The on-going challenge of being a small business owner!
Posted by Celia Couture on Tue, Nov 23, 2010 @ 10:39 AM
In the last week, I've spoken to many small business owners who don't want to do anything until after the holidays. They don't want to start any new marketing activities. They don't want to speak with a coach. They don't want to look at process or productivity improvements. They don't want to look at hidden profit dollars.
I'm not sure what the problem is, but I can tell you as a business coach, that your competitors are not waiting for the ball to drop in Times Square and for 2011 to hit before they begin to think about next year's goals. If small business owners act now and work hard for the next 30 days, it will pay dividends in the new year.
Small business owners must take a look at their current business model? Is the right model for this economy? Is their business poised to increase sales? Are they looking at a strong tactical marketing plan to ensure that they can prospect effectively?
Many small business owners want everything "cleaned up" before they start to think about what they want to do next. I spoke to a small business owner recently that had 80K in outstanding receivables because he simply didn't have "TIME" to bill anyone. Clearly, this is a huge problem. Hiring a full-charge bookkeeper is imperative for this owner. A twenty-hour per week employee ensures that cash flow for this owner is where it should be rather than worrying about "how am I ever going to meet payroll?"
I realize that as a small business owner you wear many hats, but running your business into the ground because you spending more time working IN rather than ON your business is simply not acceptable. In this economy, you can find yourself OUT of business in 90 days.
Two years ago phones were ringing and none of us were working that hard to identify business. I wish the situation were different, but this is NOT happening today. As small business owners you must be thinking about your next prospect, your next sales plan and your current resources.
I would like to challenge small business owners to think about 5 key elements as 2010 is winding down and we welcome a new decade.
- Do you have a strong business plan?
- Do you have a tactical marketing plan?
- Have you analyzed your P&L and understand how to increase sales for the new year?
- Are you running your business with as much efficiency in policies and processes as you can be?
- Is your sales effort yielding the kind of results that places you in a lead role in the coming year?
If you have any trouble answering any of the above questions, then it's time for you to take a step back. In my role as a business coach, these are the simple questions I ask business owners every day. Can you really afford to take a vacation from planning? I think not!