How much more money could you be making if you actually understood what was going on in your business? Sigi Loya, President of The Alternative Board Pittsburgh, joins Bill today to provide insight in what really makes a business successful. They delve into essential strategies for business growth, emphasizing the necessity of recognizing and addressing sales challenges, understanding financial metrics, and the importance of networking and referrals. Sigi explains why business owners should focus on uncovering pain points and pre-qualifying leads to improve their sales process. They also discuss the critical areas every business owner must manage, including sales, finance, operations, human resources, and industry trends. Sigi provides practical advice for aspiring entrepreneurs on avoiding common pitfalls, managing company operations effectively, and preparing businesses for sale. The episode offers expert insights into the challenges and solutions for sustaining and growing a business.

Takeaways:

• Identify and Address Pain Points Early: Regularly ask questions to uncover problems your customers don’t realize they have. Sales are most effective when customers recognize their pain points and consider them unbearable.
• Importance of Consistent Prospecting: Avoid the “camel hump” by ensuring continuous prospecting to maintain a steady flow of customers. Dedicate time consistently to networking and reaching out to potential clients, rather than stopping once you’ve secured a few sales.
• Overcoming Fear of Networking: Practice regularly to build comfort and competence in networking and sales situations. Bring a more experienced partner for support initially, and keep practicing to improve over time.
• Understanding Financial Statements: Regularly review key financial metrics such as cost of goods sold, payroll, and net income as percentages of revenue. Learn the basics of the cash flow statement to understand the actual liquidity of the business.
• HR and Operations Management: Deal promptly with underperforming employees to maintain morale and productivity among top performers.
• Continuous Learning and Adaptation: Join or form a board of directors or business advisory board to gain insights and feedback from other experienced business owners. Remain open to feedback and be willing to make necessary changes to improve business operations.

Quote of the Show:

“It’s  just about learning from other people’s mistakes as quickly as possible. There’s no honor in you making mistakes if you could have just learned it from somebody else.” – Sigi Loya

What problem can the listeners help you solve?

• He wants to know why business owners realize there is a problem, but lack the action to solve it, and why people don’t change the situation they’re in if they are unhappy.

Links:

• LinkedIn: https://www.linkedin.com/in/sigi-loya/ 
• Website: https://www.tab-pittsburgh.com/ 

Ways to Tune In:

• Transistor: https://steelcitygrowth.live/ 
• Spotify: https://open.spotify.com/show/4SBtiD6wOmd2EFCYh4PW3Z 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/steel-city-growth/id1806713142 
• Amazon Music: https://music.amazon.com/podcasts/42813799-b7e8-432a-a9d5-aa6d67b8f8f3/steel-city-growth 
• Podchaser: https://www.podchaser.com/podcasts/steel-city-growth-6053619 
• YouTube: https://www.youtube.com/@SteelCityGrowth