Three Roadblocks & How to Overcome Them
There are a few things I have observed in my time as a businesswoman, advisor and mentor. Let’s start with three recurring roadblocks that I see occur for most people.
[bctt tweet=”3 Roadblocks Getting in the Way of Profiting & Scaling” username=”@talentdiva”]
They have an unscalable business. Believe it or not, this is the main reason most companies can’t get investment dollars. I believe that all small businesses have the right to grow and expand. I also believe that if you want to stay small, that’s fine too. But if you have dreams of growing, your business has to be scalable. That means having systems and processes in place that can be taught to any employees joining your team. As you grow, it becomes harder to continue doing business as usual.
As a business owner, there should be systems in place that can deliver the same value and services to clients whether you have five or five hundred and have the staff to accommodate them. Part of scaling is also having the wherewithal to put a hiring plan in place to accommodate any projected uptick in customer activity. When you’re trying to do it all, your capacity becomes limited and you end up losing customers and opportunities to grow.
Take a look at your systems, processes and team, and then ask yourself “If I go our on leave for a month, can my business continue to generate real revenue and be profitable without me?“. And if you can’t, it’s time to rethink things.
They don’t make the right connections. Some people are failing in the networking department. There are four scenarios that are indicative of poor relationships building skills.
- Not taking time to build one on one relationships with key business people.
- Relying too heavily on social media and social networking.
- Not identifying ideal networking events and opportunities to meet real connections.
- Not wanting to take the time to get out and network.
You can’t find real connections going to networking events where people don’t fit somewhere in your client chain. You can’t build relationships if you don’t subscribe to a follow up method. And you can’t make business connections (that are generating real business for you) if you continue going to networking events and conferences where everyone is just like you.
Focus on getting to know people individually and never walk away without it being mutually beneficial. You get, they get…at the same time. Make sure you check out my Linked In article I Don’t Want More Friends, I Want to Do Business. And you also can’t hide behind social media. Too many people feel as long as they have a lot of connections on one or more social network, that means they have a healthy network. well, you don’t. You are just “connected” to people. You don’t have relationships.
They lack access to capital. I love the show Shark Tank. But I think people get a false reality (I know, it’s a reality show, but there are some elements to real life in there). They think all you have to do is pitch an investor, tell them what they want to hear, and they’ll walk away wit a check. Wrong. A smart investor invests in what they know and are familiar with. If I invest in biotech companies, I’m probably not going to invest in the next Mrs. Fields, no matter how great the cookies may taste.
While I agree the access to capital is shut out for some, mostly women and people of color, I also believe that too many people are closing their eyes and throwing darts to see where they land. It’s about building strategic relationships with investors who get you, who understand your company, the landscape. Instead of trying to find every investor out there, focus on finding investors in your space. And don’t limit yourself to just your geographic area.
Consider angel investors if you’re not quite ready for VC yet (that’s a different conversation altogether). But you have to find the ones interested in your space and who can provide way more value than just money. There is capital out there. And there are VCs and angels who do want to invest. You just have to prepare your company to become investment ready, then find investors who want to invest in your company.
How Do I Get Investment Ready?
I’m glad you asked. Mogul Chix works with female founded companies to help them grow, scale and become investment worthy. If you feel you are ready to move to that level, you can work with us in one of three ways: 1) Attend our Summer Weekend Intensive in Miami July 22-24, 2016. 2) Join the Mogul Chix Community and take advantage of our 6 month program and continuing education offered to members. 3) Private Consulting services. Contact us today and let’s see which option works best for your needs.
Let’s change the playing field and focus on getting our companies scalable, profitable and investment ready. That way you build a great company and the right investors won’t be able to ignore you.
Til next time,
Founder, Mogul Chix, LLC
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Adrienne Graham is the Founder of Mogul Chix (www.mogulchix.com), a global company and community for female founders and women entrepreneurs. She works with female-founded companies to grow, scale & making them investment ready. She is CEO of Empower Me! Corporation (www.empowerme.org), a growth strategies consultancy for high growth companies. She provides Strategic Business Growth consulting services to companies with high growth potential to assist clients in creating processes and strategies to effectively scale, run, grow and position their business for success. Adrienne is an author, serial entrepreneur and avid techie dedicated to promoting inclusive diversity in the tech, VC and startup community. She is steadily building her empire one company at a time. She is also a Mentor for the Straight Shot Accelerator in Omaha, NE, which helps guide startups into successfully launched ventures.