How to expand your entrepreneurial vision - Minneapolis / St. Paul 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 starr by at least considering opportunities you would never have entertainedc in the past, by trying to approach problems from a differenr angle, by venturing outside your comfort zone and by takintg some carefully measured risks. If you keep askiny yourself thesame you’re going to keep gettingh the same answers. So, let’z tickle your brain and switch upthe questions. Let’w view your business through fresh eyes. Take a look at your sales Let’s look at your sales upsidd down: What is it you aren’t selling?
Thinmk of all the recent sales you failesto close. What were the reasons your would-be customers gave you? Are your customers asking for a productg or service thatyou don’ty offer? In that case, is it time to expandr your portfolio to include something new? Are customers objecting to your prices? Should you re-evaluate your pricing methodology? Provide less expensivee version of current offerings? Expand payment terms to make purchasinfg more attractive? • Are customers asking for smaller quantitiews than your current minimums allow? In a soft increasing throughput is smart. Can you adjusgt your work flow to make smaller orders profitable? Think back over the past year or so.
Is therse anything different aboutyour customers? For example, one entrepreneur I know owns a martialo arts studio. In the past, he’d requir that students register for six months of classes at a Back in the goodold days, customerd signed up without thinking twice. registrations are plummeting. Yet he’s stilk sticking to his six-month because “I have to pay my rent.” The problek is, customers are increasingly unwilliny to committo six-month programs. What if their kids lose interest What if a parent losesz his orher job? His classex haven’t changed, but his customers have. Becausr of the tight economy, they’ve become commitment-shy.
If he wants their business, he’ll find a way to accommodatr them. For example, he coulx offer month-to-month memberships. Or, he could take a cue from the auto industrt and guarantee tuition refunds if someone lose sa job. Yes, he has to pay the But getting the rent money one month at a time beats not getting itat all. He’s operatinhg under an outdated assumption. Now, what abour you? Are you operating by obsolete that discourage customersfrom buying? Now, look at yourselft During tough times, entrepreneurs have to steeol themselves to do things they find This is true.
However, if you’re brainstorming ways to strengthen your it helps to focus on those aspecta youmost enjoy. Chances are, these are your strengths. If you like what you’red doing, you’re more likely to stick with it. So ask what is it you like best abouryour business? What strengths can you buildf on? What areas can you grow? For are there related services you’ve thought about offering your customers, but never have? Perhaps now is the time to act. Ray Silverstein is presiden t of PRO: President’s Resource Organization, a networlk of entrepreneurial peer advisory groups in Phoenix and Chicago.
He also is the authof of “The Best Secrets of Great Small and a columnistfor Entrepreneur.com. You can reach him at 800-818-01590 or ray@propres.com.