• Tips for Entrepreneurs

Are You Suffering From the Trifecta of Small-Business Failure? Good PR Can Help!

From “PR Rules: The Playbook—The Entrepreneur’s Guide to Supersizing Your Small Business.”

Available in April 2014

By Hope Katz Gibbs, with Kathleen McCarthy

Illustrations and design by Michael Gibbs

Why do so many small businesses fail?

Because the very characteristics that make an entrepreneur want to start a business are the ones that cause them to stumble.

Sitting on our publicist’s perch at Inkandescent PR, we have been privileged to work inside more than 100 companies—from solopreneurs and start-ups to multimillion-dollar corporations. We have helped them create fireworks, and we have witnessed their trials and tribulations.

From these observations, we culled the philosophy of the “Trifecta of Small-Business Failure.” These three traits can trip up even the most experienced entrepreneur. If your business is struggling, odds are good you are suffering from one or more aspects of the Trifecta. Not sure?

Then see if any of these monikers describe you:

1. The Control Freak

  • The Problem: When it comes to your business, have you ever thought this, or said aloud: “I want to do it all by myself,” “You’re not the boss of me,” or, “Everything is horrible; the sky is falling!” If so, you aren’t alone. Many entrepreneurs have a tendency to want to hold on tight to every single facet of their business. After all, being in control is why many people start their own companies. But beware: No one is good at everything. Even if you are, there aren’t enough hours in the day to think of, perfect, and execute all the necessary tasks required to ensure a business succeeds.
  • The Solution: So let go—delegate, share, outsource! Collaboration is the key to success. Find partners you trust, and build your business.

2. The Small-Picture Person

  • The Problem: Do you understand the icing-and-cake metaphor? If not, you may not be making the most of your core competencies—your “cake”—by leveraging them to make more money.
  • The Solution: Start by identifying your core competency, then step back and look at the big picture. Find all the additional revenue streams available—your “icing”—and incorporate them into your business. For example, if you are a chef and you are cooking only for your restaurant, then you are leaving money on the table. Consider catering or selling some of your products online. Don’t try just to break even. Aim to supersize.

3. The Win-Meister

  • The Problem: In this scenario, the “win” comes only when you beat someone else—at the game of business, and probably in other aspects of life. In fact, for years this philosophy was a popular way to succeed in business. But that has changed. Today, if your competition or colleagues have to lose for you to win, you are operating with an outmoded, inefficient model.
  • The Solution: To be more effective, embrace the 21st-century concept of winning—the win-win-win—in which you win, and your customers and colleagues win, too. And best of all, the world at large wins, too. Many Millennials work under this belief. If you don’t, you are not only behind the times—you are missing out on the next generation of sales.

The good news is that a strategic PR and marketing campaign can help.

But only if you as an entrepreneur start asking for help and accept guidance from the professionals who have a different sort of experience. Having a sophisticated strategy is the key. So is being patient about the timeline for your business success.

You’ll know you are on the right path when:

  • Your sales exceed your expectations.
  • Reporters consider you an expert, and are eager to hear what you have to say.
  • Feedback from customers is glowing, and they want more of what you are selling—in ways that you may have never thought of. Open up to their ideas for innovation. It could take your company to a new place.

And that’s the goal of our 2014 book, PR Rules: The Playbook. In its nearly 200 pages, we encourage you to play with the ideas and exercises, and dive into the expert interviews. We hope the information will inspire you to think about your business, and yourself as an entrepreneur, in new and exciting ways.

Go ahead—laugh out loud at yourself. We’ve all made the same rookie mistakes. After all, growth is an inside job. So be bold about discovering what holds you back, and find ways to leapfrog over the hurdles in your way.

Here’s to turning the Trifecta on its head!

Are you ready to supersize your small business? Then check out “PR Rules: The Playbook,” where you’ll have the opportunity to play with dozens of ideas and exercises, dive into expert interviews, and be inspired to think about your business—and yourself as an entrepreneur—in new and exciting ways. If you are willing to be bold about discovering what holds you back, and finding ways to leapfrog over the hurdles in your way, then use this book to help you create some fireworks! Order your book today by clicking here.

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