Stubbs Alderton & Markiles and the Preccelerator Program are proud to announce the launch of their Startup Superhero Video Series – featuring SA&M Attorneys, Preccelerator Mentors, and entrepreneurs on topics specific to entrepreneurship and lessons learned throughout the journey.
This week we’re featuring Preccelerator Mentor Christine Perakis as she chats about “Three Essential Strategies for Small Business Success.”
Christine Perakis has been a lawyer, business adviser, entrepreneur, C-Suite executive, adj professor, and professional boat captain, navigating myriad transactions and businesses across 5 continents. Her work, expertise and interests have taken her beyond a lucrative legal practice in the entertainment industry over a couple of decades. Christine has run or been a part of a management team in 10 businesses, growing, expanding and achieving results beyond the expectations of all involved. The most recent role being as a COO in a company that went from a 100% equity funded startup to a $10 million/year business in 4 years.
Heidi: What are three mistakes that you see entrepreneurs make when they are first starting out?
Christine: Well, when we get started, we’re coming up with an idea that we get so excited about. That we end up talking about the features of it way more, then we focus on the benefits to the client. We need to get inside the head of our ideal target audience and understand what is the number one problem they have that they don’t want and the number one result that they want and don’t have and then we can start talking to them. The second thing is to be aware we are on a buyer’s journey. Most of us don’t have a 50-million-dollar branding budget like some of the big brands that we know about and these days with all the information that comes out at us it takes 20-100 touch points to get people’s attention. So, we want to be able to first recognize that we are on a journey. Knowing that 99% of our target audience, are future buyers and less than 1% are now buyers. We want to take them along that journey, using something I call the conversion equation. You want to get their attention with an interrupt, engage with them, educate them and then be able to make an offer. The third thing is to think strategically. Most people will employ tactical marketing. They throw a bunch of tactics at the wall and hope that something sticks. Rather than, recognizing that if they think strategically their marketing is going to be more effective. So, they don’t want to do anything that isn’t something that their target audience wants.
Heidi: So, to achieve success what are the 5 main areas that a startup or an entrepreneur should focus on?
Christine: Most of us are familiar with the 80/20 rule, Pareto’s law, right? 80% of our outcomes come from 20% of our efforts. So, that overwhelming job of a small business owner really can be reduced down to five basic steps. Something, I call the five-step profit formula. Small business owners focus on lead generation, lead conversion, transactions, pricing and profitability. They will achieve exponential results. They really only have to make incremental changes to get there. I have something I call the profit acceleration software that will show you, by plugging in some numbers, how small changes in these 5 areas only, will create exponential success.
Heidi: All very important things, so what is one thing that every entrepreneur should know before they start their business?
Christine: Well, I think Simon Sinek said it best in his book “Start with Why.” Know your why. He knew that Steve Jobs, Wright Brothers and Martin Luther King had very little in common, but they understood one thing; which is people don’t engage with a product, service, movement, or an idea unless they know your why. We want to get people to invest in us, to buy from us, to work for us and follow us, we have to know our why. You have sat in many rooms with investors as have I and you have heard time and time again we don’t invest in a product or service, we invest in the people. What they’re really investing is people who know their why. That’s how we get investors, our partners, with our clients, our customers, they want to know. They’ll buy from you if they really want to understand your why and your team. These days the millennial workforces are a growing resource that we have these days and they are committed to knowing their why. They don’t want to do anything without knowing they why. You have to enroll them in your why to get them to work hard for you and then they will. Finally, you need to know your why, most importantly because it gets you through the obstacles and challenges that come up in your business all the time. Keeping your eye on that outcome the benefit, the reason for being that you have and why you’re invested in doing. So, there’s that and when you’re in the early goal setting stages, creating your vision, you have your why as a corner stone for the goals that you create. Once you know that your subconscious can start working to achieve that outcome. The goals in it of themselves aren’t as meaningful as knowing that you’re going to get to where you need to go.
Heidi: Absolutely, the “why me” and the “why now” – also knowing why this is the right time in the market. Both of those are so important for young companies before they get started.
Christine: That’s right it’s not about widgets. It’s about what you’re going to get for yourself and what they are going to get for themselves.
Heidi: Well, thank you very much it was great to have you here.
To learn more about the Preccelerator Program, contact Heidi Hubbeling at firstname.lastname@example.org.