Having worked with a number of small business over the years, I started to notice many of same things in different businesses and even in different industries. Where some succeeded and others failed, there often was markers that stood out.
Whether you succeed or fail often comes down to a few things. Some of which we want to cover below.
Outside of Your Control
There is a few things that you have little control of that can disrupt your plans. Taxes can increase, regulations can become too heavy, or even natural disasters can cause havoc. But this is not usually the case. There is a number of factors that can hurt you that you do have control over.
Lack of Business Knowledge
There is a difference between working in your business vs working on your business. You might be excellent at your trade, for example an electrician, but being a great electrician is not the same thing as be a great business owner. In fact if you make the transition from working for someone to working for yourself you will find that often you spend less time on your trade and more time on things like sales, accounting, and customer service.
Not Finding the Right Customers
When you first start out you might take every customer that you can find but that is not a good long term strategy. You want to find customers that match with the products and services that you are offering.
Not Being Organized
Almost every business, no matter the size, often struggles with this. Not being organized or not having proper processes in place, can cost you lots of time and money.
Whether it is not having enough employees or not having the right employees, it can quickly go downhill for you. As your business grows you need to be able to find, train, and retain good employees to keep up the same quality.
And finally, money coming in is the lifeblood of the business. If you are not making enough money to cover your expenses, you will go out of business. If you are making enough money but it is coming in too slowly, you will go out of business.
With today’s access to limitless information, nobody should be making the same mistakes over and over again.
We want to help you find and implement ideas, advice, and resources that can help turn you around.