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Small business advice: 'Pivot if you need to'

Friday, September 16, 2016  
Posted by: Rufino Cabang
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When building a business, "it's important to know 'what to do' as well as 'what not to do,'" Liz Myslik, CEO of Fresca Brands, told participants during the first NEW Small Business Leadership webinar, Sept. 14, 2016.

Myslik joined session facilitator Debbie Wildrick, chief strategy officer of MetaBrand, for "Business Planning, Building and Scaling," to share real-world insights for growing business and managing talent.

For Wildrick, knowing where to start is essential for small-business operators. "You need an assessment of your current business," Wildrick advised, recommending an evaluation of team makeup, marketing, operations and efficiencies.

"Where you end up isn't always where you start," Myslik added, referring to the occasional "pivot" in business planning. "Something else might work better."

"Evaluate your expansion strategy," Wildrick said. "How can you establish critical mass around the distribution you already have?"

At the same time, "know the importance of focus," Myslik said, urging listeners to ask themselves, "How do we actually scale?"

Businesses don't thrive on luck and chance. "Whether early or mid-stage, business planning and execution will drive success," Wildrick emphasized. "Failure to plan is planning to fail!"

NEW Small Business Leadership webinars are free and open to all. Register online for "Financial Strategies and Acumen," Oct. 12, 2016 at 12 p.m. ET. NEW members may view previous webinars in the NEW Study Hall.

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