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I so often see business owners struggling and I know why, but often they just won’t take action to improve their situation. It’s rarely a conscious decision “I won’t action anything because I want to fail or I like struggling” but more they don’t realise what they are doing. Let me share more on this:
How to slow things down in business… so that profits can speed up
Why businesses flounder on the brink of failure
• The biggest reason people don’t succeed is due to fear. It can be fear of failure, or even fear of success. Yes, fearing success. Sometimes this is because they don’t know they have the systems in place in their business to handle extra work. With fear of failure, in surveying business owners, it’s usually fear of losing money or fear of being seen as a failure. The interesting thing is that if we gave something a go and it didn’t work, often hardly anyone would know. I understand fear of losing money; times are tough and you don’t want to throw away what took a good amount of effort to get. Let me ask you this … if you tried something (say it’s an advertisement in the local paper) and it cost you $300 but you got $20,000 worth of business out of it, wouldn’t that be good? Imagine if you didn’t invest that $300 … and lost out on that opportunity of $20,000! With anything, I always guide my clients to do their due diligence, test and measure and of course make an informed decision. I’d never recommend plunging a huge amount into something risky.
• Disliking change. So many of us (98% of the population) dislike change at some level. It’s natural, but remember this:
• Asking for help. So many business owners just won’t ask for help. They are struggling (some to the point of bankruptcy) and they won’t seek out help. I know it’s hard to admit you’re struggling or things aren’t as good as they seem, but so often with some good advice you can get things back on track. I worked with one business whose accountant recommended bankruptcy; after 12 months with me, he now has a business expanding (successfully) overseas. This was a great business, it just had some aspects which needed work … which leads me to the next point.
• Good at what you do doesn’t equate to good at business. Being an elite surgeon, amazing mechanic, awesome accountant, sought after trainer, or always booked out restaurant, doesn’t make you great at business. It makes you great at fixing people, fixing cars, fixing the figures but to be successful you also have to be great at business. That can be hard. Sometimes cash-flow is pitiful, you have staff issues, the days are long and the rewards short and sometimes you just don’t know what to do, and yes, so many struggling business owners will say “I can’t afford a business coach”. I ask this – how can you not afford one? Sure, I know some coaches charge a mint (hence I have my smaller entry level package with no locked in contract periods) but think about the struggles, lost business, sleepless nights and marketing efforts which hit brick walls because it’s all trial and error. You are most likely an intelligent person, but two heads is better than one. The same applies for asking help from your accountant, or if you’re entering into a lease or buying a franchise, seeking advice from a solicitor. Why would you enter into one of the biggest contracts in your life and not seek professional advice? (I know the answer is money … but what if spending a little meant not losing a massive amount?)
• Not knowing what you don’t know. Frequently I’ll discuss something with a client, or give them a suggestion and they will excitedly exclaim “oh I didn’t know that!”. Again, having someone working with you, means that you’re accessing a chunk of their experience, knowledge and know-how. You’re getting a different perception and as importantly if you’re working with someone whose primary goal is to see you succeed, then they will be ‘in your corner’ and giving you the support to build your confidence (and subsequently your business) to achieve great cash-flow.
Imagine you have an awesome business which gives you good money, lifestyle, freedom of choice, you’re not working a 90 hour week in and isn’t stressful … why wouldn’t you invest a little in this to achieve those standards? I sometimes think some business owners just simply enjoy struggling and floundering on the brink of failure … otherwise why wouldn’t you change what’s happening? Ask yourself this – do I fear failing (or succeeding)? Do I avoid change? Do I avoid getting help because I’m counting the pennies, or because I’m too proud to ask for help? What am I going to do differently to avoid insanity?
Let’s talk! Call me at 1800 77 65 61 or email donna@donna-stone.com.au.
