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Navigating the Distinct Challenges of Women in Business

Posted by
Jackie Nagel, Synnovatia
female entrepreneur

Are you one of the visionary women determined to reshape the business landscape and create a powerful legacy? You are not alone!

According to the 2024 Wells Fargo Impact of Women-Owned Businesses Report, the growth and economic impact of women-owned businesses from 2019 to 2023 is startling.

Women-owned businesses are growing at a rate nearly double that of men-owned businesses, with a 94.3% increase in the number of firms, a 252.8% increase in employment, and an 82% rise in revenue during this period.

These businesses generate $2.7 trillion in revenue and employ 12.2 million people. (Yah, us!)

Nearly 500,000 women-owned businesses in the $250,000 to $999,999 revenue range (aka The Messy Middle) saw their collective revenues grow by approximately 30%, indicating a significant push towards scaling up (our specialty, BTW).

These stats highlight the resilience and significant contributions of female entrepreneurs.

women in business

Women in Business Face Unique Challenges

Although the outlook is sunny and bright, entrepreneurship for women comes with a unique set of challenges. And, it underscores the ongoing need for targeted support to help women entrepreneurs continue to grow.

1. Access to Funding

Women often find it more difficult to secure funding compared to men. Despite their innovative ideas and strong business models, female entrepreneurs tend to receive less venture capital and loans. This discrepancy can hinder growth and expansion, making it crucial for women to explore alternative funding options.

2. Balancing Work and Personal Life

Juggling the demands of running a business while maintaining personal responsibilities is another significant challenge. Many women who feel the pressure to excel in both arenas are often burnt out and stressed. Finding a balance is essential for long-term success and well-being. The question remains — how can this be achieved?

3. Navigating Gender Bias

Gender bias in the professional world persists — even today. A female business owner’s ability to work long and hard to deliver results for their clients is rarely an issue, and yet…they often encounter skepticism and doubt regarding their capabilities. A network of allies and mentors can counteract this bias, offering invaluable support. Even just knowing “you’re not alone” can make a significant difference.

4. Limited Strategic Support

Many women in business, especially those in the professional service sector with teams of 2-5 people, struggle with a lack of strategic support. This gap can stifle growth and innovation, making seeking qualified resources for guidance and mentorship imperative.

Effective Strategies for Navigating the Entrepreneurial Journey

Recognizing and addressing these challenges head-on can help you grow your business. Concentrating on actions like those listed below can support achievement on your terms.

1. Prioritize Your Needs

Your business will only thrive if you do. Make self-care a non-negotiable part of your routine. Whether it’s through regular exercise, mindfulness practices, simply taking time for yourself, or all of the above, ensure you’re recharging your batteries.

2. Leverage Your Network

Surround yourself with a robust network of mentors, peers, and advisors. Networking opens doors to funding opportunities, partnerships, and invaluable advice. Don’t shy away from reaching out to other successful women — especially those who have been where you are and can offer insights to help you overcome challenges.

3. Seek Funding Alternatives

Explore different funding avenues such as angel investors, crowdfunding, and grants specifically aimed at supporting women in business. Platforms like iFundWomen and Female Founders Fund are excellent starting points. And, if required, don’t let fear of investing in yourself and your idea get in your way.

4. Invest in Professional Development

Continuous learning is vital, especially from those who have blazed the trail before you. Stay up-to-date on industry trends and nuances in business. Additionally, consider joining programs like The Mastermind for the Messy Middle, which offers tailored strategic support for women in business.

5. Build a Culture of Performance

Wanted: exceptional talent only! Foster a work environment that attracts other performers, like yourself, who want to grow with an organization. This not only boosts morale but also drives innovation and productivity. As the saying goes, “Like attracts like.”

Women in Business: Tomorrow’s Trailblazers

The road to success in the business world is rarely smooth. For women in business, it can often feel like an uphill battle. According to recent statistics, only a small percentage of women-led businesses reach the revenue milestones their male counterparts often achieve. Yet, women entrepreneurs are making daily strides, proving they have the grit and determination to succeed.

Your success story is just beginning.

Ready to take the next step? Apply today for The Mastermind for the Messy Middle and unlock your business’s full potential.

 

Strategic Alliances: The Catalyst for Business Growth

Posted by
Jackie Nagel, Synnovatia
Business Growth Strategic Alliances

In today’s dynamic business landscape, the trajectory of business growth is rarely a straight line. It’s also not about going solo to cut through the competition; it’s about creating mutually beneficial partnerships that fuel forward movement.

Yes, we’re talking about strategic alliances, a proven avenue for enhancing business growth. They are especially crucial for small businesses aiming to accelerate their growth.

How can you guarantee these alliances are two-way streets benefiting both parties? It begins with introspection and a strategic mindset.

Understanding Your “Why” for Forming Strategic Partnerships

Business Growth Strategic Alliances

Before leaping into forming alliances, let’s dig deep and find answers to some fundamental questions for you:

  • What do we aim to achieve through this alliance?
  • How will this partnership contribute to our overarching goals?
  • What unique strengths do we bring to the table?
  • How does this alliance align with our business strategy?

Clarity ensures that you’re not forming alliances solely for collaboration but with a clear purpose that aligns with your business strategy.

Choosing the Right Partner for Business Growth

The quest for the perfect alliance partner is akin to finding a needle in a haystack. To avoid jumping in with both feet only to suffer regret later, exercise a bit of diligence, foresight, and an understanding of what you want out of a partnership to make sure you align with the right partner.

Here are a few questions to consider:

  • Who caters to the same market as we do without being a direct competitor?
  • What companies offer complementary products or services?
  • Who shares a similar vision and core values as our business?
  • Who has shown a genuine interest in collaborating with us?
  • What potential partners match our standards, work ethic, and commitment to excellence?

A bonus question might be, “Who would be fun to work with?”

Crafting a Win-Win Scenario

Once you find the right potential partner, the next step is to build a foundation that ensures mutual benefits before you dive in.

How do you achieve this? The key lies in clear and honest communication and shared goals.

Your discussion might include the following:

  • What is the shared vision and objective of the alliance?
  • What are realistic performance targets?
  • What are the roles, responsibilities, behavioral norms, or expectations you may have of the other?
  • What is the agreed-upon approach to problem-solving and decision-making?
  • What would be the schedule for regular meetings to ensure alignment and information sharing?
  • What is the conflict resolution strategy that respects both parties’ interests should a situation arise?

While these questions might seem excessive, it makes sense to prepare in advance for future inevitabilities. Ignoring potential conflicts until they escalate is a surefire way to undermine a productive partnership.

Strategic alliances are not short-term fixes but long-term partnerships that drive growth, innovation, and market expansion.

The Path Forward to Accelerated Growth

Fostering successful strategic alliances is both an art and a science. Achieving collaborative success requires a blend of strategic planning, mutual understanding, and the right mindset. Remember, the key is to create a synergistic relationship where both parties can achieve more together than individually.

If forming meaningful, growth-driven partnerships sounds like the next step for your business, we’re here to help. Contact us to explore how we can support your efforts.

 

The Value of Community for Emerging and Growing Entrepreneurs

Posted by
Jackie Nagel, Synnovatia
community for entrepreneurs

There’s something a foot in the entrepreneurial space … And some small business owners are spilling the beans on how they really feel about their business.

There’s something afoot in the entrepreneurial space, and some small business owners are spilling the beans on how they really feel about their business.

What started out as fun has turned into a nightmare. They are overwhelmed, burnt out, and exhausted. Endless hours with stress as a constant companion affords little time for home-cooked sit-down meals with family, exercise, or thinking in any strategic capacity about the direction of their business.

They silently wonder how much longer they can work at this fevered pace. They’re beginning to feel trapped and can’t quit because of all they’ve invested. They no longer own their business – their business owns them – and they want a “Get out of Jail Free” card.

The complexity of business is accelerating – along with the escalation of isolation. Even Google is turning a cold shoulder. Like a Magic 8 ball, it gave us the answers to all our questions. Now? Vast amounts of time are lost digging through pages of information. Instead of clarity, they deliver chaos. What gives?

The Disappearing Communities for Entrepreneurs

When my Dad opened his farm repair shop in a small, dusty town in North Dakota, he would visit his community banker at the local greasy spoon. Along with other owners of mom-and-pop establishments, they gathered over a cup of burnt coffee to discuss their situations and find answers to their most perplexing questions about growing their businesses.

When social media platforms emerged, communities sprung up in the form of groups. They became the go-to place to seek answers to our questions. That was until groups, overrun with promotional content, quickly became where conversations began to die.

How are we expected to grow a business in a vacuum? The truth is, we can’t!

The Dyson Effect

Minus MBAs and entrepreneurial degrees, we’re all just making this up as we go along. Granted, we have the likes of Bill Gates, Neil Patel, Arianna Huffington, Tim Ferris, and that guy over at Virgin.

We devour their words of wisdom, combing them like precious pearls to find the perfect treasure for our situation. We imitate their success—with little luck.

Why? We’re not them.

We don’t have gargantuan teams to execute our strategic initiative, deep-pocketed venture capitalists to experiment unencumbered by cash flow, or access to the best and brightest talent in search of big paydays and plush benefits. Lucky us!

What we lack resources, we make up for in passion, drive, and determination. We are a relentless group of renegades, rebels, and misfits who desire to carve out a lifestyle for ourselves and our families while delivering innovative services with a personal touch and attention to detail not found at the big behemoths.

The Cure for the Sucking Sound of Isolation & Business Stagnation

We need a hook-up, not in the dating sense, but rather in the form of valuable connections. We need to hook up with guidance, wisdom, and counsel custom-made for the size of our business.

We need community.

We need a place to build relationships with like-minded business owners who share interests and a common set of circumstances. We need a place where questions are answered, conversations are sparked, and relevant connections occur without the distraction and interruption presented by most social media platforms. We need a place to work smarter and grow faster.

We have a lot to do, and doing it together—learning from each other, sharing stories, and getting answers to questions even Google can’t provide—creates greater value for everyone invested in the community.

Join a Mastermind Group? Here’s What You Need to Know.

Posted by
Jackie Nagel, Synnovatia

Joining a mastermind group has been part of many successful entrepreneurial schedules. From Benjamin Franklin, Thomas Edison, and Henry Ford to Bill Gates, gathering with like-minded business owners has been a hallmark of rewarding undertakings.

Initially coined by Napoleon Hill of “Think and Grow Rich” fame in 1925, mastermind groups have stood in the gap as a method for finding solutions—brainstorming if you will—to everyday business challenges.

Tapping into the “wisdom of crowds” lends itself to uncovering previously hidden angles and more suitable solutions than those conjured up by oneself…not to mention opportunities to accelerate life-long learning.

Mastermind group

The Great Expectations

You may anticipate several opportunities when joining a mastermind group. Among the probabilities are

  • Accountability: The regularity of the group meetings, sharing commitments, and reporting progress (generally 1-2X per month) creates a responsive structure.
  • Collaboration: Goals are accomplished more easily through cooperation, contribution, and respect.
  • Feedback: The willingness to give and receive advice forms a basis for—and enhances—improvement. After all, growing your small business in a silo is bad for business.
  • Resources: Tools such as workbooks, checklists, and information are readily available to strengthen your business.
  • Support: Progress towards goals is more manageable with encouragement, help, perspective, and advice.
  • Facilitation: A well-run meeting guides productivity and success for its participants.
  • Structure: Each meeting is organized and optimized around a specific agenda that creates flow and reduces the risk of chaos, confusion, and running overtime.

These expectations are foundational to the most successful mastermind groups.

Finding Your Perfect Match

As the appetite for new ways of working together grows, joining a mastermind group that fits your business requires forethought and due diligence.

Logistics like location, time, and cost are essential to consider; however, you’ll find they are less likely to influence fit or your satisfaction.

Here are a few questions to ask to ensure the group meets your unique work style and needs:

  • What are you looking to achieve through the mastermind group?
  • Who is facilitating the group (i.e., experienced facilitator or member of the group)?
  • What is the proposed structure of the group meetings (i.e., free-for-all or coordinated)?
  • What support is available between scheduled meetings?
  • What arrangement is available for connecting with group members outside the sessions?
  • What is the primary focus of the mastermind group (i.e., general or specific emphasis)?
  • Who does the group target (i.e., size of business, time in business, # of employees)?
  • What types of resources, if any, are made available to group members?

Jim Rohn, author, entrepreneur, and motivational speaker, once said, “You are the average of the five people you spend the most time with.”

Doesn’t it make sense to join a mastermind group that enhances you and your business?

The Business-Changing Lessons of a Mastermind Group

Posted by
Jackie Nagel, Synnovatia
Mastermind group

Business is becoming increasingly complex. And, just like “it takes a village” to raise a child, it takes an armada to grow a business. Increasing complexity and overwhelm is why we launched mastermind groups — to bring together a flotilla of like-minded business owners to share insights, experience, knowledge, and encouragement unavailable when growing your business in a silo.

Our first mastermind group focused on helping business owners create a strategic blueprint for growing their business. Discussions ranged from the significance of a well-articulated vision to proving one’s business models to buttoning down habits to create a system of sustainable success.

It was transformative, really — for everyone who participated, including myself. Members formed trusted bonds. With their unique experience and expertise, each business owner generously shared their resources. Opportunities between members of the mastermind spawned. And most importantly, participants created business-changing results.

Mastermind group

The Birth of the Mastermind Group

Groups like these have been around since the days of Napoleon Hill. His classic book, “Think and Grow Rich,” defined a mastermind group as “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

Hill states, “No two minds ever come together without thereby creating a third, invisible, intangible force, which may be likened to a third mind.” Who doesn’t appreciate an extra brain, right?

There are peer support groups we may not usually recognize as such. For instance, a business advisory board, Weight Watchers, and Vistage are everyday examples of similar organizations. These coordinated groups provide the coming together of people in support, encouragement, and knowledge-sharing that allows everyone to grow personally and professionally.

The Many Benefits of a Mastermind Group for Entrepreneurs

Many peer groups built around business growth provide collective support and encouragement for the participants. In my humble opinion, what separates our mastermind group from most is the facilitation by a trained business strategist and coach. Well-honed coaching skills strengthen the support among the participants, promote self-awareness, inspire action, and cultivate commitment while creating a priceless ROI.

Here are a few of the business-changing lessons of a mastermind group:

Even when converging virtually, collective gathering breaks the isolation and loneliness of growing a business. Nothing grows well, if at all, in a vacuum. Similarly, not everything goes as planned or intended when running a business. The support and environment of transparency help deal with the emotional fallout and exhaustion that often comes with growing a business.

Acquisition and assimilation of knowledge accelerate learning which sparks action.

It’s such a unique advantage to be able to learn from individuals who are at a similar stage in their business. Mastermind 350+ allows you to connect with and leverage individuals from a wide range of industries who are all committed to taking their businesses to the next level  — Zoey Smith, Zbra Studios

The Mastermind group is the most meaningful time I spend on my business each month. It’s been hard to find a group of business owners who are experienced and established AND willing to share their best practices, advice, and also their mistakes. It’s rare, and it’s so valuable.  — Laura M. Labovich, The Career Strategy Group

Structure fills in the gap between planning and implementation. Participants move from thinking of planning to plan and implementing actions to success. They move from merely staying afloat to moving ahead.

Everyone’s an expert. Ideas, concepts, and notions from thought-leaders and well-known experts are frequently shared among entrepreneurs as the end-all, be-all keys to success. That’s accommodation, not alteration. Breakthroughs occur when best practices are customized to fit you, your lifestyle, and your strengths. Whatever “best practice” you follow, make it yours.

Participants recognize they are more intelligent than previously thought. Through sharing insights and knowledge, participation lifts the cloud of self-doubt that plagues many business owners.

 I come away from each session more motivated and armed with strategies and techniques I can use to improve my own business. — John Lanza, Chief Mammal, The Money Mammals

Members identify and share opportunities. Trust is enhanced in an environment of transparency and fellowship. Confidence in a participant’s business capability is a powerful network-sharing tool.

Thinking expands along with the courage to seek larger projects than previously believed possible. It is vital to understand the obstacles to progress and identify practical, applicable ways to remove them permanently. This makes the difference between a small struggling business to a more powerful, sustainable business.

Business models have become upgraded for today’s economy. Entrepreneurship, by its very nature, is disruptive. Sadly, many businesses use the same business model from decades ago. It’s no wonder they struggle. However, business models are challenged, modernized, and proven to create greater profits in a Mastermind group.

The Bottom Line? 

During the 20+ years I’ve been working with business owners, much has changed. Technological advancements, albeit welcome, add layers of complexity (and overwhelm) to small businesses. As a result, a strategy is more critical — and difficult — for entrepreneurs today to pave the way for your success.

One can’t have too much support.

__________________________

Do you want to unlock the potential of your business? Join our Mastermind and discover how!

Know When to “Zip It” to Avoid Damage to Your Small Business Growth

Posted by
Jackie Nagel, Synnovatia
small business growth

Communication. It can build up your small business or tear it apart—the right kind of communication fuels optimism, hope, excitement, confidence, and small business growth. The wrong type of communication, well, let’s say it doesn’t paint a pretty picture of the future. 

Late last week, I found myself in a critical conversation. I won’t get into the details but let’s say it was one of those chats that left me feeling deflated. If it weren’t for a tiny detail, I would have hung up the phone or walked out on the conversation. But, instead, I was in a passionate exchange with myself. Egads!

small business growth

Have you ever had one of those conversations? You tell yourself everything you did wrong, point out all your faults, and whine about what’s not possible. But, of course, you have!

The words we say to ourselves are more damaging than words we exchange with others. This is because self-talk changes the way we see ourselves. It influences our performance, shapes our perception, and impacts our future.

The Science Behind Self-Talk

As many would believe, self-talk isn’t just a bunch of mumbo jumbo. Instead, from a neuroscience perspective, it shapes our internal modeling.

Ethan Kross, a psychologist from the University of Michigan, recently released a study in which pronouns used by people when they spoke to themselves silently – inside their brain – were researched. His findings were astonishing.

“What we find,” Kross says, “is that a subtle linguistic shift — shifting from ‘I’ to your name — can have potent self-regulatory effects.”

During his study, Kross had “nonfamous” people (i.e., you and I) divided into two groups. One group used the pronoun “I” as they prepared for a presentation; the other group used their name as if speaking in the third person as they prepared to talk.

The results were terrific. Those who used “I” in their inner monologue were much more critical of themselves and their ability to perform well. However, those using their name were much more supportive and encouraged how well they would do with their presentation.

Words Matter in a Mental Monologue for Your Small Business Growth

We all know negative self-talk contributes to stress. But, it’s a high price to pay. It affects our sleep, impacts our eating, interferes in our relationships, and grinds our business motion to a standstill.

If we don’t feel valuable to ourselves, we won’t benefit our clients. You may never realize your full potential the personal oration begins to change.

Start by monitoring your inner monologue—tune in to what you say to yourself. Change the dial. Speak to yourself as you speak to others, and have others speak to you. Develop different – and better – phrases to replace the ones used. And, by all means, know when to “zip it” when the conversation with yourself turns negative. 

The Art of the Ask: How to Ask For and Get What You Want in Business

Posted by
Jackie Nagel, Synnovatia
business ask

A recent business connection on Linkedin resulted in a fun and insightful conversation. My pen flew across the page to capture how she leveraged the information to get “unstuck” and in motion as we chatted. Enjoy and read the course of action she implemented to break through her resistance to ask.

A small business entrepreneur’s day is filled with opportunities to ask for – and get – what we want—asking leaves some small business owners fearful and hesitant — especially when unaccustomed to their requests being realized. As a result, some small business owners grab hold of the “ask” in a manner that triggers an inability to achieve their quest. 

On the other hand, victorious entrepreneurs seize the opportunity to “ask” and forward their objectives. Why do some entrepreneurs succeed while others fail at asking for and getting what they want? The triumphant entrepreneurs employ “the art of the ask.”

business ask

The Art of the Ask in Your Business

Most small business entrepreneurs are masters of their craft. They are highly skilled in their area of expertise. Their competence may be legal, financial, design, communication, project management, process improvement, technology – the list is endless. Seldom is “the art of the ask” taught at the advanced learning institutions attended.

Consequently, this means using trial and error (i.e., mostly error) to hone their “asking” skills. In contrast, people who ask for and get the “yes” regularly have become skilled at “the art of the ask.”

Does This Make My “Ask” Look Big? 

Asking for and getting what we have in mind isn’t the same. We ask for permission, a referral, the sale, to be paid, for help, approval, an introduction, special treatment. Getting to “yes” depends on the skill and the size of your “ask.” Here are a few pointers to get you closer:

1. Be reasonable. Consider the desired outcome of your ask. Is it directly proportional to your relationship with the supplier of the “yes”?

2. Keep it simple. Research indicates that one (1) reason gets the best results. So, avoid the need to pile on the reasons for someone to do what you want.

3. Draft your request before making it.

4. Be kind/honest/professional. No BS allowed.

5. Be specific and brief. Don’t him-haw around.

6. Provide an easy out. Make it easy for someone to say “no” without damaging your relationship.

7. Show your gratitude.

8. Be willing to give in return.

9. Make it WIIFM compliant. WIIFM stands for “what’s in it for me.” It’s the question that subconsciously goes through the mind of each provider of a “yes.” If your request is WIIFM compliant, your “yes” broker will quickly see that your “ask” imparts something for them as well.

The ability to ask for what you want to increase the likelihood you will obtain it is a crucial business skill. With a bit of practice, you’ll master “the art of the ask.”

Now, go ahead. Ask me anything!

A Brilliant Step by Step Ask

Here are the steps my new Linkedin connection took to overcome her resistance to asking for help:

1. Make a list of people she wanted to contact.

2. Noted her relationship with each. 

3. Identified one “ask” for each. 

4. She considered how to provide an “easy out” if she heard hesitancy.

5. Made the WIIFM (What’s in it for me) crystal clear.

Your turn. What’s your ask?

The Art of Building Business Relationships

Posted by
Jackie Nagel, Synnovatia

Given our current economic state, business relationships are more important than ever as they are the respectful associations we turn to for support, introductions, referrals, advice, or to share resources. And, when built properly, they are filled with riches.

No matter how advanced the technology, the ability to connect in a way that fosters trust and supports business success is still dependent upon three key factors: 

  • Network – who you know and who knows you
  • Reputation – what others know and think about you
  • Relationships – how well others know you

The most important of these is relationships. Building relationships is a common-sense business-building strategy that easily gets lost in the quest for victory. Yet, it is the depth of the connections between you, as the business owner, and those you encounter, that dictate your reputation, as well as, the extent of your network.

Show Them You Care

What does it take to build long-term successful relationships that ultimately contribute to your success? After defining the kind of business relationships you desire, allow for thoughtful planning to consider a few straightforward approaches to deepening your business associations:

  • Connect with key relationships on a consistent basis.
  • Continually add value and appreciation to each relationship.
  • Learn to contribute to others rather than seduce or hook them.
  • Make relationships more important than results.
  • Leverage your schedule to allow adequate space and sufficient time to expand relationships.
  • Send thank you notes, birthday cards, letters of congratulations, or hand-written notes of encouragement and support.
  • Be present when speaking with others whether it’s by phone or email — and especially by video conference.
  • Correct miscommunication immediately.
  • Relate to others as you would like others to relate to you.
  • Invest in your personal development to increase your personal capacity to relate.

Building business relationships furthers business, promotes referrals, facilitates mergers, expands your network, and builds your reputation. Your connectivity influences your productivity.

As Theodore Roosevelt, the 26th President of the United States, so aptly said, “People don’t care how much you know until they know how much you care.”

10 Common Business Growing Pains Overcome in a Mastermind Group

Posted by
Jackie Nagel, Synnovatia

Every business experiences “growing pains” as it moves from infancy to adolescence and finally, maturity. Whether or not your business grows out of its awkward stage depends — on lots of things — starting with the pain itself.

Some of the growing pains that business owners commonly share with me include:

  • Limited cash flow
  • Insufficient financial reserves
  • Conflicting priorities
  • Leads not converting
  • Challenging and/or difficult employees
  • Loneliness and isolation
  • Self-doubt
  • Lack of control of your days, let alone your future
  • Easily getting caught up in the minutia
  • Unrelenting overwhelm

Can you relate? I bet you can. And, in a weird sort of way, isn’t it nice to know you’re not alone? Growing pains are common among small business entrepreneurs. And, like many business owners, you can likely add a few more to the ever-growing list of challenges that come with growing a business.

Underlying Causes of Business Problems

No matter the industry in which your business exists, the challenges are eerily similar. Many of the growing pains that you experience occur as a fallout of any — or all — of these elements:

  • Unfamiliar that growing pains are a common business occurrence
  • Unaware of practical solutions
  • Uncomfortable in speaking openly about your growing pains
  • Desire to sweep them under the rug, ignore them, and hope they will disappear

More specifically, growing pains intensify in force when co-existing with any of these factors:

  • Ad hoc planning.
  • Missing implementation of loosely crafted goals and plans
  • Absent growth strategy
  • Scant revenues
  • Unproven business model
  • Underpricing
  • Poor operational development
  • Roles and responsibilities not clearly defined
  • Missed opportunities
  • Ill-defined marketing and sales funnels
  • Loss of objectivity
  • Excessive optimism when setting expectations and goals

Beyond Band-aids

Would you ever place a band-aid on a gaping wound? Or treat a brain tumor with aspirin? Of course not! Yet, we commonly “treat” the symptoms of our growing pains hoping for a durable resolution.  Although it may relieve immediate pressure, it certainly isn’t sustainable. Under stress, the band-aid pops off and we’re back to square one. It’s just not worth it!

While attempting to grow your business in a silo, we often don’t know what we don’t know. We’re too close to our own situation to see — with any clarity and distinction — the causes of our pain. This is why we’re increasingly advocating for business owners to participate in a mastermind group.

The Solution? Mastermind Groups

Most of us are familiar with mastermind groups. They bring advice, learning, and support to its members, focusing on what’s most important. In fact, they are more vital to today’s business success than ever before.

Facilitated by an experienced small business strategist and coach, discussions tap into the collective knowledge of the group to help you stay ahead of the rapid-fire changes happening in your business. Additionally, bouncing ideas off each other offers solutions that actually work! It’s a perfect sounding board for accelerating your success.

Mastermind groups provide an opportunity to speak candidly in a trusting environment. With complete transparency, there’s no concealing, skirting the issue, or getting around the source of your growing pains.

With expertise from those who have experienced identical growing pains, you can rest assured that countermeasures recommended by your colleagues are guaranteed to bring you relief — and the maintainable result — you’re after much more quickly than if you try to suffer through it yourself.

The sooner you’re able to implement viable solutions to your “growing pains,” the more quickly you’ll experience a less-stressful phase of business growth and development…

Ultimately, the trajectory of your business depends on it.

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If you’re tired of being a lone-ranger and are considering a mastermind group for your business, consider joining us at Eureka!  Designed exclusively for the small business owner with less than $1M in revenue and/or fewer than 10 employees, conversations are relevant and timely.

Solidify Your Business Network Immediately Using This Little Known Business Strategy

Posted by
Jackie Nagel, Synnovatia

Back in the “day,” experts touted “Girard’s Law of 250” as instrumental in creating and nurturing your business network. It was based on a non-scientific theory that the average number of attendees at a funeral or a wedding was 250. From this concept, it was assumed that the average size of an individual’s professional network was 250 people. And, from the magnitude of the network, a successful, growing business could be launched.

This, of course, was pre-google. There was no easy way to verify its validity. Like the childhood game of “telephone,” it was passed down from generation to generation of sales professionals as the touchstone for business development — develop relationships with an average of 250 people and ensure your success. It was that simple. We followed it blindly, using it to guide our relationship marketing.

Joe Girard, the world’s greatest #1 retail salesman as attested by the Guinness Book of World Records, wasn’t alone in his business strategy of developing your business network.

Dr. Robin Dunbar, an anthropologist, and evolutionary psychologist notes the average size of an individual’s social circle to be 150 people. Pew research, on the other hand, logs the size of the average American network as 634 connections.

No matter the average size of one’s network, nurturing your network is key — especially when it comes to acquiring and retaining clients.

Relationships: The Key to Business Success

It’s a known fact that it is 5X costlier to acquire a new client than to maintain and retain a current or former client. Furthermore, a 2% increase in spending on client retention will reduce marketing costs by as much as 10%. In a boot-strapped small business, those are some impressive numbers!

For most small business owners, a more engaging association with our clients and potential clients is important. Connecting with our clients beyond the transaction is a valuable — and extremely gratifying — aspect of small business ownership.

With effort focused on satisfaction, experience, and retention — rather than on the sales transaction — bonds of trust begin to take shape. But don’t get too comfortable . . .

The Decline of Mindshare: The Learning/Forgetting Cycle

German scientist, Hermann Ebbinghaus, was the first to define the concept of the learning curve. He discovered that by consistently dispensing learning over some time, we could radically improve our ability to learn. Additionally, if not repeated at regular intervals, accessibility to the learned material would slowly decay to the point of feeling as though it had been forgotten. (Hmmm, my high school history class is coming to mind.)

What does this have to do with the business network? PLENTY!

Relationship development and marketing are all about mindshare. Without time and attention, the flourishing relationships you worked so hard to foster rapidly decay.

Consider this: when someone first interacts with you and your business, you occupy their “mindshare” — at least in the immediate time frame — as they “learn” about you. If an opportunity arises during that “learning” time frame — while you remain top of mind — they are most likely to think of you. However, over time and with little repeat interaction with your business, they soon “forget” you. (Nothing personal, right?)

© Mindmaven

However, according to Dr. Ebbinghaus, regular interaction intervals (aka learning) maintains a level of knowledge that is more easily accessible in times of need. Hence the conclusion is that regularly interacting with your primary network leads to more business and referrals.

©Mindmaven

Nurturing Networks

The nuts and bolts of leveraging the learning/spacing curve to nurture your network aren’t well established. However, insight into this phenomenon can elevate your relationship marketing game considerably.

Consider this as a starter plan for building and/or restoring trust in your network:

1) Identify 20–30 raving fans.
Ken Blanchard, the author of Raving Fans, defined a raving fan as “a customer who is so devoted to your products and services that they wouldn’t dream of taking their business elsewhere and will sing from the rooftops about just how good you are.”

2) Reach out to one fan every day.
Bam! That’s it. Five minutes each day reaching out to the most valuable members of your network — not to sell — but rather to say hi, discover what’s new in their world, get to know their needs today as well as tomorrow — to show you care and stay top of the mind for whatever else may come along.

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Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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