As someone who is trying to balance your work and your life do you know the answer to this question? I didn’t! I actually thought the answer was far different! Opps!
What Is the Small Business Failure Rate?
“20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.”
And your answer to this question?
What are the most common reasons small businesses fail?
“The four most common reasons why small businesses fail are:
* a lack of sufficient capital
* poor management
* inadequate business planning * and overblowing their marketing budgets. cash flow problems.”
BUT, what if I told you that these 7 pillars of small business wisdom will move everything in your favor? Even if you are a very well established business owner, a rank “newbie”, or somewhere in between, these seven pillars are for you.
A business is launched by wisdom, not just by a whelm. It doesn't matter if you call yourself self employed or if you are going to work strictly from home. Maybe you just need a few hundred bucks a month and call “it” a side hustle. You might even call yourself an entrepreneur or small business owner and intend to make it your full time income. Regardless, you definitely want to have a balance between your work and the rest of life.
And, you probably want to be successful, by whatever measure you call success. Am I correct? If so, read on.
I AM JUST GOING TO SAY THIS ONCE: take out seven sheets of paper and put one topic (bolded below) at the top of each page. As you think of things, write them under the correct topic. Right now, it doesn’t matter which order you write them down. You can always number them later. It’s okay to right on the back and to even add more sheets to each topic. These 7 pillars are a great way to undertake any situation!
I. ADVANCE PREPARATIONS - What has to be done first? Before you actually step into the business waters? Truthfully, only you can answer this particular question.
A. Do you need to up your training and/or skill level?
B. Do you even have a clue as to what you really want to do?
C. Do you know how to do it?
D. Do you have the right equipment or can you get the right equipment?
E. Have you done any market research? (Is there actually a market for it?) I heard this anonymous quote, but is it true for what you want to do? “I am what someone is looking for! What I do and the services I provide are exactly what someone needs.”
F. Are you going local? Regional? National? Global?
G. Online? Or Offline? Or both? (Even if you only plan to be OFFLINE, Plan, prepare and set everything up so you could easily do both! MOST BUSINESSES HAVE AN ONLINE PRESENCE! Potential customers will look for you online, probably on a mobile device. Make sure they can find you.)
H. Keyword Research so everything is consistent?
II. Orderly Organization - Do you have systems set up? Is someone else going to help with these? Who?
A. Marketing Systems?
B. Accounting Systems?
C. Providing Product or Services?
E. Email automation?
F. Daily calendar that includes time for you to walk away and just be you, not you the entrepreneur?
G. Business model?
H. Exit plan?
I. Local, state, and federal regulations and requirements?
K. If brick and mortar, everything that goes with that?
L. What else needs to be organized in an orderly fashion?
III. Wise Delegation - It’s okay to delegate, but be very, very wise in who you delegate what to! (Poor English, but an awesome, amazing, extraordinary piece of wisdom!!!)
IV. Strategic Communications - Be very focused in your marketing and advertising medias! Think it through and get the best, most consistent return for your time and dollars!
V. Irresistible Invitation -
A. Shock them into attention
B. Offer something pleasurable and beneficial
VI. Leadership & Management - It’s your business, don’t leave it to run on it’s own. Tend to it. Pull the weeds. Care for it. Make good decisions. (Be very, very leery of any claims that you can literally “start it and forget it!”)
VII. Training Information - This seventh pillar, when added to the other six, will carry you a long way. You must provide understanding and knowledge (continuous training) for yourself and any and all team members. Things change! Stay up-to-date in your industry.
Case in Point:
Recognize the IBM name? It became 100 years old on October 19, 2011. What It Used to Do: The company first sold commercial scales and punch card tabulators, and later, massive mainframe computers and calculators. What It Does Now: Software, consulting services, IT services.
Had it not changed and continuously trained (& still does today!), it would only be a current, very distant memory stuck in some musty business school book somewhere on a library’s stack shelf.
This quote paints the picture very well:
“To get out of the MUK, I’m going to need some W.U.K. (Wisdom, Understanding, & Knowledge).” ~ Dr. Dan Cheatham (He is also the one who taught me these business principles.)
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