Suggestions for Small Biz

In my work, I have been fortunate to see the good bad and ugly of small businesses. Based on my experiences and interactions with small businesses and large corporations, I have listed some thoughts and considerations to help increase your opportunities for success and growth:

  1. Define your core competencies. You can’t be all things to all people.
  2. Based on your core competencies, develop a business strategy model that complements them. Get some help developing a comprehensive business plan. This allows you to put some feet to your faith and a deadline to your dream.
  3. Understand your target customer’s business model to make sure that it’s a good fit with your business model. You may have the flexibility to deal with different customers, but be careful. You might have to specialize in an industry rather than generalize across many.
  4. Understand that particular industry’s business culture. Understand also that different companies within the same industry can have very different personalities.
  5. Become solutions oriented. Research and understand the challenges that your target companies are facing, and develop products and services that provide solutions to those challenges.
  6. Build relationships with key decision makers. The RFP process is too late to start that process. Sometimes there are long sales cycles, so be patient and work hard to establish a good rapport with those in purchasing and business units.
  7. Join industry trade groups of those companies that you are targeting. Often times relationships are established and strengthened at their yearly events. These events are also good occasions to learn more about the issues, challenges, and opportunities faced by industries and specific companies.
  8. Identify strategic partners that allow both of you to leverage your strengths, positioning each of you for larger and better contracting opportunities. Consider strategic alliances, 2nd tier, joint ventures, mergers and acquisitions. It’s better to get a piece of a larger pie than none of a smaller pie. Be creative – don’t think that you always have to go it alone.
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About Paul Wilson Jr.
Paul Wilson, Jr. is a "Dream Catalyst" and Marketplace Pastor for leaders and entrepreneurs. He is driven to lead people to unleash God’s potential in their lives through their purpose, passions, and professional skills. He equips leaders with creative, faith-based strategies to flourish spiritually and professionally, while operating from several multi-media platforms, including TV show host, inspirational speaker, and stimulating writer. Paul is the President of Kingdom Business University, which utilizes workshops, consulting, and coaching services to ignite Christian catalysts maximize their God-given mission in the marketplace. He is the author of the life purpose igniter “Dream B.I.G. in 3D: How to Pursue a Bold, Innovative God-Inspired Life!” He is also the host of Passion in Action, a motivational and educational faith-based Internet TV show for social entrepreneurs, business leaders, and community change agents. Contact us today to learn more about how he can help your business, church, or community to thrive on purpose!

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