Small business advice: 'Pivot if you need to'
Friday, September 16, 2016
Posted by: Rufino Cabang
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
"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.