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Money and Mojo: The New Keys to Small Business Success

[1]If owning a business is like leading a blues band, then right now many business owners feel like 1950’s bluesmen watching Pat Boone re-record their hits and turning them into gold records.

Business owners are struggling to define and retain their:

Liquidity

If they need to spend money now, they expect disruptions in borrowing cash.

Credit

As banks break more lending promises, an owner’s’ suppliers and customers have followed suit and aren’t fronting or paying on time.

Value

Value is what someone will pay for anything today and what they think it’s worth tomorrow.

Taking “incoming” in all forms, owners have lost credit, customers and vendors.  Psychologists like Kubler and Ross describe five phases of loss as denial, anger, bargaining, pity and acceptance.

It’s clear many business owners are still passing through these stages after this winter’s financial crisis.  But now, most are coping with a new more difficult reality after months of denial, anger, negotiating and pity as many have accepted how badly their worlds have been rocked.  Most small business owners realize that not only won’t the new government help them, but neither will big business or banks.  The smartest business owners have accepted that they must learn new tricks to survive and thrive in the new economy.  Which business owners are succeeding and what can we learn from watching and doing business with them?

Successful owners stand out from their peers in two ways:  By their money and their mojo.



Business owners with money are “Rock Stars.” They:

Business owners with courage rule their worlds like a “Jukebox Hero.” They:

If you are a business owner with money and mojo, you know you should:

If you are a business owner without money and mojo, you should:



In tough times, it is especially good to be the rock star or to at least party with rock stars.  If you have the gold, make your own hits.  If you don’t have money and mojo, then find out who does and make some music together.  Their “Midas” touch may turn out to be contagious!  May you catch all you can!

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Ivana Taylor About the Author: Andy Birol [2] is the author of “Focus. Accomplish. Grow… the Business Owner’s Guide to Growth.” He is also a noted small business coach, consultant and speaker who has been interviewed on CNN, Wall Street Journal, The New York Times, Entrepreneur, and Fortune Small Business.