Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Barry Moltz. Barry has discovered the formula to get stuck business owners unstuck and marching forward. Barry’s fifth book “How to Get Unstuck: 25 Ways to Get Your Business Growing Again” is currently available on Amazon. For more information, visit: www.barrymoltz.com
SmallBizLady: Why do Small Business Owners Get Stuck?
Barry Moltz: For many small business owners, running a company is not what they thought it would be like. They would not exactly call their business a smashing success, but they have made enough money over the years to keep the company going. They have always weathered the ups and downs, but recently, it has become more difficult to grow a profitable business. Every month, they are in the habit of searching to find new customers and revenue to keep your business going. They are constantly worried about cash flow and replacing the employees who always seem to quit or get fired. They wake every morning feeling like they are on a never-ending hamster wheel. As a result, both their energy and interest are waning
SmallBizLady: What Do Small Business Owners Typically Do To Try To Fix This?
Barry Moltz: They keep looking for that magic bullet that will be “the tipping point” to take it to the next level. They hope that that the next big customer or new employee will make the difference. Unfortunately, that brave knight on a white horse never seems to come. They never truly make a commitment to the small changes that will get them unstuck and moving forward. They keep looking for that home run!
SmallBizLady: Which Areas Do Small Business Owners Get Stuck?
Barry Moltz: It mostly revolves around 6 major areas: sales and marketing, management and leadership, money, productivity, social media and customer service. Some of these areas they have experience, but most of them, they know nothing about and are ill equipped to deal with.
SmallBizLady: What are the most popular areas where small business owners get struck?
Barry Moltz: Their sales are up and downs since they don’t have a systematic way to keep identifying new prospects and covert them to customers.
They also do not know how to leverage the people they hire (and hire the wrong people).
They confuse being busy with being productive.
SmallBizLady: Why do you say that many small business owners treat their business like it is a job?
Barry Moltz: They are so desperate to earn enough money to support their family this month that they don’t make any future investments that would result in building a stronger business. They say yes too quickly to what customers want. As result, their business drifts from your originally focused mission.
SmallBizLady: Why do small business owners lets today’s owners let today’s “ Emergencies” dictate their plan?
Barry Moltz: They start each day by checking Facebook, LinkedIn, and Twitter. Their daily plan falls apart 15 minutes after arriving at the office. They are addicted to multitasking and constantly let themselves be interrupted by people and global electronic notifications.
SmallBizLady: Why do so many small business owners never take a break or a vacation from work and why is this problem?
Barry Moltz: They have a fear of falling behind or missing an opportunity. They let technology invade every part of your life. They measure success by being busy, not productive.
SmallBizLady: Do small business owners take to many risks?
Barry Moltz: They think success is about taking gigantic risks, so they waste their resources by jumping in without first testing the water. They take courses of action that satisfy their ego but don’t help their business.
SmallBizLady: Why do small business owners avoid sales?
Barry Moltz: They are afraid of the word “no.” They think that when prospects reject their product or service, they are rejecting them personally. This prevents them spending the necessary time doing sales and marketing. They avoid sales and hire an inexperienced person to handle it.
SmallBizLady: How can small business owners stop wasting time on social media?
Barry Moltz: They think they don’t need a strategy. They become more interested in gossip than helping business prospects. They think the sole purpose of social media is to promote their products.
SmallBizLady: Why do small business owners hire the wrong people?
Barry Moltz: They are afraid of people knowing more than them and making them look bad. As an “A” Player, they only hire “B or C” players in supporting roles. They continue to use a hub-and spoke organization where all important decisions come through them, so they never feel left out.
SmallBizLady: Why do owners let lousy employees overstay their welcome?
Barry Moltz: They don’t fire employees, even though everyone knows they are doing a bad job and hurting the company. They can’t admit they made a mistake, for fear of the repercussions if they actually let them go.
SmallBizLady: Why don’t small business owners ask for help?
Barry Moltz: They believe that asking for help is a sign of weakness. They think that small business ownership is a solo sport. They are the biggest “I” in “team.”
SmallBizLady: Why don’t small business owners review their financial statements?
Barry Moltz: They never review them or ask for help to understand what they mean for their business. As a result, they make all business decisions blindly. This leads to borrowing and spending money based on expected results, which gets them into more debt.
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For more tips on how to start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com