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How Small Business Owners can Find an Edge

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    Dr. Woody with some things to consider when trying to survive in these tough times.

  • Duration 5:08
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This transcript is automatically generated

But first we're gonna bring in doctor woody Woodward -- so much for joining us here is a foxbusiness.com.

Contributor.

And an -- Thank you for being with us again.

I don't.

You do it all -- thinking of doing all that we are looking at small businesses and and and you say you know it dissenters are frequently the chief cook bottle washer wearing a lot of different -- own.

But you're looking at how do you prioritize -- a window where which hat.

Yeah and it's and and we need to step back and remember why small business in this country is so important according to the.

The small business -- and their roughly 23 million small business in this country that are responsible for.

55% of the jobs so they are our major employer and since 1998 at one to create jobs more so than big business so.

That's why it's important for us focus on small business and help them figure out how to do it better.

And as an organizational psychologists a lot of challenges -- I like you mentioned is.

When your small business and you have to do a lot of things and I think they're number of things that -- easy traps for them to fall into.

That we can talk about -- -- the first one is focus.

You are responsible for marketing for sales for human resource is dealing with problem -- is or it could be even.

Your spouse and kids that are part of it is to deal anyway so.

It is so important step back and remember if you can.

Try to find ways to either outsource.

Those areas that -- -- -- to you or impediment to you focusing in your strikes now.

What is -- -- -- -- just step back because young money's tight these days right so how do you decide who.

When it's cheaper to pay someone else and to pay yourself board to take some of the load off and that's -- to -- -- is that backing you think you know it.

You know most small business right now are concerned about money and -- there -- a recent.

Study by Pepperdine and Dun & Bradstreet that found 46%.

Of companies under the five million a year revenue are actually tapping into personal assets.

So -- -- nearly half of thinking I got to spend my own money on this but sometimes it's worth that the reason is -- 6% are doing it to some extent that they have to they have no access to capital anyway.

But B is because they're saying you know one.

I can't do -- all and if I'm gonna grow or at least a stable in this economy I cannot do everything myself because.

Think of we forget that small businesses include things like doctors lawyers.

Not just like -- convenience store -- some start up for an app developer really runs the gamut.

So you can't be a good practitioner aircraft if you're focusing on doing all those other things.

So the money making side of your business you need to focus on and if you can focus on that.

He could probably make up for what you -- but you have someone helping you to file papers are right to stock the shelves -- Since taking some of the Philadelphia she can focus on the profit -- you only be doing all the busy working and -- -- outsourcing people think it's -- bad word I mean.

It could be getting attempt workers could be going to like freelance or not common finding someone on they're doing a project basis or -- So that's wondered because someone helped create a website -- if you're not so inclined her -- Assured us it would take me takes -- -- Hyundai to go something that's understandable on.

So you -- adapting is also had a you know.

It is Airways step back and -- -- would advise people to sort of say I -- this is what I want to morph into wars right.

To seek other examples like from from rival companies or -- companies and their own business.

The hallmark of any great entrepreneur or is able to keep what -- -- present in one eye on the future and the -- that are really great can kind of see around the corner.

So I think the idea here is for small business owners to pay attention to what's going on in the market and pay attention to their customers and what they're asking for need.

It's still easy -- company grind of doing your work writing forget -- pay attention to what changes you need to make now.

My word of caution.

Is an -- -- -- of confidence that I like to college and that is still you know -- I'm an ice cream store on the corner and -- are selling electronics sector be a bit ridiculous -- they don't want to.

Tell about it is up and it's a trend are fatter that maybe seems enticing at the moment.

Because if you get out saudis own incompetence are more likely to fails to stay within understand where you're selling his.

But know how to keep your eyes opened other opportunities in there and living your brand something that you say to -- -- don't do anything Alitalia no brainer right.

You think it's a no brainer but huge thing.

A brand as -- products.

And -- you have to know what that promises you're making because when you going to a store you go with what's comfortable what you know what you recognize what's been marketed.

So fun walking on the street -- -- -- -- -- -- one business -- -- on the small local community and I'm gonna go to that go to.

Local -- that local business but I've got a note that there there first of all and second they've got to be consistent because people trust consistency and they trust.

If if you live it and do it and read it in every day they know what they feel that I know what I'm getting when -- comfortable upper.

You know -- of course in the morning and you wanna have that consistency and that's certainly cents a you know you always get it the last -- -- but they're gonna have to go to the website to read more about that.

Doctor -- thanks so much for joining us sector woody Woodward you can see the article there in -- -- -- it's on foxbusiness.com.

Go there right after the show and that take a look or I'll watch your -- you're reading ability thanks so much for joining us here and we are.

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