Driven to Business with Eddie Mayfield

For the third year running, Site Selection Magazine has rated Georgia as number one for business development.  Kyle Jackson with the National Federation of Independent Business told me some time back, that Georgia’s legislature and governor are viewed as business friendly.  This undoubtedly helps, but an educated work force is also a big factor, as is climate and quality of life.

So, you want to start a business, and you’re in a hot spot like  Georgia for doing it?  INC Magazine said that “startups don’t die, they commit suicide”  I’ve been convinced for years that many businesses fail because the founders simply burn out.

There are a variety of reasons for this: boredom, discouragement, and others.  Many failures are not the result of a catastrophe.

In fact, I faced this myself a few years after founding EMA.  You may have to remind yourself that you own the business; it does not own you.  Time demands, stress, and overwork can destroy the dream.  In my case, I was fortunate enough to have friends, family, and counselors, including a pastor that helped me through it.

If you intend to start a business, or have already done so, spend some time, in fact, a lot of time, nailing down exactly what your business does and what it represents.

I was asked some years ago to advise a small high technology business having issues.  I opened the meeting by asking the founders to tell me what they did. Thirty minutes later, they were still talking, and I still had no idea of exactly what they did.

Understand this clearly:  If YOU don’t know what business you are in, neither will anyone else.  “Oh, I’m perfectly clear about that.”  Really, then explain it in no more than three sentences.  If you can’t do that; I suspect you do not adequately understand your business.

TIP: UNDERSTAND YOUR BUSINESS, and ARTICULATE IT CAREFULLY 

Here’s another:

TIP: RECOGNIZE WHAT IS IMPORTANT AND WHAT IS  NOT.

I wrote this little poem years ago, as a bluegrass song, to make a point.  The song wasn’t a hit, but nonetheless, here’s the poem.

My furniture’s in place

My computer is the best

My files are all arranged

All’s in order on my desk

My business is so neat

And would be almost complete

If I had just one customer to sell

I need a customer, oh a customer

My profits aren’t too good I guess

A customer, oh a customer

And I’d be a big success

I’ve had the opportunity to assist people in starting their new small business.  Often they will call with excitement about their plans.  On more than one occasion, I’ve called back a few weeks later to ask how it was going.

Sometimes, they will tell me how they’ve spent time getting their office area arranged, or the right software on line, or their filing system set up.

I normally say, “that’s great, what are you going to do next week?”  If their answer doesn’t involve chasing customers, I usually try to warn them.

In his iconic book, “World’s Greatest Salesman” Joe Girard says that even professional salespeople will do almost anything to avoid actually selling. They will complete reports, study maps, research demographics, stratify their markets, and at the end of the day- have a collection of information and no sales.

If you feel you’re incapable of selling, then get a partner or hire someone who can.

TIP: DON’T CONFUSE  BUSY WITH BEING PRODUCTIVE

Being busy is a trap.  Every job and task can expand to 40 hours.  Guard your time.

TIP: HAVE A PLAN

To be sure, as you learn the business, you will need to adjust your plan, but figure out how you will conduct your business, write that down as a plan, and work that plan.  There will be times when you literally don’t know what you should be doing.  That’s when you look at your plan, and go right back to it.

TIP: KNOW WHO YOUR PROSPECT ARE

And here’s little sub-tip..   within reason, the more narrowly focused you are, the more energetic you will be.  If the entire world is your market, where do you start?  Much easier if you have that narrowed down a bit.

Also, know WHY they would buy from you rather than your competitor.  Figuring this out can make a huge difference in how you conduct business.

TIP: YOU HAVE TO WANT IT

Everything is not going to go your way.  You will face defeats and disappointment.  You have to decide ahead of time that you are in 100%.

Owning a small business can be a wonderful experience.  Go get it.

Eddie Mayfield

Driven to Business, hosted by Eddie Mayfield, is heard at 11 AM every Saturday on WAFS, Atlanta’s Business Radio, 1190 AM .

The show is streamed live on biz1190.com and podcast on eddiemayfield.com and itunes. 

Simply the best business radio in Atlanta, Driven to Business.