EXPERTS LANE n SMALL BUSINESS DEVELOPMENT

By Malaya Dantzler-Bryan

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