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Education

The biggest challenge for this group is how to manage all of this – working in • Think conversation, not trans-
and on the business at the same time. Even with a solid group around them, action: In some cases, margins
running a business and growing it is hard for small business owners, which on small businesses may be
is why about 33 percent of small businesses fail in the first two years and only slimmer than other business
half make it to five years. types, so some specializing on
small businesses endeavor to
Support and service make the sales process as quick
The statistics I've shared thus far reinforce the fact that there are a lot of as possible, to move on to the
small businesses (tons of opportunity); they're a diverse group and getting next deal. It becomes about vol-
more diverse; and they face numerous challenges as they work to keep their ume, not value. That's a dan-
businesses open and growing. gerous cycle. To be successful
working with small business-
As service or product providers for small businesses, how can we help them es, you need to ask questions.
and how can we both benefit from working together? I've been in the business What does the owner need?
of selling to small businesses for nearly 30 years, and it's a moving target, but What are their current pain
I think a few pieces of perspective apply to all businesses working with small points? Who are their custom-
business owners. ers? What are their business
goals? Only then can you de-
• Put yourself in their shoes: They are independent, they are stressed, they termine if you're a good part-
are pressed for time and they are inundated with solicitations. According ner for them, and, if so, what
to a May 2016 Alignable survey, 37 percent of small business owners products and solutions you can
indicated they receive more than six sales solicitations per week – wow! offer that help them move their
Conversations and communications need to be value based, succinct and businesses forward.
focused on WIIFM (what's in it for me) for the small business owner, not
your business. • Show them respect: Remem-
ber, these individuals are en-
trepreneurs. They've taken a
personal risk to start and run
their own businesses, and that
is special. In 1945, Sam Walton
owned one Ben Franklin store
in Newport, Ark. He was 26
years old, fresh out of the Army,
and he funded the investment
with a $20,000 loan from his
father-in-law. There were no
guarantees, even though Ben
Franklin was a franchise. But
he had a dream, he had dedica-
tion and, in the end, it paid off.

Small businesses are a viable channel
for any B2B-focused company.
Payment companies need to
understand who they are working
with, what those individuals want,
and how the product offerings or
services they provide align with the
individual's business needs.
O.B. Rawls IV, Chief Executive Officer and
President of iPayment Inc., has a proven record
of achievement in the payments, banking and
technology sectors. At iPayment, which pro-
vides payment processing solutions for small
and midsize businesses (SMBs) throughout the
United States, he oversees a staff of over 400
serving more than 150,000 SMB customers.
Contact him at jennr@ipaymentinc.com.

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