In my day to day world I get to work alongside various business owners who all have one major thing in common. If this is you and you are a business owner then listen up because this may not be what you are wanting to hear, but as a Business Coach I sometimes have to make the hard calls and ask for some inward focused honesty from my clients.
Whats the major thing in common with business owners?? Well here it is.. they all had a dream of starting a business and developing a lifestyle. Pretty simple right? The misconception that once you own a business the customers roll up begging to spend their money with you and you get rich and live the life you always wanted. That is a misconception that has teeth, and believe me they are sharp.
When you go into business for yourself, because dont forget the dream also includes being your own boss, all of a sudden you have debt up to your eyeballs, staff problems, tax issues etc etc..and its at that point where suddenly the dream starts to go sour. Ok hands up anyone reading this who has been down that track.. Its very common unfortuanately that when I come on the scene that the company is beyond help. I am not an ambulance at the bottom of the cliff, I basically help companies who are already moving, to move faster.. So I actually turn down more requests for help than I accept.
Sounds hard well yes I suppose it is but quite often the biggest problem for a small to medium business sits in the owners chair. What do I mean by that? Its the business owner himself.
He obviously isn’t deliberately sabotaging himself but quite often I find that he has gone into business for all the WRONG reasons. He is really great at what he does but he just cannot or does not have the knowledge to move from being a good technician to being a good business owner. The other thing is he has usually started the business for the wrong reasons
Now here comes a big change in mindset.. And its basically the difference between success and failure. You start a business with the sole purpose of selling it or having someone buy you out..or so that it continues to pay you even if you are not working in it.. Thats it. Start the business with that whole mindset and the business then allows you to run it by the numbers. Remember profit?? well thats the only way your business is going to grow..
This is probably not news to some of you reading this but sadly I would say that more than 60% of owners I interview are in this situation. But its not too late to pull yourself around. Hard work?? yes absolutely.. a chance to recapture that dream of owning a business ..definately
I want to give you 5 little nuggets that you can apply to your business. Any business in fact.
- Leads
- Conversions
- Average Value of Items sold
- Repeat sales to existing of customers
- Profit margin
Apply those little beauties to your current business model and they will stand you in good stead. By introducing measurement systems in place to give you that information is the same thing as making your business sustainable. But, you need to take on board a mindset that you are going to build it up simply to sell it or to have it produce income without you being there..
Email me at moneycoach7@gmail.com if you would like to discuss this or to learn about how to measure these 5 items in order to give you accurate information.
Simon
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