Hey DC, I Need YOU!

What's Killing Your Business?

A business owner’s goal is to own a successful business that creates a profit over a long period of time. Sometimes businesses struggle to stay afloat which leads owners to consider alternative options for every aspect of their company. It is important to consider that there may be detrimental roadblocks preventing companies from succeeding. Fear, confusion, faith, and resignation are all responsible for killing businesses.

Many business owners experience fear: fear of change or fear of commitment to change. Because of this, many businesses stay on the same path, which may be a detrimental loss to their companies. Instead of focusing on your fear, take a leap of faith. Change could be the component that fixes a business for the better. In the off chance that things do not improve or get worse, you can always go back to what you’re comfortable with. Be brave and take the plunge.

The second thing killing businesses is confusion. Sometimes business owners do not know exactly what they are doing, but instead try and “wing it”. Instead, educate yourself with good information.  Attend classes or read up on information that would be useful for your business. The more you know, the better position you are in.

The third is faith. Assuming that things will work out in the end isn’t the most responsible perspective. Yes, luck might come into play in certain aspects of your business, but you should not rely on it solely.  To fix this, be proactive and be responsible for your own success. Do the necessary research to make your business run the way you would like it to.

The final business killer is resignation. Although your business may not be as successful or even as profitable as you imagined, do not throw in the towel just yet. Turn to work peers for support and work with them to try and resolve any issues. You will be surprised to find that even the most frustrated or unsettled employees would be willing to help give suggestions to improve the business. Listen to their ideas and work with them to try and correct outstanding issues. This could ultimately lead to the success of your business as well as the support of your staff.

Growth vs. Standing Still in Business

Be not afraid of growing slowly; be afraid only of standing still. -
Chinese Proverb

I consult many business owners on their operations. The number one complaint that I hear is "not growing fast enough." I always respond with "why not?" You see, many of my clients can answer this own question. They have the strategy inside them and they usually know why they aren't gowning fast. Logistical, capital, and/or staffing issues are mainly to blame. But, growing too fast isn't always a blessing either. And, usually for the same reasons I just listed!

Any growth in business is good growth. If it is slow, don't fret. You need to be worried about lack of growth more than rate of growth. This holiday season, at the time when most business owners are prepping tax forms and writing out bonuses, ask yourself about growth. REALLY consider the rate of your company's expansion. Are you growing? If so, know that the business is alive. Then, hire a consultant (like myself) to address the rate of growth, resources, and even an exit strategy. Hey, growth is good but you have to be prepared for an exit too- even in the case of TOO much growth.

And, remember; before you commit resources and funds to growth, see what you can accomplish without making massive changes!
Twyla

Are You A Patient Business Owner?

The faster your business grows, the faster it may fail.

Are you prepared to have your business grow? Many people are prepared for the profit but not the workload. Other businesses are just not capable for a major workload increase. Have a sound strategy on deck to plan for increases in business at a reasonable level. Don't be afraid to turn away business either. If you bite off more than you are ready to chew, your brand may be negatively impacted. Tips: 1. Develop a growth plan 2. When a large sum of business heads your way, make sure you have the resources and time to service it 3. Be patient