“The way to get started is to quit talking and begin doing..” – Fox Tucker
Introduction:
YCDBSOYA: You Can’t Do Business Sitting On Your Ass
Having the opportunity to speak with hundreds, if not thousands, of business owners reveals one undeniable truth: YCDBSOYA. While many people are “in business” in some capacity, not everyone should be “doing business.” Here’s what I mean.
When a grant opportunity arises, many business owners transform into seasoned professionals, adept at navigating the application process. They can critique and follow up with the zeal of an eager honey badger, ensuring they secure what they believe is a justified grant award.
Yet, ask these same business owners about their internal business processes, revenue models, income streams, marketing plans, and KPIs, and you’re met with radio silence.
Why is that?
The truth is, many business owners focus on external opportunities and quick wins rather than the foundational elements that sustain long-term success. They chase grants and external validation, neglecting the critical aspects of their business operations. This approach leads to a cycle of short-term gains without sustainable growth.
Breaking the Cycle
To break this cycle, business owners must shift their focus inward. Here’s how:
1. Elevate and Optimize Internal Processes
Streamlining operations is essential to improving efficiency and reducing costs. Regularly review your workflows to identify bottlenecks and implement solutions to address them. Automation tools and process management software can be invaluable in this regard.
2. Develop Robust Revenue Model
Diversifying income streams is crucial for mitigating risk and ensuring stability. Relying on a single revenue source makes your business vulnerable to market fluctuations and other unforeseen challenges. Explore new avenues for revenue, such as subscription models, partnerships, or additional product lines.
3. Create Comprehensive Marketing Plans
A well-thought-out marketing plan targets the right audience with a clear value proposition and consistent messaging. Understand your customer demographics, psychographics, and behaviors to craft campaigns that resonate. Utilize digital marketing channels, social media, and content marketing to reach and engage your audience effectively.
4. Track KPI’s Religiously
Key Performance Indicators (KPIs) are critical for measuring success and identifying areas for improvement. Establish relevant KPIs for your business, such as customer acquisition cost, lifetime value, conversion rates, and profit margins. Regularly review these metrics to gauge performance and make data-driven decisions.
The Bottom Line: YCDBSOYA
Remember, YCDBSOYA. Stop chasing quick wins and start building a business that can thrive on its own merits. This is the difference between merely being in business and truly doing business.
By focusing on internal processes, robust revenue models, comprehensive marketing plans, and diligent KPI tracking, you can create a sustainable business that stands the test of time. It’s time to stop sitting on your ass and start making strategic, impactful moves that drive real, lasting success.
