By Brenda Weathers Hargroves
You can’t do it all. You need help!
This is a typical scenario for many small business owners. Your business is growing, maybe slower than you would like, but growing nevertheless. But, even with slower growth, addressing what’s needed to progress can become more than you can handle. Especially if you’re going it alone.
While more established businesses often have the funds to take advantage of expensive resources, you may be an entrepreneur who is not so fortunate. So, what do you do? This is the perfect time for a SWOT analysis.
Don’t sigh. Bear with me, OK?
Strengths – First thing, pat yourself on the back for what you have accomplished. Your business has grown to where, in a perfect world, you could simply hire staff. Since the world isn’t perfect, you may not currently have the means to make that happen. But at least your business has reached that level. Many, sadly, do not get that far.
Weaknesses – Decide the areas where you need or want help. Perhaps you manage the operations side of your business well or you’re the artistic creator, but you’re at a loss when it comes to marketing. To increase product or service sales, you need to identify your target audience and then figure out how to reach them. And in today’s market, uncertainty when navigating social media is not your friend.
Next, determine what aspects or business-related tasks you should perform. These will be tasks you prefer to take on and/or ones that, like it or not, you are currently the best person for the job. Never mind, the only person. We’ll get to that later.
Contact me with further questions or comments. Otherwise, I remain yours in entrepreneurship.
Or, say you’ve got marketing under control for the moment. It’s the administrative side of the business that needs more TLC. Sound familiar? Whatever the weakness, you’ve now identified a break in the chain. Here are potential solutions.
Opportunities – What does a business owner do at this fork in the road? Now is when your networking efforts come into play. Have you developed contacts or identified local resources that may be able to help? Does someone in your network provide the service you need? Perhaps you can arrange a bartering arrangement. Or, at minimum, discuss your situation to see if that person has a suggestion.
Need more suggestions about how to develop your network and market your business? Check out: https://literallybusiness.blog/oh-no-i-have-to-market-my-business.
Another avenue to investigate is reaching out to local colleges/universities to determine if they have an unpaid internship program, one that allows students to obtain credit for exploring a field of interest while you get needed help. A win, win.
Everywhere you look, you can find ads that encourage borrowing from yourself instead of the bank. They generally suggest borrowing against your retirement account, home equity or other investments. I once read that having good credit can be worth more than 100K. So, let me ask you this. Is your credit good enough to borrow against? Forget tying up your investments. Research the various currently available credit card offers. For example, I recently saw one that offered:
0% intro APR (annual percentage rate of interest) on balance transfers for 21 months.
0% intro APR on purchases for 12 months
No penalty APR. Your APR won’t increase if you slip up and are late on a payment!
Choose your payment due date
No late fees & $0 annual fee
You can also try your hand at securing a small business grant or loan. A good place to start is Hello Alice. Never wrote a grant proposal? Contact me at hargrovesbw@yahoo.com for advice on how to get started.
If you are up to the task, you can apply for a Small Business Administration (SBA) loan. Although this route often requires avid determination and follow-up, I do know a young woman who recently obtained SBA funding.
Threats – I see few threats in creating this type of SWOT analysis. I only caution those who want to become entrepreneurs, but do not want to do the work. I’ve heard too many people say they want to own a business and have others work for them. Unless you have the means to purchase or invest in a business, you must be prepared to do the work first. All the work. After serving as chief, cook and bottle-washer, you might just earn the ability to pick and choose tasks you wish to perform.
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