Small Business Growth Secrets: What You Haven’t Heard

Ready to skyrocket your small business growth? Join us as we break down the essential elements of entrepreneurial success. Discover how resilience, courage, and intuition can help you overcome financial constraints and fierce market competition. We'll share actionable strategies, from mastering digital marketing to enhancing customer retention and optimizing financial management, all designed to help you scale your business effectively.
 Tune in and take the first step toward mastering the secrets of business growth and sustainability.
Books Mentioned in Episode
How to Grow Your Small Business: Donald Miller
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
Beyond Common: 12 Essentials for Success in Life and in the Workplace

Are you ready to say goodbye to fear, frustration, and overwhelm when it comes to growing and scaling your business? You’re in the right place. Welcome to  Beyond Common Business Secrets Podcast I’m your host, Tracey Watts Cirino

Chapters

• 0:00 Small Business Growth Secrets and Leadership
• 17:52 Sales Strategy in Business
• 24:37 Optimizing Products and Overhead Operations
• 34:40 Profit First

Transcript

Tracey Watts Cirino: 1:10

Hello and welcome to Beyond Common Business Secrets. I am so excited for you that you are here Today. We are diving into something that is near and dear to my heart. We are going to be talking about small business growth secrets what you haven't heard so oftentimes, when I first start working with clients, they're like wow, I haven't heard of that before, though it's like aha to them, like it's so simple. So that is what we're diving into now.

Tracey Watts Cirino: 1:51

Right now in the world, people are talking all about there being an economic crisis and all the dangers of what is happening to close down, shut down, break down small business, and this episode is all about how you can continue to grow your small business even during any economic crisis or any obstacle that is thrown your way. So being in business is about having an entrepreneurial resiliency, which is not without its challenges. It's not without its need for resilience, for courage and for us to act with absolute and utter courageousness, following our intuition. You know, even when the world might tell you that you're crazy yeah, by a show of hands right, who hasn't felt that before? Like everyone else is telling you how crazy you are, but you know it's the right thing. So that is what we're diving into today and when you really look at this through the lens of what are some effective strategies, as well as we're going to deliver some insider tips that can help you if you're just starting out in business or you're ready to scale. So, whether you are a new startup, you have been thinking about starting up and you know it's time, or you're in an established business that is looking to scale up and expand, this episode is going to be packed with valuable insights from so many different areas, from things that we've pulled from industry experts and other successful entrepreneurs.

Tracey Watts Cirino: 3:51

So one of the first things to really think about when we're really understanding how to grow our businesses is understanding the challenges. Right, like, it is not always going to be moonbeams, sunshine and rainbows, even though we set our intention there, even though we really want that. So small businesses are faced with numerous challenges, from financial constraints and market competition, which I believe is what really makes it fun. Right, it's more like collaboration and community over competition. But when we dive into understanding these challenges, I believe it's the first step towards truly overcoming them. So this podcast episode is going to highlight some of the common hurdles and what you can do instead and offer practical solutions to navigate them. I'll also give you some proven strategies for growth, no matter what's going on in the economy and the world at large. So we're going to explore a variety of strategies that have been proven to drive business growth, from something as simple as leveraging digital marketing and enhancing customer retention, to optimizing financial management and embracing innovation. So we're going to share actionable tips that can be implemented right away.

Tracey Watts Cirino: 5:24

For those of you that are new here to Beyond Common Business Secrets, we welcome you, and one of the things that we really try to do with each episode is make it tangible so that when you're done listening, you can go take action. So that is what we really like to provide. So it's like a mini lesson You're shot in the arm of. It's like a mini lesson You're shot in the arm of business knowledge and your business class of the week to help keep you strong on your game and keep you accountable. So we love hearing from you too. So when you take any of the things that we talk about in any episode on Beyond Common Business Secrets, if you can either email us you know, email into us and let us know what helped you the most, you can reach out on social media. We are everywhere. You know Instagram. We have a private Facebook group and we are like we have the YouTube channel. You can reach out to us anywhere and let us know what happens when you implement some of the strategies, like, I love so much hearing from you. So please don't hesitate. We welcome that. Reach out, let us know. So, diving into how to grow your small business. So I would say, like the number I'll put these in ranking order that's what we'll do.

Tracey Watts Cirino: 7:02

I would say the number one thing you really need to think about when it comes to business growth secrets that you maybe haven't heard before is leadership. The number one thing that you can do as a leader to truly transform the lives of your clients and of your team is create a compelling vision for what you do. It's like when the more compelling your vision is for what you do in your business, the more excited people are to partner with you. That creates this magnetic pool of clients that want to work with you, of staff and team members that want to work side by side with you. It creates the magnetic pool either way. So this is an area that a lot of clients and women that I work with, struggle with. They don't consider themselves a leader and they just want to do their business. So here's the thing Nobody's really born a leader. We might all be born with a leadership tendency or two, but as females, we were probably told hey, you're being too much. Or calm down, or, you know, don't get excited. When we're like, hey, we're passionate, we're excited, let's go Right. I strongly encourage you now. Tell little girls to follow that energy. Right, like, share it. Um, be yourself. If you see that there's a problem and there's something you can change in the world, go for it, do it. So these are things that we're evolving and transforming away from right, like telling girls not to step up and into their power. Now we're saying yes, if you see that there's a better way, a compelling way to tell this vision, share it with me. So, when you have a compelling vision for what you do in your business, this is going to be the foundation of your sort of leadership bedrock. This is an area that I'm super passionate about that I work with so many clients one-to-one and I would say, in every one of our digital training programs, cCeo Power Code Beyond, Common Essentials, and even some of our simplified that's, you know, we have just a goal-setting course and just a how-to-speak course. This is an element that is threaded through everything. It is stepping in to your power as a leader and really knowing what it's like to first lead yourself, because that's going to be the hardest person you ever lead is yourself. So understanding that and diving in to help you around leadership is one of the things I'm super passionate about. So if this is an area you need more help in, please reach out. This is, you know, my area of expertise. I love helping out in this way as somebody that was told most of her life who the F do you think you are makes me a very powerful leader, even when people were trying to shut me down all those years ago.

Tracey Watts Cirino: 10:17

So the thing is is that when we're looking at it through this lens, you want to look at it in the sense of, like, the number one way that people say that you can get to happiness faster is by really knowing yourself. Right Is by really knowing yourself, and I know I kid around about this all the time, but if you want to fast track getting to know yourself at any age, at any stage of business, start a business that is going to reveal so much to you, and that is why I will always say that business is a spiritual game, because you learn so much about yourself when you are in business. You learn what makes you tick, you learn what rubs against your foundation, your foundational values rubs against your foundation, your foundational values, what you consider a true virtue, what might make you compromise your integrity, and where you are absolutely it's a no-fly zone. You will walk in your integrity and sovereignty all the time. This is something that could take you a lifetime to figure out, but starting a business, a side hustle, a mini business this helps you get really, really clear and is a really good way to get to know yourself. That is why you know it's like.

Tracey Watts Cirino: 11:47

The spiritual game of business is they're operating underneath and that's why I've always been so passionate about changing, like transforming, the way that we do business and see business right, because business needs to serve our life instead of us becoming a slave to the business, like. That's where I think as a human race, as humankind, we've gone off the rails here and we need to get back to what's truly important, and it's living in this place of grace that our business and what we do for the world needs to be energetically uplifting. It needs to create a positive impact in some way, or what are we doing it for? So that is super important and people are like we. You really think starting your business is going to help me get to know myself and really activate my leadership absolutely. Um, I have people reach out all the time that that are like well, what's a good side hustle to get started? And if you need help in that area, reach out, because I love helping with that, because sometimes it just takes a little. Even if it's like a network marketing business, something on the side to what you already do or in conjunction, as you're really flushing out what you want your big business to be, it will help reveal so much in such a quicker way. So I strongly recommend you know, get in business if you want to really reveal who you really are.

Tracey Watts Cirino: 13:25

But one thing I will stress is don't become one of those people that says, oh, I'm the type of person that, and then you limit yourself and put yourself in a box. I'm not talking about that. Yes, we can constantly be involved, like currently. I'm the type of person that's super passionate about helping transform the trajectory of business on a collective level, right? That doesn't mean I'm stuck in this box forever. I could transcend into other things. So look at it through that lens, because that's super important.

Tracey Watts Cirino: 13:56

Then I would say number two when it comes to growing your business is marketing. So marketing, clarifying your message, so customers will engage that is super important. You want to get really clear, really really clear about the fact that marketing and sales are not the same thing, right, marketing is sharing what you have to offer with the world, but underneath this this is the step that a lot of people forget Underneath this is branding. So you could have a personal brand that has all these different businesses, but your personal brand speaks volumes about who you are, long before you ever are bringing your business, your products, to market. So you want to spend the time really getting clear about your brand message, like, what do you stand for? What's important to you? So those of you that are with us on YouTube can see like I'm holding off our brand guide, like we have this entire brand strategy guide and I create these for so many of my clients.

Tracey Watts Cirino: 15:16

It is a deep dive, lots of journaling, lots of layers of questions to answer. Now, it doesn't mean that you have to wait until you have the perfect answer. It means you start from where you are, but you're continuously, constantly improving and evolving this. So it's not like we procrastinate and like, oh, I'm waiting for this magical answers to these questions. We are starting where we are and continuing this process of going deeper and really clarifying. This is so important because you want to be really clear on who you are as a brand before you really start to market anything. And this is an area that I have messed up so many times, even knowing this myself. We tend to put blinders and blind spots, roadblocks, in our own way, even if we're pretty good at this, when dealing with it with our own clients. This is also an area in many different realms I have thought because, oh, I was really successful in this business, so I'll just skip over this as I start the next business and I know better. So this is an area that you may have not heard about being as important as it truly is. But this work under the surface is going to help you catapult, leapfrog to where you have quantum growth if you put in a little bit of awareness around this and really dig into the sort of messaging behind your brand that's going to be so important.

Tracey Watts Cirino: 17:00

Then, moving on to number three, is sales. Now, most people that you talk to do not like to sell. Right, there's a small percentage of people that love to sell, but the majority of people, even truly successful business owners, don't love to sell. And I often take it back to this. One thing is that you know, most people do not like to be sold, but they love to buy stuff. So if you can tap into what's in it for them so that they feel excited, it never really truly feels like a sale, like it just feels like something that I really want or that you really want.

Tracey Watts Cirino: 17:53

So when you look at it through that lens, I think it's really important because, again, another thing I say all the time is that if you are not making sales in your business, you do not have a business, you have an expensive hobby. I know that's harsh, but it is true. So we must have sales. They are the lifeblood to business. Every business is founded on sales. You must have sales to complete that energetic exchange of what you give.

Tracey Watts Cirino: 18:27

Now I will say sometimes I get a lot of heat from people that they're like wow, you charge a lot. My question to that is as compared to what right People will reach out to me all the time? Can I pick your brain? Yeah, I charge for that. I have invested hundreds of thousands of dollars actually even closer to millions of dollars in my education and the time I spend constantly evolving and growing, as I'm sure you have, in your business and your area of expertise. The thing is, is that that deserves for you to get paid? So there is a sale that needs to be involved. Do not apologize. Go for it and graciously accept the payment. People that are meant for you in your business want to pay you because they know the extreme value that you provide. So think about it through that lens.

Tracey Watts Cirino: 19:32

It's super important and the best way for you to sell is to figure out the way that works best for your energy. There are so many gurus out there that tell people you must sell like this, you must sell like that, and you might try it and say, oh, that was awful, I feel slimy, I'm never doing that, and then you just think sales are bad. Here's the thing. I'm never somebody that's going to randomly reach out to you by DM and try to sell you something. It's not my jam, but there's tons of gurus telling you that that's the way to go. The thing is, is that might work for some people's energy? It does not work for mine. If I listen to all the gurus that try to teach this as a strategy and only thought that that was the only way, I would be sobbing in the corner thinking I was failing.

Tracey Watts Cirino: 20:28

You need to get clear on what works for your energy, so this is an area that I dive into with a lot of my clients, and I use a lot of the tools within human design and my intuition to help you really map out a sales strategy that works with your energetic makeup. Like, one of my clients is an amazing projector and she needs to be invited. Right, she needs to be invited, and when she's invited, then that is like the way for her to work with people. This is true when she shows up to sell, and it's also true when she wants to buy, so we create things around her being able to be invited and invite others into her energy orbit. It's really a beautiful thing, and the more that you know about what works best for your energy type, the more you can attract the right type of clients to you and make it feel like for me.

Tracey Watts Cirino: 21:45

I will always be honest about what people need. The only intention I have is for the greatest good of you and everyone in the collective. That is why I do what I do. It is to up-level the way that we operate, up-level the way that we do business so that it is more heart-centered. And, yes, you can be wildly profitable and be serving from the heart. And the more problems that we solve for others, the more people want to pay us. So my intention is to serve and I get paid really well for it. So that's the thing of. I am very clear that I am in business and I do not ever apologize for that. That's what works for me. Now, somebody else might feel that that's way too aggressive. Okay, awesome, then we figure out what works for your energy, not so that you can shy away from making a sale, because, like I said, you must have a sale to actually be in business or you just have a very expensive hobby.

Tracey Watts Cirino: 22:56

There's a really great book by Donald Miller called how to Grow your Small Business, and he talks about taking flight. I think he has this thing called a flight plan where he strongly encourages people to stop selling right To stop selling and make the customer the hero so that you can be the guide, right. And he breaks down this whole idea of how to grow your small business into all the different parts of a plane. And and you know those of us that have been in business a long time so often business feels like you're building a plane while you are taking off on the runway and flying it blindfolded right. It often feels like that, and those of those of you that are super into being that entrepreneurial spirit love it and thrive on it. And those of you that just want to make a difference and make some money. It could be scary, so it's really understanding where your energy is coming from. And I'll put the link to that book how to Grow your Small Business by Donald Miller. I'll put that link in the show notes because it is a great, great book that simplifies that process as well. And when you're ready to take it to the next level, reach out to myself to coach you or another coach that aligns with what you're trying to do.

Tracey Watts Cirino: 24:37

The next thing is number four. Number four is products. We want to optimize your suite of product offerings for profit right, for profit. So many people waste so much time in this area trying to come up with all these different offers, and it might be something where it takes you and your team over 100 hours to produce something and we're charging so much less than it even would cost to make it because we had to pay all those people 100 hours. Plus we have to add in our own time our overhead costs, market all these pieces and it's nowhere near it, because when we would price that item, nobody would pay for it because it doesn't solve a big enough problem. So then it doesn't have the value right. So it's one of those things that if something provides minimal value and barely scratches the surface on solving a problem, it's not really ever going to be that valuable. It's not really ever going to be that valuable. Then it probably really isn't worth it for you to offer that.

Tracey Watts Cirino: 25:58

What we like to do is we like to come in from you know, beyond common coaching and training company. We like to come in and find your most viable, profitable options and help you double down on those, because one of the things like I've had so many different clients in the past where they weren't quite even maximizing the profitability in one location and they wanted to open a second location, where that's okay if you're ready to double and triple your overhead costs, when I like to be really strategic about how can we 10x and optimize where you're already really profitable before you spread yourself so thin. So this is an area that, based on you know where you're at, what you're really loving to do and what is truly profitable, this is really how I help you really come up with the most efficient strategy to really help put this into effect, because so often we're just wanting to. You know, I'm so guilty of this because, like I'm just a creator, Like I love to create lots of things, and sometimes it's like I need to just follow that creative flow, and other times I have to be strategic in knowing that, okay, we need to create something here, because this is an area that we don't have something Like. Here's an example.

Tracey Watts Cirino: 27:38

So you know, we have clients that want to pay us, you know, $10,000 a month to go really deep and really really do a lot of the work for them, but that's not going to be for everyone. And then we have other clients that go through one of our programs and it's an area where they get to do it. So we have like done for you or you know, showing you how to do it yourself. Well, we discovered that we needed some of the middle of the road stuff. That's like, okay, how can we create a few things that are like doing it with you but not as expensive as done for you, right? So you have me side by side, and that's essentially how the CEO power code, that's how that was created, that's how Beyond Common Essentials program was created, because these were where we get groups together, right, and everyone's paying for that time and we flush it out together. So that is how we figured out how to make our offerings for more people than just the highest level business owners that could afford it and still get paid really well for it. So that's another thing.

Tracey Watts Cirino: 28:58

And then how do we reach the masses? That's why I write books, because almost anyone can afford $20 to $30 for a book. And when you implement everything inside of Beyond Common the 12 Essentials for Success in Life, in the Workplace when you implement everything, you will be further on your path in your own profitable revenue generation that you would then be able to afford, maybe, the program. And then, once you're doing that, then you can afford one-to-one. Now some people like to go right to one-to-one because they're ready to maximize and that's all well and good. You need to kind of know what that looks like for your business. You know I always share the true behind the scenes of what's going on here in our company so that you can really see what that looks like. So that's like one of the things that this is one of the things that I help in every area. Like it does not matter if you're a one-to-one client, if you're one of the clients inside of the CEO power code or beyond common essentials.

Tracey Watts Cirino: 30:06

We really talk about optimization and get really clear on what are your most profitable offerings. When you really focus on growing your most profitable offerings, business is fun, your spirit is excited and you really put that spirit of joy back into your business, which is really what it's all about anyway. So, moving on to number five is your overhead. So you want to think about your overhead and operations. We like to simplify your workflow, so you want to make sure your hires add value to your productivity, so that you're more profitable. So this is the number one cost for most small businesses. It's going to be your labor and you want to make sure that your labor cost is productive. Now, there might be times that you're going to invest more, but it's so that you are going to have more profitability later. So sometimes you're going to invest and it's going to throw things off, right, but you have a clear plan, a clear map that you're setting yourself up for a huge win instead of a huge loss right, win instead of a huge loss, right.

Tracey Watts Cirino: 31:34

This is an area that I cannot tell you so many times. I'm going to tell you a story. So I had a salon owner client that came to me very stressed, very frustrated, saying oh my goodness, everyone I hire at my front desk ends up stealing from me. And I'm like what? How is that possible? Everyone, she's like everyone. I'm like, ok, how many people? And I thought she was going to say, oh well, they have a lot of. She said the last seven people. And I said really, seven people ended up being people that stole from you. I go tell me what you mean. Well, they would take money out of the drawer for this or for that, and every single time I caught them stealing and I said interesting, do you take money out of the drawer? And she said yes, we take it out for petty cash to cover pizza, to cover different mini bills, like when I have to pay to have the rugs clean, so okay, so you take money out of the drawer. Do you see how that might've sent the message that that was everybody's money, because you were asking those people, so it's almost like you trained them to do that.

Tracey Watts Cirino: 32:56

Now I'm not saying that we should accept this, but really you need to think deeper. Think through the lens of okay, what's a new operational system that we can put into play that is going to make sure you're setting up your new hires to win and you're setting up your business to win. So then you win right, you're more profitable. So really, really think about what you are using as your workflow and what's your reason for wanting to hire Like. You really need to write this out and be crystal clear, because so often I know I'm guilty of this so much I would hire people and then be so busy I didn't train them. It wasn't. Until we take the time to have exact job descriptions, exact training, like checklists of exactly what you're going to learn week one, week two. When we break it down in that detail, it seems time consuming, but I'm telling you. It'll save you so much time, money and energy because you know that you're ready for this person right. Otherwise, they come on and you're paying them and you're just like ignoring them, so that's not going to get them to be productively on your team. So that is super, super important. Lens of like. Let's move on. This will be more like.

Tracey Watts Cirino: 34:41

Number six on our list is cashflow, which is the fuel that you need to stay alive. Right, we need the cashflow to stay alive and many, many years ago I read this book called Profit First. That really, really helped me optimize the different pieces of cashflow in my business in a way I never had before. That it's kind of like the book that we should all read and be trained on, like in elementary school, so that we really understand what it means to be profitable in business and I can put the show notes for profit. I'll put the link to grab that book in the show notes, because that book allowed me to set up different accounts that allowed me to move money into the right places, because prior to reading Profit First, I had all these situations where I would be like what do you mean? It says we have a $25,000 profit, there's no money in the account, but my profit and loss statement would say profitable, and I'm like what? Well, it turns out that there are certain parts of your cash flow that, if you don't code them right, it ends up being that you pay taxes on it, but the end of the quarter and you had to pay all those taxes, that, okay, the night before it's going to look like profits. So you've got to learn how to actually read your financial statements and you need to hook yourself up with the right financial coaches that can help you do that. So that is an area that I'm so grateful to collaborate with so many amazing people that are in the finance world. So if you need help with that, reach out and we'll recommend people that we think are great for you.

Tracey Watts Cirino: 36:24

So the thing is is that when you look at these statements, you need to really understand that you want to come at it from a place that you are planning for what's to come. So if you know you have a huge piece of equipment you're going to buy in your business, you might be saving up. Say, it costs $100,000. Well, that money it might keep looking like profit, but you know it's going to be that investment in this big thing. That is something that I would move to a different account so that I'm not reading it that I have all this extra money Cause then the day that you buy it, you're going to get confused and say, oh, and I still have a hundred thousand dollars of you know of cushion, and then all of a sudden you'll be like, oh wait, where's that money? I only speak from experience, because I've done this, even as someone that knows better.

Tracey Watts Cirino: 37:13

This is still an area that I struggle with and I always have to have people helping me because there are just many blind spots, and this is an area that is so important. You want to build up a reserve of cash so that your business can weather the storms, and if anything is more true in business, it's that it's not when there's a storm, it's not if there's a storm, it's when there's always one coming, and you just need to make sure that you have set yourself up for success, no matter what. And just to give you some real statistics around this whole piece, it's like approximately right now, with the latest statistics done by NerdWallet and the SBA, is that less than 60% of small businesses that currently exist are actually profitable. So this is just interesting, right. So there's 40% that are not profitable and what happens is there's this little gray area between so there's 60% of small businesses that are profitable, right. So that would leave 40% that are not. But it's actually 35% that are not and there's a realm of, say, there's like 25% overlap. Those are businesses that are just barely cash flowing, but they don't even know it, right. So they don't even know that they're one little tweak away from going under because they haven't learned how to map out that cash flow and really be profitable. So that's just one of those things that so often there's going to be businesses in every industry that are just barely cash flowing. But the more you learn to understand your financial report, the better this is going to get.

Tracey Watts Cirino: 39:13

And the other side of this why all of this is so important and we've gone through this rather exhaustive list, I would say, of small business growth secrets is really because when you look at the statistics that say small businesses, approximately 25% of small businesses fail within their first year in business. So that means, out of all the hundreds of people that start their businesses, 25% are going to fail in that first year. I want you to be part of the 75% that stay in business. But this is where it gets really, really wild from a statistics standpoint, when you go five years out, 50% of small businesses fail at the five-year mark. That means they maybe never really realized how to truly become profitable and they were just barely cash flowing right. Then they have to close their doors. I don't want that for you. I want you to be one of those amazing business owners that goes beyond the averages and gets to be in business and around for years and years to come. So here's where it gets, even where it gets even a little bit scarier and why you need to know these stats right. So, 10 years out, the failure rate for those businesses to reach 10 years is 65% to 75% of those businesses that we were talking about from year one will be closing their doors by year 10.

Tracey Watts Cirino: 40:52

Now, if you want to be the type of business that has lasting power, that can weather all the different storms, that can be resistant and truly profitable, you want to go and put these small business growth secrets into action. So I'd love to hear from you about which ones you haven't heard. Let me know which one you're most excited about trying and putting into action, reach out on social media and, my friend, if you found value in this episode, please share it with your business owner bestie and leave us a review. Wherever you are enjoying this podcast, it helps us by getting more and more traction so that we can spread this love, joy and positivity to other business owners all around the globe. As always, thank you so much for being here and congratulations on being one step closer to being the most profitable version of your business success. Take care and I will see you on the next one.