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

Social media is now. If your business isn’t present on social media, you’re falling behind. Today, we take a deep dive into social media strategies with guest Nathalee Arroyo, Client Success Manager and Social Media Strategist at Audience Genomics (Aggie) and a budding entrepreneur. She emphasizes the importance of regular and genuine engagement, sharing insights from her work at Aggie, an AI-driven social media management tool, and her own entrepreneurial experience with her fashion company, Natoreus. The discussion covers strategies for effective posting, the benefits of combining AI with human support, and overcoming common challenges small businesses face in social media marketing.

Takeaways:

• Consistency is Key: Post regularly on social media. Aim for 3-5 times a week to keep your audience engaged and your brand visible.
• Be Authentic: Build trust with your audience by being genuine and transparent in your posts. Authenticity leads to credibility.
• Engage with Your Audience: Respond to comments and messages to foster a community and build stronger relationships with your followers.
• Diversify Your Content: Experiment with different types of posts (videos, images, stories) across various platforms like Instagram, LinkedIn, and TikTok to see what resonates best with your audience.
• Trial and Error: Don't be afraid to test different strategies and learn from what works and what doesn't.
• Use Metrics to Guide Your Strategy: Pay attention to likes, comments, shares, and other engagement metrics to understand what content performs best.

Quote of the Show:

“Social media is a long-term game. It's not about one viral post, but it's about showing up regularly with content that resonates with your target audience.” - Nathalee Arroyo

What problem can the listeners help you solve?

• She wants to limit the misconceptions about AI. AI is a tool, not an immediate solution.

Links:

• LinkedIn: https://www.linkedin.com/in/nathalee-arroyo/
• Natoreus: https://www.linkedin.com/company/natoreus/
• Website: https://www.audiencegenomics.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

Embrace the small clients before you scale your business. Today, Bill welcomes Daniel Dimitri, CEO and Founder of Pharma Force, to discuss the evolving landscape of the healthcare technology industry. Daniel shares his journey of growing a company in a competitive space, emphasizing the importance of starting small and building credibility. He also highlights the role of anticipation in business strategy and the complexities of the U.S. healthcare system. The conversation covers a range of topics, including drug pricing, the potential impact of AI on healthcare, and the significance of maintaining a strong company culture. Daniel also provides candid insights into his experiences and the ongoing evolution of his company in response to new technologies.

Takeaways:

• Start Small, Build Credibility: Focus on acquiring small clients initially. Deliver excellent service to build credibility and use this as a stepping stone to target medium-sized and larger clients over time.
• Anticipate Future Challenges: Regularly assess the horizon for potential problems and opportunities. Prepare in advance for growth by fixing small issues before they become big problems.
• Promote Continuous Improvement: Encourage a culture of continuous improvement within your organization. Regularly identify and address cumbersome or inefficient processes to avoid future complications, especially in a growing company.
• Emphasize Reality-based Culture: In leadership, be honest and realistic with your team about challenges. Share past mistakes transparently to foster learning and growth.
• Continuous Learning and Adaptation: Cultivate resilience and patience. Adapt to challenges as they come, and remain committed to long-term goals despite short-term difficulties.
• Effective Leadership: As a leader, focus on building a collaborative and trust-based culture. Empower your team to contribute ideas and solutions for better organizational performance.

Quote of the Show:

“ The role of a good leader is you get a lot of people working together in a symbiotic way. Cause when that happens, beautiful things can happen.” - Daniel Dimitri

What problem can the listeners help you solve?

• He wants to know how many businesses are using AI so he can assess where his company falls in AI adoption compared to others.

Links:

• LinkedIn: https://www.linkedin.com/in/daniel-dimitri-10324749/
• Website: https://www.thepharmaforce.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