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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Small Business Fright Fest

Written By: Catherine Morgan | Comments Off on Small Business Fright Fest

Do you think Halloween is scary? Try running a small business!

If the odds of a marriage lasting are about the same as a coin flip, your odds for small business success aren’t even that good.

Scary stuff indeed.

And yet, many of us choose to play the odds and wouldn’t have it any other way.

Here are some of the frightening situations you will most likely face as you dress up as a small business owner:

Prospects disappearing

You’re feeling the love and you know you can help them. You’re getting all the right signals and you start talking about price and scoping out the project. And then they stop returning your emails and calls.

You suspect something has gone wrong, but you don’t know for sure. You’ve been ghosted.

Sometimes prospects come back with apologies, and sometimes the opportunity dies.

Revenue evaporating

Have you (or someone you know) suffered a world of hurt when the big-revenue client of x years retired, took the work in house, or put it out for bid?

That monthly retainer was great for cash flow, but the effect on your marketing and selling was like a slow poison that induced a deep, deep sleep…

Ruh roh.

Employees defecting

Like rooting through the plastic pumpkin bucket for your favorite candy, a good employee is hard to find.

When you do find the right professional who fits in your company, treat them well. Make them feel valued and part of the team.

A happy employee is hard to lure away and is less likely to look for a new job.

An employee who is overworked and underpaid may slip away in the dead of night.

Markets changing

Markets have cycles. Booms turn into busts. A bust can be a time of opportunity – or a time to throw in the towel.

The same goes for trends. One minute you’re the next big thing, and a month later your technology is obsolete.

Customers migrating

If you’re in a market segment where price is the primary differentiator, beware the quicksand of profit erosion and customer migration.

It’s usually more expensive to bring in a new customer than to sell more to an existing customer. Think about sweet treats that keep customers coming back for more. And also remember to reward them for sending others.

As a small business owner you may occasionally let out a scream or experience a nightmare. Most of us do. Please remember that it’s trick OR treat – so don’t forget to look for the good stuff.

All of us here at Business Unplugged™ wish you a Happy Halloween.

Article written by
Catherine Morgan is the editor of Business Unplugged ™, an engaging speaker, and the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant and former employee of three of the former Big Five consulting firms, Catherine combines strategy development with accountability coaching. Her productivity tips and career transition advice have been featured on WGN AM 720 and WIND AM 560 The Answer in Chicago, and on WCHE AM 1520 in the Philadelphia area. Catherine speaks frequently on topics related to productivity, career transition, small business, and entrepreneurship. She doesn’t take herself seriously, but takes her subject matter very seriously.