't have to be excellent all the time!!)

P.S. I learn a lot from hearing what other people are up to - many people think that as a business advisor I'm supposed to have all the answers ... or at least 'look like' I have all the answers.  I don't agree ... as a business advisor I have a lot of answers ... and I know where to get the answers I don't have.  Tim and I have masterminded a number of challenges in each others' businesses over the last few months since 'meeting' on Twitter ... and I thought his insights into my challenge (which is a common one) are worth sharing

Igniting your performance

Alito - business mentors