There are three key reasons why businesses struggle.
As a business owner it’s important for us to know what these are so we can see the sign of our business starting to go in the wrong direction.
Reason 1: Jack of All Trades
Just because we’ve set up a business or running a business doesn’t mean we have all the skills and attributes for everything that is required. Of course, when we’re starting out, we need to do things ourselves, but at what cost?
We need to seek guidance, help and support to advise us on areas we know little or nothing about, the ‘don’t know what you don’t knows’. When we do this, we can start making informed decisions at the right time. This might require a cost in terms of investment in a business coaching for example, however, the Return on Investment (ROI) can often be immeasurable if you find the right person to be your accountability buddy.
Helping with decisions on what might be able to be out-sourced, or what you could upskill in to help you get by for now. When we realise we aren’t necessarily good or great at everything, focus on what we are good at, obtain support, advice guidance and support where needed in areas of weakness can be of great help.
Reason 2: Work IN instead of ON the business
If we bury ourselves in the operational aspects of our business without giving any due attention and care to where our business is going, it will start to derail. We need to balance our days and develop a plan of where our business is going.
We can argue of course that we ‘don’t have time’, but we all have the same hours in the day, it’s how we use them.
Running a business requires planning, organisation and development, We need to look at the long, medium, and short-term goals to form a map of where we are going, when we are likely to get there, then develop the steps of how we can do this.
Separating out a set time each week to work ON the business which never gets rescheduled is how businesses grow and succeed. We need to nurture and feed them, focus on our growth, changes in the environment and economy and adapt to suit.
Reason 3: Making Assumptions
We are so emotionally invested in our business, not only might we make irrational decisions or knee-jerk reactions when we feel emotional, but we can also make assumptions rather than dealing with facts.
When we do this, we can end up making the wrong decisions and reacting badly particularly when things go wrong.
Taking time out to consider what all the facts are before deciding on what options you want and have and then making a decision based on those options can and will be time well spent.
If we follow these three steps of focusing on our strengths, spending time ON the business and dealing with facts, we will protect and strengthen our business giving it more chance of succeeding and exceeding.
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