Since most businesses fail within the first 3 years, they are many challenges to be faced by business owners.
As a business owner, you want to minimize risks and maximize your opportunities.
From what I’ve observed and discovered I see 3 major challenges that undermine the success of a business.
No Business Plan and or Poor Planning
Managing The Complexities Of Having A Business.
Lack of Sales (running out of cash)
Been good at something for example plumbing after completing your trade qualification and working for some else, does not automatically guarantee success if you decide to create your own business.
Having the skills to solve the problems your business tackles is but one of the components to creating or having a successful business.
There is no mandatory requirement ‘On How To Run A Business’.
To open and to have a business. You are not obligated to show that you are competent in:
Marketing
Financial Management
Operation Management
Advertising
to have a business all you need is the will and the cash to get started.
If one looks purely at the statistics here lies a fundamental challenge for business owners to be aware of.
You may be a great plumber but how competent are you at marketing, finance and managing the day-to-day complexities of running a business.
These are vastly different challenges, mindset, and skills.
The difference between working in and working on your business.
Investing in been competent in the fundamentals of marketing, finance, and the management of running a business are key steps to minimize risk and maximise opportunities.
And since 50% of any business is marketing in whatever you sell as a solution to the problems people have and don’t want.
Investing in your marketing education, support network and finding proven qualified help will save you countless hours, stress and cash seeking to find solutions by yourself.
My key tips and recommendations to minimise risks and maximise opportunities.
Have a Marketing & Business Plan and design your management system to be best at delivering your services or products to make your business as efficient as possible.
What problems will your business solve?
Who will be your ideal customer?
How does your business generate income?
Which parts of your business are most urgent now?
Will your customers refer other people they know to your Business?
What is your contingency?
How will you deliver your products and services most efficiently?
Having answers to these fundamental business questions does not guarantee success in itself but it does make it far easier to influence and position your business to have success.
Whether things are great now in your business and you want to make it even better or you’re in a tough spot and need to make a change fast.
Review these fundamental questions and allocate time to work on your business.
I know for a fact that if you look at your business they are ‘pots of gold’ to be uncovered.
5% to 10% efficiency gains that are cumulative across processes within your business can quickly add thousands if not hundreds of thousands to your bottom line.
We offer tailored business coaching that is affordable in providing solutions for business owners seeking to experience less stress, more revenue, and more time to enjoy life and who are stuck on the how-to part.
Our free business review uncovers these ‘pots of gold’ and if you chose to work with us. In partnership, we will influence your business to manifest the results you seek to experience. Less Stress | More Revenue | More Time To Enjoy Life.
Our passion is to assist you to have the business you always dream of having and the lifestyle to go with it.