The Top Five Minority Business Mistakes And How To Avoid Them (Part I - Continued)

Mistake Number One: Failure to Focus (Continued)

The Robert Frost poem, The Road Less Traveled says “Two roads diverged in a wood, and I – I took the one less traveled by, and that has made all the difference.” Everything changed when I stopped and assessed the roads before me. On the one hand, I could continue on the path of “networking” at multiple events and driving myself batty with little result or I could take the road less traveled – the road of reflection.

On the road of reflection, a business owner must cease from his efforts, reflect on his purpose, direction, strategies and results to see if it is working. If it is, then wonderful! That business owner should just continue to build on that solid foundation. But if not, as it was in my case, the business owner has to have the courage to make needed changes.

When I realized the dead end of involving myself in multiple organizations with little result – that is, spreading myself too thin – I made two key decisions that you should also consider. I immediately cut the ten or so organizations that I was involved in to two organizations that I would focus upon for business-building. Second, I decided that I would put in meaningful time, financial resources and service with those organizations in order to build relationships and to serve others.

Thus, I went cold-turkey on all of the evening business mixers, luncheons, match-making events and others and began to focus on the two organizations that I felt I could best build upon, substituting quantity for quality. As the quote from the Frost poem above states, this made all of the difference. In a short period of time, I had built significant relationships within each organization and I leveraged those relationships into a business that went up like a rocket.

Sometimes our business relationships are a mile wide but an inch deep. I would suggest narrowing your focus to your best prospects and deepening those relationships. A few quality relationships will yield a much greater harvest than several superficial ones. Ultimately, you are the benefactor of this strategy on many levels.

You will develop business relationships that last a lifetime – the kind that keeps on giving – year in and year out. You will cut down on your “busy time” and increase your quality time; and you will develop actual business much faster because you will build rapport and trust with your targets. People like to do business with people they know and trust.

Perhaps you are making Mistake Number one right now. You are spread too thin, looking for leads and business in too many places. This may be your time to stop and assess your business and your strategy. If you have fallen victim to this deadly mistake, then you can reverse your direction right now. Take a few hours aside and think this through. It will make all the difference!

Mistake Number 3 - Failure to Set Realistic Expectations

Hey team: Please enjoy this outtake from "The Top Five Minority Business Mistakes and How to Avoid Them" which I've been offering as a FREE resource when you join my mailing list on my Minority Business Coach Fan Page on Facebook. Just sign up and I'll send you the full report. Knowledge is learning from your mistakes. Wisdom is learning from other people's mistakes. So be wise and grab your copy today on Facebook - Minority Business Coach. Now read on:

One of the biggest mistakes made by small and minority businesses is failing to set realistic expectations about attracting large corporations as clients. I have been in minority business development circles for many years. There is a consistent complaint from some minority businesses that the system is broke and that it's virtually impossible to get business from large corporations.

First, it is a spiritual principle that you will have what you say – or what you expect. Thus, if you say getting business is impossible then it is – you will receive according to your belief. But that is a topic for another publication. On a business level, I would like to set a few things straight. It is true that our nation has a long way to go for minority businesses to get their fair share of the national business opportunity pie. There is no doubt that it is becoming increasingly harder for small and minority businesses to compete. The frustration felt by many small businesses is real.

Nevertheless, there are strategies that have worked for the minority businesses that are winning this battle and they will work for your business as well. As difficult as the road to obtaining that large contract may seem, there is a pathway and you can learn how to access it. However, as suggested above, much of this begins in your mind. Armed with the correct outlook, you will position yourself for success and it will eventually come to you.

First, I would encourage small and minority businesses to take the long view on obtaining corporate business. Small businesses often overlook medium sized companies and even fellow small and minority businesses in order to camp out at the corporate tent. In my experience, it is much easier to attract several small or medium-sized clients than one corporate giant.

Minority businesses should continue to knock at the corporate door, but simultaneously, they should act as if they will never receive a corporate contract and focus their energies on more accessible targets. This is a matter of placing a positive spin on the theory of cognitive dissonance – keeping two seemingly different ideas in mind. On the one hand, you continue to work for that corporate contract. But on the other, you work as if you will never receive one and develop your business, in spite of, corporate contracts.

This serves many purposes. When the time arrives for you to receive that large corporate contract, you would have been well-prepared to handle the business having taken the time to build out your infrastructure and services with smaller clients. Second, big corporations want to do business with companies with a track record. The long view will allow you to develop experience, references and capacity. You will also develop self-confidence and grit along the way.

This was true of my business. It took me about one year to develop my first large, corporate client and that was miraculously quick! But before I developed that client, I built a sustainable business on several small and mid-sized companies. Having a well-run business in place, I could then play the waiting game of developing the larger clients. Once I obtained the first corporate client, their credibility and endorsement of my services enabled me to win many more. Today my firm services many world-class corporations.

Note however, that the first client and the first endorsement came because of outstanding service delivery and results. Assuming that you can deliver on that in your area of business, then you can have those corporate clients in due time. Along the way, develop your business, expertise and testimonials and be ready for the big break. Your realistic expectations will make you a better business person. It will keep you hungry, yet never despairing - not having obtained, but always learning; always sharpening your saw.

In truth, the worst thing that could happen is obtaining a corporate contract but not being ready for it. If you blow that opportunity it could be a long time in getting another – word travels somehow. I’ve seen very tiny minority companies attempting to do business with gigantic, global conglomerates. Not that this is impossible. Remember how I began this article – anything is possible. Also, by following the advice given in the full-blown Special Report from which this piece is excerpted, it is quite likely that even a micro firm can do business with a giant. I did it when my business was small and so can you.

The point is that in some instances, small business owners are unrealistic about the needs of the conglomerate that it can really solve and its own capacity to meet that company’s global demands. These are obstacles that minority businesses have to realistically face with real solutions, like filling a niche market or by teaming up with another small company to build capacity. The problem is that some minority businesses fail to adopt these strategies and in so doing, they fail to meet their goals and repeat a cycle of frustration.

Thus, my advice to minority businesses is: (1) Build your business in spite of large companies (2) Prepare while you wait for the large contract (3) Adopt the long view on your hopes of doing business with large corporations (4) Be ready to ACT when opportunity comes knocking (which it will, eventually) and finally (5) Keep a positive outlook! Your break is around the bend. Never give up. In the words of Sir Winston Churchill, "Never, never, never, never."

Your friend, The Coach



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