11 Jul The 5 Biggest Obstacles Facing Business Owners Today and How To Avoid Them
All Business Owners know that sales are the life blood of the company, or do they? Because your own beliefs may actually be telling you that the way to grow is through advertising, networking or social media. What if you’re wrong? What if that everything you THINK works actually doesn’t. What will happen then? If you can’t produce new business, then there is no business, and no future; it is that simple!
A recent survey of over 2,000 companies uncovered five areas that differentiate successful businesses from the rest I want to share these with you now so you’ll have a good idea of what works…in fact I teach these all the time to my clients, so here is the low down in a nutshell:
Obstacle One – A ‘wing-it’ mentality towards your business. 82% of all Business Owners have a foggy or ‘try everything’ approach to attracting new business when in fact you need to have a sales ‘system’ firmly in place. One you KNOW works every time. When you follow that to the letter regularly then you build up your business AND you can predict your income. Good no?
So ask yourself ‘What process do I use consistently to grow my business?’
The other idea behind this is that you begin to ‘master’ certain elements of business, no matter what profession you’re in these same obstacles (and their solutions) are the same for everyone.
Obstacle Two – A Lack of Momentum. 42% of Business Owners fail to create the momentum needed to create real growth. I call it the ‘Income Rollercoaster’ where you do well one month and then poorly the next. Your income is all over the place and you feel like you’re getting nowhere, especially when big bills come in and ‘boom’ you’re carefully built up reserves have gone!
Momentum is easier to create when you have a PLAN of action, certain goals and accountability with keeping on track. Left to our own devices we can wonder too far from the right path and damage our business in the process.
Plan ahead, set goals and keep at it.
Obstacle Three – Lack of Productivity. 90% of Business Owners confess to being poor at getting things done confusing activity with productivity. I call it the ‘Hamster in the Wheel syndrome’ – going around and around fast but not actually moving forward!
I love being as productive as possible and sometimes that means letting things go. Business Owners like to do everything themselves, but the sooner you can delegate, automate or delete from your ‘to do’ list the better.
80% of you day to day activity should be directly income producing. Just so you know! ; )
Obstacle Four – Allowing “Self Limiting Beliefs” to sabotage your efforts. 86% of Business Owners said their negative thinking or self limiting beliefs seriously impede their sales efforts. Putting off picking up the phone to make that call? Thinking you need to get yet another qualification because then you’ll be good enough to charge people for what you do?
Listen, it’s no coincidence that I specialize in confidence and happiness for women business owners as well as business and marketing strategies. You cannot succeed if you’re not feeling good about yourself.
I know for sure that there is some area in which you’re holding yourself back…identify that now, be honest and make that shift forward.
Obstacle Five – A Lack of Development. If you’re not growing you’re dying and so if you don’t spend time learning and developing yourself, then you’ll be limiting your overall success. And it’s the same for your staff too. Get coached, mentored learn from those who know what they’re doing giving up being ok with ‘muddling through’.
You may already know that I have strong opinions about networking (that I’ll be sharing with you in this space fairly soon) so all I’ll say for now is…take advice from someone who is already where you want to be.
It kind of drives me nuts when someone who is struggling to grow their business decides to take advertising space or joins a group because they’ve been told it will help make sales by someone who is also struggling for income! Go figure! But it happens all the time. Take advice from people who run multiple six figure or 7 figure businesses, not from someone who hasn’t the first clue! Please I beg you!