Here’s more from The Startup Magazine Founder Interview series. We interviewed Bill Walsh, CEO/Founder of Business Coaching / Venture Capital firm Powerteam International. Bill hosts and speaks at events all over the world! His passion is to empower entrepreneurs and business owners to create massive success. He loves to help people to understand specifically what it takes to build successful companies.
Bill is an accomplished author, speaker, radio personality and movie celebrity, With a very successful background in finance and marketing, he has spent two decades working with start-ups to major global brands increasing sales, productivity and overall success. He is an innovator with a remarkable ability to determine and dictate success strategy to seize global market opportunities.
Read on as Bill tells us some ways he’s learned to help small business to innovate and avoid the pitfalls of entrepreneurship:
To start, describe your product/service in 10 words or less:
A: Our Powerteam International Success Education programs help entrepreneurs survive & thrive!
With a bit more detail, what does your company do?
A: At Powerteam International, we empower entrepreneurs all over the world to create even more success.
What inspired you to start your company? (Share with us what problem you’re solving.)
A: I love helping entrepreneurs & small business owners win! We work diligently everyday to eliminate small business failure.
What does it mean for a small business to be innovative?
A: For small businesses to innovate, they must be able to see where the market is going and provide solutions to the marketplace that fill a need.
Are there any good business resources or organizations that owners can look up to help them?
A: We offer FREE training, videos, audios and coaching sessions to help small business owners as www.successclub2020.com. Other free resources that I can recommend are:
- RingCentral, a provider of cloud-based communications and collaboration solutions for business, is free for 90 days during COVID-19.
- Perfect video is free for editing and creating videos.
- mingl.no is free for digital business cards.
Would mentors be helpful?
A: Mentors are always helpful if they have been successful in the area that you require assistance. It is always best to hire a specialist than hire a generalist if you need specific help. For example you don’t need a business coach if you need help with elevating your Instagram reach.
Do you recommend pivoting as part of the plan?
A: I highly recommend being aware of the situation your marketplace is in! In 90 days, as we have just witnessed, the entire market can shift dramatically. We went from running 40 live events per month to zero in March 2020. On March 11, at our Rainmaker program for entrepreneurs in Miami, Florida, I watched the hotel occupancy go from 90% to 15% in one day! On that morning I realized if we do not go digital right now we will be dead in the water in less than 30 days. I instantly put a team on creating our new digital events starting with our Digital Success Summit and in 15 days launched our first event with over 2,000 attendees.
Being able to pivot is a must but it must be combined with knowing where the market is going combined with massive execution. This is where a business that is known for creating one service or product switches plans to making a much needed in-demand product. The secret is sustainability during the most difficult of times.
When reaching out to existing clients, should business look at what kinds of services can be strategic and cost-effective to business owners?
A: It is important that you create products & services that make sense for the market. During difficult times it is imperative to adjust pricing as well as be on the offensive for new customers with introductory pricing so as the market comes back they just might become long-term customers.
What kinds of investments should owners make as they innovate?
A: When you look to innovate and create a budget, you have to look at the life time value of your customer as well as the short-term demand for the new products or services you are bringing to market.
How important are digital skills and which platforms should owners use?
A: It is mandatory in today’s new digital economy.
What are your recommendations for small business to empower them through this pandemic?
A: Here are my bullet point recommendations:
- Stay Calm
- Pay attention to our leaders
- Invest in your education
- Survey your customers
- Ask for Referrals
- Hire new creatives
- Cut all outside expenses to the Minimum
- Get access to low cost capital
- Call all of your best customers
- Stay the course