Does your business give you the life you want? Here are six of the top signs we’ve found why businesses don’t give the owners what they want:
1. Poor profitability – If your business is not making enough profit, then it may not be able to support you with your ambitions for growth and what you want to get out of it to live the life you want. But before you make any changes you need to work out why your business isn’t producing the level of profit you want, then you can do something about it.
2. Cashflow challenges – Even if you have a profitable business you may not be able to access the cash for investment and for your own use. Analyse why your cashflow isn’t what it should be, if your cash is tied up in stock and unpaid customer invoices then you can’t have it.
3. Dependence on you – If the business is dependent on you, with you being there dealing with questions and controlling what happens, you may never be able to escape from your business and live the life you want.
4. Lack of systems and processes – Systems and processes aren’t just for ‘big’ businesses, they are needed for ‘small’ businesses that want to grow too. Helping you avoid dependence on individual team members, so if they are ill or on holiday things don’t grind to a halt or you have to step in. Everyone is trained in the systems and processes to allow for flexibility.
5. No marketing or sales strategy – For your business to grow you will need customers to buy your products or services and if you don’t invest in marketing and sales processes your business growth will be inhibited.
6. An unhappy team – You won’t be able to get the business you need to have the life you want on your own. Your team will help you get there and how quickly that happens will depend on how you invest, support and treat them. After all, you want them to be at their best and to be proud of what they do.
We work with business owners to build the businesses they need to have the life they want, so if any of the six signs above are a concern of yours, get in touch with me on 01803 296678 or email firstname.lastname@example.org