What it takes for businesses to succeed

Dear Money Lady,

I am a small business owner and took the CEBA (Canada Emergency Business Account) loan because I couldn’t make the repayment date in January.

Our business is still struggling. How can we increase our revenues?

Jake L.

Dear Jake,

You are not alone. Many small business owners have had to resort to refinancing their CEBA loans.

There is now a financing extension until March 28, that includes the partial loan forgiveness portion. Outstanding loans can be converted to a three-year loan at five per cent for up to $60,000 with the term loan repayment date extended to Dec. 31, 2026.

WHY DO BUSINESSES PROSPER?

Let’s talk about why some businesses prosper and others don’t. It may seem like common sense to some, but I am still surprised that some small business owners still believe that simply opening the doors and waiting for customers to come in should be enough.

It isn’t. If you’re not “shaking the bushes” you will never have your business really prosper.

Yes, I know you have to find the right location, make the right business choices, and watch your bottom line, but I am not talking about the logistics of your industry. To really have a prosperous business, no matter what it is, you must get out there and increase sales. Good business owners don’t get ahead, but gutsy business owners do!

PUT YOURSELF OUT THERE

If you want something, you have to take the initiative and ask for it. No one knows how great you are unless you let them know it.

No matter how difficult you find making a sales call or pitching your products, doing it poorly is better than not doing it at all. Suck up your fear and plunge ahead – just spit those words out. People will respect you for asking.

If you have to, write down your sales pitch and rehearse it beforehand, and then make sure you do it. Remember that getting out into the world primes your brain to be receptive to new ideas to grow your business. Opportunities will come up – guaranteed. Every time you put yourself out into the world to promote your business, new possibilities will appear.

SAVVY BUSINESSWOMAN

Let me give you an example. I have been getting my hair cut by the same person for the last five years, but as much as I liked my young hairdresser, I really disliked the salon she worked at.

The owner was always miserable and seemed to never be glad you came in. Lucky for me, my hairdresser decided to make it on her own and open her own salon.

Now, I don’t think she had a lot of money to do so. Her salon was cute, small, and very pink – a really special little place to get your hair done. After only a year, she had moved to a newer and larger up-scale salon and had two other stylists working for her.

I asked her how she had done so well and what her secret was to being so successful. Of course she treated her existing customer base well, but she actively pursued new opportunities, too.

GETTING CREATIVE

How did she do this? She phoned retirement homes and offered to come in to provide a discounted “Day of Beauty” for their residents. This became so successful she was invited back each month.

But that wasn’t all. Coupons for resident family members, staff appreciation days and “cut and colour” days were all part of her sale call promotions. She even went into high schools in her community offering special deals for their upcoming proms.

The excitement and passion for her business was infectious as more and more people wanted to help her grow just because she was genuine, kind and driven.

SHARE YOUR PASSION

Don’t be afraid to wear your heart on your sleeve and be passionate about your business.

When you’re passionate – when you have energy and enthusiasm and a sense of commitment – people become instantly intrigued and even electrified by it, wanting to get involved and buy in.

Remember, also, that people will do more things for you when they benefit from the arrangement.

It’s just human nature. Growing your business is about satisfying your customer’s needs and listening for the clues to do this more often. In the beginning, you may have to do things at a big discount to get in the door, and sometimes you will have to even offer your services for free. Just chock it up as the cost of growing.

WRITE A LIST

If you convince yourself not to get out there, not to make phone calls, or not to network for whatever the reason (you don’t want to spend the time or money, or you think you will look foolish), write your excuses down on a piece of paper and stash it away for two days, then take it out.

Realize that these actions are unproductive, absurd, and demonstrate your lack of commitment to your business and maybe your personal inner fear – then read this column again and get out there! Good luck and best wishes, Money Lady