Blog Topics
contingency and resilience
Strategize for the long haul
Coming soon.
- Define Your Vision: Every successful business starts with a clear vision. Define your vision. Be specific to set the foundation for growth.
- Market Research: Understand your market. Identify your target audience and analyze your competitors.
- Business Plan: Develop a comprehensive and strategic business plan. It’s your roadmap to success.
- Legal Structure: Choose the right legal structure for your business. This affects your taxes and liability.
- Funding Options: Explore various funding options, from different kinds of loans to investors, to kickstart your business.
- Digital Presence: Build a strong digital presence. A professional website and active social media profiles are essential.
- Brand Identity: Create a unique brand identity. Your logo, colors, positioning and messaging should reflect your value proposition.
- Customer Focus: Always prioritize your customers. Their satisfaction is key to your business’s success.
- AI Integration: Leverage AI to streamline operations and gain valuable insights. That’s how you drive growth.
- Network: Connect with other entrepreneurs and industry experts. Networking can open doors to new opportunities.
11.Sales Strategy: Develop a robust sales strategy to convert quality leads into loyal customers.
12.Content Marketing: Share valuable content related to your industry. This builds authority and attracts potential clients.
13. SEO Optimization: Optimize your website for search engines to increase visibility.
14. Social Proof: Showcase testimonials and reviews from satisfied clients to build trust.
15. Financial Management: Keep a close eye on your finances. Effective budgeting and accounting are crucial.
16. Legal Compliance: Ensure your business complies with all relevant laws and regulations.
17. Scalability: Plan for growth. Make sure your business model can scale as you expand.
18. Product Development: Continuously innovate your products or services to meet market demands.
19. Customer Feedback: Regularly seek and act on customer feedback to improve your offerings.
20. Time Management: Effective time management is essential for productivity and work-life balance.
21. Employee Training: Invest in training for your employees to enhance their skills and productivity.
22. Marketing Campaigns: Run targeted marketing campaigns to reach your ideal customers.
23. Customer Retention/Success: Implement strategies to retain customers, such as loyalty programs and exclusive offers.
24. Risk Management: Identify potential risks and develop mitigation strategies that create resilience.
25. Technology Adoption: Stay updated with the latest technology trends that can benefit your business. This drives innovation and growth.
26. Sustainable Practices: Incorporate sustainable practices to appeal to environmentally-conscious consumers.
27. Competitive Edge: Identify your unique selling points and communicate them clearly to your audience. That will become your advantage.
28. Crisis Management: Have a crisis management plan in place to handle unexpected challenges.
29. Mentorship: Seek mentorship from experienced business professionals.
30. Celebrate Success: Celebrate your milestones and landmarks to stay motivated and inspire your team.
Reach out to us for easy streamlining of the process at hello@mommentisconsultants.com or to just say hi.
The landscape of entrepreneurship is dynamic and ever-changing, and it's fair to say that we're all familiar with its ever-changing nature. For most small business owners, navigating through numerous challenges while simultaneously searching for opportunities to propel their ventures forward is the daily norm. These challenges encompass economic fluctuations, technological advancements, evolving consumer preferences, and competitive pressures. Undoubtedly, most new entrepreneurs quickly realize that the business environment is filled with uncertainty, which unfortunately leads many to give up prematurely.
I might have been one of those who threw in the towel too soon if I hadn't received some timely advice that made me pause and reconsider my options. What was this advice? It was a variation of the "no tears in the kitchen" mantra, but the way it was articulated meant I needed to toughen up and change my mindset.
This is what my mentor said to me, and I quote: "Business is a blood sport. Don’t take it personally because it’s not. Think like a shark. Don’t bleed in the water. Play to win."
Build a Success Mindset
I recalled the information out there in the sports metaverse about Kobe Bryant (May his soul R.I.P). Information about how he created the Mamba Mentality. In his book, Mamba Mentality- How I Play - Kobe referred to himself as the black mamba. He created the mamba persona by studying that snake’s habits and replicating those skills on the court. To win.
The message my mentor was giving me in a nutshell was to first of all create a mindset that would thrive in business. A mind without fear -one that didn’t get emotional or broken by business stress. To create a success mentality. A winning mindset.
Well, I took heed, and the first thing on my agenda was to stop bleeding in the water. Because if business is, indeed, a blood sport and I had to think like a shark? Well, you fill in the rest. Simply put, I realigned my mindset to achieve my goals.
Mindset and Mentality: The Cornerstones of Entrepreneurial Success
Mindset and mentality can make or break an entrepreneur. Success starts in the mind. I began the process of my mentality “rehab” by tearing down and rebuilding how I thought about business and success through mind-focused daily habits. This process is different for everyone. Simultaneously, I worked on reassessing opportunities and risks, including certain and uncertain risks.
The Journey Begins
Let me share some of what I did. I took a bird's-eye view of my professional skill sets and educational training to determine what I knew and what I could excel at. I identified where I had succeeded in the labor force and areas where I thought I could win. I also recognized and addressed any hindrances.
Armed with that knowledge, I assessed potential businesses to launch, their risks, and the elusive opportunities for growth and innovation within those sectors.
The Shark Theory
Assessing my opportunities and risks in this way gave me a clear view of what my business battleground could be and how to navigate it. The shark theory—remember? I sought ways to implement risk mitigation strategies from the onset while actively seeking opportunities for growth and innovation down the line.
Strategic Marketing
Everything I did or established had layers of marketing and sales opportunities embedded in them. For example, if I named a product “Meta Face - Verz 12,” it was a layered message. I could create a marketing campaign targeting a specific demographic where 12 had spiritual significance, or that represented 12 months in a year, or symbolized December, tying into the holiday season with giveaways, discounts, or sales.
Clarity in Uncertainty
This approach quickly clarified the how, where, and what of my entrepreneurial journey amid uncertainties, and I'll outline how as the series continues.
Amidst these uncertainties in business lies the potential for growth and innovation for those entrepreneurs who can effectively identify and navigate both risks and opportunities.
...Stay Tuned for More Insights
This is just the beginning of our series on entrepreneurial success. Follow our weekly updates to dive deeper into each aspect of building a successful business mindset, identifying risks, opportunities, building resilience and more. Visit our website at https://mommentisconsultants.com to learn more about our services and how we can help you achieve your business goals.
Written by Judi Snell.
Leveling Up Your Business Game: Proactive Strategies
Continuing our discussions on the series about building a successful and solid business that innovates and thrives. Last week, I talked about my mentor advising that a success mindset and mentality are key to winning at The Game of Success. Now, I want to reflect on proactivity.
I deliberately did not go into all the initial preambles involved in starting a business at the start of this series. I think there is so much information about it all out there, namely: come up with an idea for a business, draw up a business plan, incorporate, get an EIN, get a business email and phone, create a social media page and a website, use AI to gain valuable insights or APECRRA and all that yada yada yada. There is even a free business start up checklist on our blog. Access it under tips.
That’s information easily accessed out there by anyone, as I indicated. However, does all that information translate into anything quantifiable or empirical as a marker for being innovative and successful? Regardless of how readily small business start up information can be accessed and businesses established, a large percentage of businesses still fail within the first couple of years.
So now, I’ll move beyond mindset and mentality and on to being proactive or pragmatic. Either word could work but I prefer proactivity at the game because of the nuances involved in being proactive versus simply being pragmatic. Be proactive to win.
Identify Potential Risks…Proactively.
Still going off the blood sport/shark in the water theory or being a mamba, I learned to identify potential risks and understand how they could impact my business. That became a crucial first step in proactive risk management. Here’s what I mean. With risks, first things first.
Safeguard Your Investment…Proactively.
He said, "Judi, your first assignment is 'don't lose the money.'" At first, I thought, "Of course not. Why would I lose it? I want to make more."
But then he asked, "Do you know anything about Mr. Penny—that tiny, little brown guy ?" When I shook my head no, as in confused, he explained, "The point is, he matters. Be sure to take real good care not to lose him, because there are 99 others like him that make up a dollar. And the way you protect and take care of them all will determine how many more of them you can eventually hoard."
At the time, it sounded as strange-silly to me as it may to you now. But I understood his message: I had to “gird” the finances—carefully protect and manage them. This lesson has stuck with me throughout my journey in business.
Examples and Strategies:
- Cash Flow Issues: To avoid cash flow problems, always maintain a buffer in your business account and regularly review your cash flow statements. Implementing an invoicing system that ensures timely payments can also help. There are so many ways these can be done that help you stay solvent. The net 60, 90, 120, etc., plans proactively put in place that a lot of new business owners don’t know about, as an example.
- Unexpected Expenses: Set aside a contingency fund to cover unexpected costs like equipment repairs or sudden increases in raw material prices. Proactively sourcing what SBA loans and county assistance programs are out there and applying for them in advance is an example. Building business credit on Dun & Bradstreet(D&B) is another example.
- Interest Rate Changes: If your business relies on loans, proactively stay informed about interest rate trends and consider locking in fixed-rate loans to protect against rate hikes. Here’s is where one should think like a shark and not bleed in the water.
Market Risks
Here's another area where the blood sport analogy comes into play. Thinking like a shark requires mastering market dynamics. Market risks stem from changes in demand, competition, or the regulatory environment.
Examples and Strategies:
- Shifts in Consumer Preferences: If consumers start buying products that are new to your market, like suit shirts without skirts or Juvederm instead of lotions, investigate the cause. Is it because they’re spending more time on video calls? Adapt and innovate proactively by offering products that meet the new demand.
Play the Game to WIN
To be continued...stay tuned for more insights and practical advice.
As we continue this series on establishing and growing your business, Follow our weekly updates to dive deeper into each aspect of building a successful business mindset, identifying risks, opportunities, building resilience and more. Visit our website at https://mommentisconsultants.com to learn more about our services and how we can help you achieve your business goals.
Now, before I get out of your hair with my blurb, here’s a question for you –just because I’m a lifelong student who's always seeking to learn. 😊 Have you encountered any unexpected risks in your business that caught you off guard? How did you handle them, and what did you learn from the experience? Share your thoughts in the comments below!
Written by Judi Snell.
Mastering the Game of Business: Activate Proactive Foresight
One day, the managing partner of the firm I worked for summoned me to his office. As I walked in, thoughts raced through my mind about what I might have done wrong. To my surprise, instead of reprimand, he handed me a copy of 'Who Moved My Cheese' by Dr. Spencer Johnson. Being an avid reader, I dove into the book at the first opportunity. While the tale of mice navigating a maze intrigued me, I couldn't shake the question: “why the book...and why me, out of all my colleagues?”
The following week, both partners of the organization called me into another meeting. They informed me that I was being transferred to Business Development, a newly established department that I was tasked to pioneer. Alongside the assignment, my direct boss handed me a copy of 'I Moved Your Cheese’ by Deepak Malhotra. Suddenly, it all made sense—they had been preparing me for this role all along. In hindsight, the second book was an unusual choice for an employee but their foresight proved invaluable in that moment as I thrived in that position over time.
When I left that firm to start a new family business, those skills learned in BD came roaring back. They translated seamlessly into entrepreneurial success, fostering proactive, strategic, and customer-focused approaches.
Succeeding in business as a new entrepreneur demands more than reaction; it requires proactive strategy and a steadfast long-term perspective.
Secure Your Market Position...Proactively
When new competitors enter the market, it's crucial to analyze their strengths and weaknesses. Understand what differentiates your offerings and emphasize these unique qualities in your marketing campaigns. Many businesses fall into the trap of staying the same, forgetting that the landscape is always evolving. Stay ahead of new competitors.
One effective strategy to combat new competition is to focus with laser precision on your Unique Selling Proposition (USP). Your USP is what makes your business stand out in a crowded market. Simply having a value proposition is not enough. It’s about being proactive, ensuring you don't lose market share to new entrants. Highlight your USP clearly and consistently to maintain your competitive edge and avoid getting lost in the noise. By doing so, you’ll not only protect your market share but also position yourself as a leader in your industry.
Navigate Legal Waters...Proactively
Stay updated on industry regulations by joining industry groups or subscribing to relevant newsletters. When new laws are introduced, assess their impact on your business and adjust your operations accordingly. Follow up on old laws to find nuances that can be beneficial to you while staying on top of new regulations. Being proactive in understanding and adapting to regulatory changes ensures your business remains compliant and avoids potential pitfalls. This vigilance helps maintain your competitive edge and solidifies your position in the market. Forgetting regulations could cause you to incur liens or have funds frozen in your accounts at the worst possible time, leading to a downward spiral in your business. Don’t forget, we don’t want to bleed in the water and become prey. Yes, back to shark analogies.
Address Operational Risks...Proactively
Operational risks arise from internal processes, systems, or human error that may disrupt business operations. Here are some examples and strategies to manage these risks effectively:
Supply Chain Disruptions: Develop relationships with multiple suppliers to avoid dependency on a single source. Maintain an emergency stock of critical supplies.
Technology Failures: Regularly back up your data and invest in reliable IT support. Consider using cloud services that offer redundancy.
Employee Turnover: Implement strong onboarding and training programs to minimize the impact of turnover. Foster a positive work environment to retain top talent.
Guard Your Reputation...Proactively
Your reputation is not just a part of your brand—it's your frontline and your backbone. Thinking like a shark, it's how you attack and defend, crucial for growing your business successfully and fostering a thriving community of loyal customers and advocates. They recognize your business, your voice, and what sets you apart. Protecting your brand's reputation is fundamental to building and maintaining customer trust and loyalty.
Turn Challenges into Opportunities…Proactively
Keep an eye on social media and review sites to catch any mentions of your brand. Respond swiftly and courteously to negative comments, demonstrating your commitment to customer feedback. Be prepared for the rare scenario where you receive negative publicity and put in place a prompt response protocol for that. Addressing concerns openly shows your dedication to customer satisfaction and helps turn negatives into positives.
Prepare for Customer Complaints…Proactively
Here's a crucial lesson: every customer complaint is like striking gold. Learn to turn feedback into gold. See it as an opportunity to address issues and implement solutions that not only fix the problem but also prevent it from happening again. Customer feedback, even if it stings a bit, is invaluable. It's a sign that they care enough to speak up, rather than quietly taking their business elsewhere. So, when customers share their concerns, thank them. It shows appreciation for their loyalty and trust.
Establishing a clear and accessible customer service channel is key. Resolve issues promptly and ensure they're happy with the outcome. Following up confirms their satisfaction and strengthens their loyalty.
Cultivate Transparency and Integrity…Proactively
Maintain transparency in your business operations through regular audits to uphold ethical standards and foster a culture of integrity within your organization. Prevent unethical practices by proactively initiating this process from the outset will embed it into your company culture. Transparency ensures that any lack thereof becomes a clear marker of potential issues—a "bs" detector, if you will (pardon the French).
Now, here’s a question for you! How do you currently differentiate your business in a competitive market? Share your strategies for standing out and protecting your market position below!
To be continued.
As we continue this series on establishing and growing your business, stay tuned for more insights and practical advice. Follow our weekly updates to dive deeper into each aspect of building a successful business mindset, identifying risks, opportunities, building resilience and more. Visit our website at https://mommentisconsultants.com to learn more about our services and how we can help you achieve your business goals.
Written by Judi Snell
Right about now, I think it’s time we talked about identifying and capitalizing on business opportunities, don’t you think? I mean, we touched on the core aspect of building success — which I believe starts with the mind: mindset. We talked about being proactive, setting things up ahead of time, preparing for potential issues, and finding ways to mitigate those issues. We discussed foresight, the importance of having a long-term strategy for success.
Transition to Opportunities
Now, let’s explore the next obvious area: identifying opportunities.
This is not an area we need to delve deeply into. For most entrepreneurs, this is the easy part. The aspects we covered such as mindset, being proactive, and having strategic foresight are areas a lot of small business owners often overlook. This is because most of their attention is here: with opportunities. They have knowledge through their jobs or work, or know someone who has a similar business and they want to establish a business like that. That’s the business opportunity and why they start the business in the first place. Because with that opportunity, lots of income or money can be made and it’ll all be so worth it until…the challenges and stress start.
The Caveat
Because of the preview above, there’s no need to delve deeply into how to create business opportunities. The only caveat I might add is for most business owners to endeavor to have a minimum of three layers of opportunities for any business they get into. The same goes for pricing structure. This is related to sales: have a higher price point, mid, and lower with a focus on the mid.
Also, consider creating vertical opportunities — vertical solutions that create a vertical income flow. In account management and customer success, the focus is on your current clients, building an amazing relationship with them to understand what they want. This helps you project what other products or services you can offer in addition to what they already get from you. We refer to this as cross-selling or upselling
additional products and services. This strategy is crucial for staying adaptable and innovative, especially in a competitive and ever-changing economy. It not only boosts client satisfaction but also cultivates loyalty among your customer base.
The cogent point I am making is about compounding what you are doing, like a cobweb, where every action strengthens and supports the whole. Plan your marketing to have an exponential or compounding effect. The same goes for sales. And base most of your ideas for identifying and capitalizing on opportunities on customer feedback.
Capitalize on Opportunities
Here are some strategies I employed for identifying and capitalizing on opportunities:
Market Research
Conduct thorough market research to identify emerging trends, unmet customer needs, and untapped market segments. Review various data sources, consult friends and business owners, and build potential customer profiles, including their demographics. Consider all pros and cons to gain a better perspective on basic demand and supply.
Networking and Collaboration
Networking and collaboration are often overlooked yet crucial aspects of business growth. By actively building relationships with other entrepreneurs, industry experts, and potential collaborators, you gain valuable insights and opportunities for partnerships.
Through effective networking and collaboration, you can:
- Achieve Successful Marketing Campaigns: Partnering to create impactful marketing campaigns leveraging social media. Each share or like can lead to multiple new shares, rapidly increasing visibility and customer acquisition.
- Product Launches: Collaborate on launching new products or services that resonate strongly in the market, leading to a surge in demand and rapid sales growth. Such collaborations can harness viral marketing or network effects.
The goal is to create an interconnected web of efforts, where consistent, incremental investments in networking, customer relationships, and marketing contribute significantly to your business’s growth.
Customer Feedback
Integrating the multiplier effect into customer feedback strategies can yield multilayered benefits:
- Enhanced Impact: Small actions or investments in customer feedback can result in disproportionately large benefits. For instance, prioritizing customer satisfaction leads to repeat business and referrals, magnifying your initial impact.
- Leverage: Utilizing customer feedback to its fullest potential maximizes your business output, creating a cascading effect of positive outcomes through strategic use of resources, strategies, and relationships.
- Scaling Effects: Scaling up activities or strategies based on customer feedback can generate exponential growth, mirroring the concept of scaling effects in business.
Listening attentively to customer feedback helps identify areas for improvement, new product ideas, and opportunities to enhance overall customer experience. This approach acts like a gold mine, continually enriching your business through iterative improvements and strategic expansions.
Continuous Learning and Adaptation
Stay curious and open-minded. Continuously seek out new knowledge and skills to adapt to changing market conditions and seize emerging opportunities.
Wrapping It Up
To effectively identify and capitalize on business opportunities, think of your strategies as a cobweb, where each action strengthens and supports the entire structure. Strive for a compounding effect by consistently building on small successes, and aim for exponential growth by leveraging scalable strategies that amplify your efforts. Additionally, consider the multiplier effect as you build up layers upon layer of opportunities, where each strategic move leads to disproportionately large benefits, enhancing your overall impact. When you strategize this way, you easily capital on opportunities and continue to grow.
Written By Judi Snell
1 (914) 709-5444
consultations@mommentisconsultants.com
hello@mommentisconsultants.com
244 fifth Ave, New York NY 10001
At the helm.
Hi! I'm Judi Snell
I am the CEO at Mommentis Consultants, committed to leveraging cutting-edge technology, including AI, and market insights to provide bespoke solutions for small businesses aiming for long-term success on a budget.
As an economist with extensive experience across various sectors—including banking, legal, nonprofit, franchising, and the cosmetic industry—I bring a wealth of knowledge and a unique perspective to my clients. Throughout my career, I have held roles in operations, marketing, and sales, serving as a manager, business development specialist, account manager, and customer success manager.
Additionally, I have firsthand experience starting businesses, some of which faced challenges. These experiences taught me valuable lessons in driving growth and innovation, mitigating risk, and creating resilience—skills that new entrepreneurs often need help with.
I am also the founder and CEO of Women and Youth Advancement Inc. (WOYA), a nonprofit organization dedicated to providing business start-up training and creating empowerment circles within marginalized communities. This initiative reflects my passion for driving positive change in the community.
Business has been quite the learning game for me. Sharing what I have learned and continue to learn is one of the most rewarding parts of life. Good luck on your journey into business. Welcome, and may the force be with you!
Best Regards
Judi
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