STABILIZE YOUR BUSINESS
I had the opportunity today to spend an hour with five different small business owners. Using a questionnaire, I asked them to share their story and how they arrived at this point in their lives. The five businesses were open from one year ago to 22 years. Yes, they all asked for help and such interviews help me to learn how problems developed and what their greatest “pains” were.
The most significant issue, that was common with all five businesses, was a lack of a business or a marketing plan. All five owners had reached a ceiling where income was level or declining; a few of these businesses had, at one time, a yearly gross income over $2 million.
All five wanted help in stabilizing their income and all had problems with their accounting and understanding the importance of budgets.
Other concerns included: how to raise working capital, what to do when your biggest client leaves, problems with a partner and defining a new marketing process.
They all started their business with a product/service and a vision to grow a company. I complemented them on their persistence and their ability to survive when 9 out of 10 small businesses fail. I also complemented them on the courage they had to seek help while their business was still in a financial position to make changes.
All the owners were still enthusiastic about the business and the market opportunities that were still ahead; that enthusiasm was also a deterrent. When their businesses slowed down they started going into many different directions thus losing the needed success focus.
My message today is to be vigilant, if you feel your business is arriving at a speed bump, reach out for guidance.
“It’s good to be in business for yourself, but not by yourself.” Nick Petra
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