EXPERTS LANE n SMALL BUSINESS DEVELOPMENT
Feeding the Dog
By Malaya Dantzler-Bryan
I
have always loved the underdog which explains why " Rocky " remains one of my favorite movies . Even the forever tortured soul , Jon Snow , ranks as my favorite character on " Game of Thrones ." There is just something compelling about seeing someone beat all the odds when no one thought they could . It ’ s about pulling yourself up , fighting for what ’ s right , fighting for yourself , and turning that struggle into a victory that nobody saw coming . It ’ s also about succeeding in the face of adversity . Succeeding when the odds are stacked against you .
It is this love for the underdog that drives me professionally as well . For the past two decades , I have been assisting small and minority businesses to find their path to success . Whether improving the statewide DBE program for the Florida Department of Transportation , or growing small businesses through my own company , Small Business Contracting Source , Inc . ( SBCS ), my passion lies in helping others achieve what they did not believe was possible .
As small and minority business owners , we are all underdogs . How do we compete with the seemingly infinite resources of our larger counterparts , the big dogs ? Where do we get money to pay our staff , open an office , build a website , purchase marketing materials , and if possible , try to pay ourselves ? The big dogs obviously eat a lot . They get fed from large investors , huge profits , trust funds , and sometimes just being independently wealthy . But who feeds us ? How does the underdog get fed ?
This is possibly the most crucial and difficult challenge facing many small business owners . While there is a wealth of information on the internet it can be hard to wade through the weeds and find the right solution for you . According to the Annual Survey of Entrepreneurs ( ASE ), the primary sources for initial financing for new businesses in the United States are personal and family savings , bank business loans , and personal credit loans . But what about the entrepreneurs who don ’ t have a huge savings account or the necessary credit to obtain their startup costs ?
Sure , you could get lucky with an angel investor or a venture capitalist . You could start your own Patreon , Kickstarter , or other crowdfunding option , depending on the nature of your business . But these methods aren ’ t necessarily guaranteed and are somewhat of a crapshoot . What you really need is a company that not only provides you with funding , but also delivers the financial literacy for long-term success .
I recommend that my clients seek aid from a third-party financial assistance firm in securing a small business loan . These companies have the financial strength to fund every qualified deal with-out the entrepreneur having to apply for multiple bank loans . Their purpose is to provide alternative funding for small and mid-sized businesses , and they are a great alternative to merchant cash advances .
What ’ s great about these third-party companies is that many of them offer more than just loans . First , they fund your business by showing the programs available , what your funding ranges are , and what needs to be optimized for more funding in the future . Next , they work with you to complete and optimize all twelve of the key success elements to increase your fundability , customer traffic , revenue profit , and digital footprint . They then provide goals to help your business to increase its owner ’ s earnings to maximize the value of your business if and when you elect to exit by selling .
Another perk of going with a third-party financial assistance firm is that they offer services that banks and credit unions simply cannot . Visit www . sbcsinc . com for a free 12 Point Success Assessment for your business which shows where you stand for available funding , lender compliance , becoming bankable , business credit , reporting tradelines , local directory rankngs , search engine placement , customer service and star ratings , and social media engagement . This provides a comprehensive owner and business funding range report .
The truth is that 50 % of businesses don ’ t make it past five years . This can lead to a loss of personal savings , credit , assets , and relationships . 90 % of small business owners end up creating a long hour , low paying job where they work in the business , not on the business . The path to success is creating a business generating at least $ 100,000 in the owner ’ s discretionary account . This is the path that I want to see you on , and I ’ m sure I won ’ t hear any arguments .
So , feeding the dog is more than just acquiring money to start the business . It ’ s also about acquiring the knowledge and resources necessary to grow and sustain your business for the years to come . It ’ s not a one-time event where you secure the funding to start your business , it ’ s a lifelong practice of sharpening your tools and achieving a sustainable success . I encourage you to visit www . sbcsinc . com and at the very least take part in our free 12 Point Business Success Assessment . You may be surprised at the insights that you gain about yourself and your business .
Malaya Dantzler- Bryan is an expert in small business development with over twenty years experience in assisting small and disadvantaged businesses . Her passion for helping " the underdog " led her to open her own business where she champions the rights of small businesses across the state of Florida .
Small Business Contracting Source , Inc . www . sbcsinc . com
8 IBA Success Magazine n VOL 4 , Issue 5