Small Business Survival Conversations

Today Dr. Michael Troyer and Anna Steinfest will share tips and tools to master your networking skills. 

In this podcast episode titled "Three Essential Steps in Financial Planning for a Small Business," financial expert Anna Steinfest and host Dr. Michael Troyer provide critical advice for small business owners who want to survive and thrive in the current economic climate.The first essential step is to develop financial projections that accurately reflect the business's revenue, expenses, and cash flow. Steinfest and Dr. Troyer discuss the importance of creating multiple scenarios to account for different outcomes and provide guidance on how to create projections that are realistic and useful.The second step is to plan for contingencies. Steinfest and Dr. Troyer stress the need for small business owners to anticipate and prepare for unexpected events, such as a sudden drop in revenue or a supply chain disruption. They offer practical tips for developing contingency plans to help businesses weather unexpected challenges.The third essential step is to learn to monitor and adjust. Steinfest and Dr. Troyer explain why it's crucial for small business owners to regularly review financial performance and adjust their strategies accordingly. They provide guidance on how to use financial data to make informed decisions and pivot quickly when needed.Throughout the episode, Steinfest and Dr. Troyer share real-world examples and practical advice for small business owners. They also offer additional resources and recommendations for businesses that want to learn more about financial survival strategies.Overall, "Three Essential Steps in Financial Planning for a Small Business" is a must-listen for any small business owner who wants to ensure the survival and success of their business in today's challenging environment.

Welcome to our new podcast episode, and in this episode, we'll be sharing four key lessons that every small business owner should know to succeed.The first lesson we'll discuss is the importance of a profit plan. Our second lesson is to revisit your lending needs in good times. Third, we will discuss the importance of starting with small, steady steps. We'll explore how small business owners can avoid getting overwhelmed by their goals by breaking them down into manageable tasks. Finally, we'll share advice on setting circuit breakers when it's time to call it quits. Whether you're a small business owner, an entrepreneur, or someone interested in starting their own business, this episode is for you. Join us as we explore these valuable business lessons and gain insights to help you navigate the challenges of entrepreneurship and set your business up for success.

Sales - Small Business Survival GuideToday’s sales environment is hyper-competitive! Fine-tune your SBSG sales strategies for attracting and retaining customers that truly fit your mission and vision within your community. Improve your sales know-how with these real-world tips and lessons learned from the pros.

Knowing how to prioritize work affects the success of your business.  Today Dr. Michael Troyer and Anna Steinfest will share some tips on how to be more efficient in doing so. 

Michael Troyer and Anna Steinfest will explain in detail the questions your banker will ask you when you apply for a loan. Here are questions your banker will ask you:1. What is your financial strength?2. What will your project’s financial impact be?3. What is your investment or collateral?4. What’s your overall business plan?  5. What’s your personal financial situation? 6. Have you done your due diligence?

Today Dr. Michael Troyer and Anna Steinfest will give a tool that you should use to accelerate your business success. The main takeaways are:1. Shorten your feedback loop on the goals that you set2. Prioritize your time3. Measure your execution regularly 

Solutions-Focused Customer Relationshipsas a Means to Earning Business Opportunities  With the consumer of today being much more aware, more knowing, and much wiser to sales tactics, there is a better way to approach a prospective customer/client. It is to think of it as collaboration around solving the other person’s problem or helping them to complete a job that is important to them. It is creating a value proposition of support for the other person – sharing ideas and knowledge and working together in a common effort. It shifts the focus from selling a product or a service (and the features they represent) to creating value by collaborating together to solve the person’s or company’s problem or job. It is especially appropriate to situations where the solution or tool has a degree of sophistication in its function and value or when the cost of acquisition is significant to the potential buyer.  To begin, put your mind and the conversation into a collaborative perspective – how can we solve the problem together or complete the job in a better way together? How can this be a focus on the buyer rather than the seller (questions that drive a discussion versus statements to drive a sale)? 1.    Diagnose and frame the problem together; 2.    Generate solutions together, including what you are able to provide;  3.    Cultivate a peer-to-peer relationship in the process of working together;  4.    Identify achievable objectives/outcomes that can be realized;  Keep in mind throughout the process that you are creating value together.  Notice that this is not a pressure sales approach or a search for their pain, but a very natural process of working together, creating value and shared success for both parties, and building a relationship for the long term.   Adapted from “Is Your Sales Team Struggling to Sell Solutions” by Scott Edinger, HBR Online Blog, January 04, 2022

There are two key points that every entrepreneur needs to understand about the new world of sales - persuasion and moving others.  We as entrepreneurs spend a huge portion of our time not only selling in the traditional sense our product, our service,  but selling in a broader sense; persuading and convincing people to do something different. That is a big portion of what we do as an entrepreneur is selling, persuading, and influencing. It’s the essence of our job. So listen to our new episode and learn how you can be more effective. 

The overwhelming workload can be huge for small business owners. That is why, entrepreneurs need to work smarter, not harder. Today Dr. Michael Troyer and Anna Steinfest will share 3 ways to manage your business workload.

In order for your business to survive you need to find a mentor. Because of their own entrepreneurial experience and their objective perspective, the mentor can see where you may be draining cash, or spark ideas for new business models or initiatives to contribute to your business business growth. Listen to our new episode to learn more how the mentor can help you and your business. 

Anna Steinfest and Dr. Michael Troyer are sharing with you their new podcast name and logo. You will learn why you need to do this in your own business.

When we build a business or purchase one, we often start with close friends or family to help get our idea off the ground or help operate the business.As we improve and grow the business, the time comes when we will need additional people to help manage it. Choosing them will be very critical when cashflow and profits are tight.  We want to make the right choice given the urgency of the need and the cost of a mistake. How should we approach this challenge?This is what you learn today from Dr. Michael Troyer and Anna Steinfest at Lessons in Success

Today Dr. Michael Troyer and Anna Steinfest will teach you how to get better in the middle of a crisis. 

Today Dr. Michael Troyer and Anna Steinfest will help you manage your emotions. You will learn to answer these questions:How big is this issue in the larger scheme of things?How much personal, relationship capital is it worth investing to make you feel better?What other battles can you anticipate with this person in the future?What is the big picture – what is the outcome that you most want to achieve?Is this the war you want to win?What is the big strategic outcome that you seek? Keep that in front of you. The question they would like you to answer is: What is the war and what are the battles you must win, and what battles will just slow you down from getting to the Big Win?E-mail us at info@affresearch.com.

Dr. Micheal Troyer will share today his own experiences as they relate to drafting a mentor in the Green Bay Packers Mentor-Protege Program. He will teach you how to use your time most effectively recruiting potential mentor.  

Dr. Micheal Troyer and Anna Steinfest will share what to do when you make mistake. Some of their tips: Admit your mistake – right away Acknowledge itHumble yourself Then explain how the mistake happened Now develop a strategy to rebuild the trust that you have lostInclude everyone affected by the mistake, but especially the person most directly affected You must work to recover trust What can you do to demonstrate that you can be trusted in the future?Is there a compensating behavior you can offer?An apology in writingA callA messageA giftAn extra task  

Dr. Michael Troyer and Anna Steinfest will help you answer the question of how do you make money?By investing the least amount of time, resources, and expertise for each of the dollars of profit we make Constantly think through (monthly – set a date):  Who should be doing what?Does what they are doing fit them?Do they fit the “what” you are asking of them?Do you know what resources, time, value of skills and expertise are going in?Do you know what value is coming out for the customer or end-user? If you can’t answer both of these, do you realize that you are operating without a Business Model?  And your employees don’t know what they or you are doing either.How can we serve the customer better than anyone else is thinking to do?Customers pay for valueThat is why it should be called the “Customer Value Proposition”But the customer must be helped to see or experience the value!

One of the most difficult parts of starting a new business is successfully executing on the idea. So today Dr. Michael Troyer and Anna Steinfest will share with you how do you move your product idea forward.  If you’re misunderstood, your idea will fail. Practice – make sure you are clear in your thoughts If you’re boring, your idea will failShare your passion If you’re uninspiring, your idea will fail. Explain, in simple terms, how great the idea is to solve or correct the challenge on which everyone is focused What’s at stake if your idea doesn’t reach the right people? Who suffers? What fails? Make sure that everyone listening understands the impact of your idea on others – name who they are Be committed and persuasive 

Today Dr. Michael Troyer and Anna Steinfest will explain what is a tagline and simple steps on how to create one an amazing tagline for your business.  The elevator pitch compels customers to think of and want your product or services. When you are asked what is your business – your response should be an intriguing “tag line” or sentence that should always lead to an immediate question: “Tell me more. It sounds interesting.” It should be a short phrase or sentence – nothing more. Just let the reaction you need, for a longer conversation that should follow.