Think carefully and answer it truthfully. Your answer here provides insight into which phase of your business you are in.
Many Business Owners today are finding that starting their own Business is just not what they thought it would be.
We all start a business and have this perception of “working half the hours we did for a boss” or “come home in the afternoons and spend more time with the Children” and I could probably go on and on.
At this stage many of you are starting to relate where I am coming from and have probably uttered those very words.
So at this stage you are probably starting to relate to what I am talking about. Below I have included a few bullet points that will help you realise where exactly you are with your Business. Do not feel alone if you are in the 75% of Business Owners in NZ that receive little or a very small salary from your Business. YES, I did say 75%!
- Not earning enough money
- Sometimes having to put money in.
- The business is basically you.
- Most time spent working IN the business putting out fires.
- FOCUS: Juggling cash.
- The business requires immediate attention with a number of strategies required to release cash into the business.
- Profitability needs to be established and fixed first so that the business can be stabilised before it’s too late.
- Makes money but not reaching but its not reaching its potential.
- Well established business.
- You’d like to have more time to work ON the business.
- FOCUS: Stability and staff.
- Often there is significant “latent profit” in the business that should be adding to the income being made by the owner.
- The options then become available to properly strategise the growth path of the business and work on all the critical areas to make it successful and more profitable.
- Makes good money.
- Excellent cash flow.
- The team is running the business.
- You have time to work ON the business.
- FOCUS: Strategy and Planning
- Opportunities exist to take the business to the next level.
- The right strategy needs to be developed with a clear plan, proper management and implementation of the tasks across all areas of the business. If this isn’t done correctly many businesses lose profits and slip backwards from grow to improve.
At a point in your Business you start to realise that “I am not getting anywhere” and then start trying to do more on, what you think is ‘marketing’ – what does this cause just more stress and you find you are getting nowhere. Yet we do not want to get a Business Coach, “that would be like admitting defeat”; “they cost too much”; “they are just going to tell me everything I already know” and so the circle continues.
Sometimes this is exactly what you need – a coach, a mentor, a business success partner – as they have the knowledge and advantage of looking at your Business holistically and not staring themselves blind in “what is wrong” but rather see “what can we fix”.
Top Tennis Stars, Top Golfers, Top Athletes have one thing in common (besides talent) a COACH, that knows how to get the best out of them! My thought for the day.