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Top 5 challenges faced by business owners

What are the  biggest challenges faced by business owners ?

  • You are Control Freaks!
  • You have no Time
  • Poorly performing staff
  • Cash flow is a constant headache
  • Burnout

To be honest I could write a book detailing my response to each challenge but here is my ‘mini attempt to help in case you are feeling the same and any resonate with you?

Why are business owners control freaks?

The Answer is because you have no control! Unless you can touch it and smell it yourself you feel like you don’t know what is going on and experience has taught you that unless you do it, or check it, it will not be done properly.

The Solution- is simple, put in place the right training, KPI’s and controls and your staff will not only know how to do the job properly, but you will know that they have done it right without standing over their shoulders because they will provide the information you need to be reassured. An example of a good KPI might be the hours a staff member actually bills if they are achieving above a predetermined level they are performing well.

To put it simply, train them properly and measure results.

Why do Business owners have no time?

See above! If you are trying to do everything yourself then you will never have enough time to do everything.

The Solution – A good business owner is always looking for ways NOT to do things, they delegate as much as they can and don’t TRY TO DO IT ALL.

 

Poorly performing staff

A massive subject and one I get more and more passionate about.

Good companies get good staff, average companies get average staff. If you want good people, you need to have a world class recruitment process (Not just select people you like) because average people want to work for good companies too. You will also need world class support process

The Solution  Make sure you have regular Team meetings, Appraisals and supervision meetings and work and training plans for everyone. THIS IS NOT CORPERATE STUFF OR STUFF YOU SQUEEZE IN WHEN YOU HAVE TIME. Your people are your greatest asset if you are not prepared to invest time and money in their performance how can you expect them to perform?

Cashflow is a constant headache

Cash is king and customers that don’t pay are not customers the short answer is know how much you need to invoice and collect ever month to survive and thrive and live and die by making sure you hit those numbers.

Remember Profit does not equal cash in the bank.

Sales – Costs = Profit

Money collected – money spent = Cash flow.

The Solution –Fast invoicing and fast collection means more cash in the bank, slow invoicing and slow collecting means bad cash flow even if you are making a profit.

 

Burnout

Given these challenges it is no small wonder many business owners burn out, make themselves ill or simply give up. If you keep waiting until you have the time and the money to do things right and keep doing them wrong the only destination is burnout and disaster and for a business owner the repercussions of failure are often very severe, it destroys families and relationships, it wipes out life savings and it destroys self-esteem.

The Solution- Put the right measures and processes in place and your business will thrive and give you a better life, choosing not to means you are playing Russian roulette with your future.

 

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