Having worked with thousands of business owners in the past 10+ years, here’s the top reasons I believe business owners fail to break beyond 6 figure revenues:
Reason 1. You get stuck ‘IN’ the business
You’ve only got so much time, but with so much going on and so many jobs to do you’re constantly pulled in multiple directions, meaning you never get the time to work strategically ‘ON’ the business, to ensure it’s long term growth.
Answer 1: Schedule dedicated time each week to work ON the business.
You’ve got to protect yourself from yourself! Get away from the office and other distractions.
Hide away in a coffee shop somewhere with your phone OFF in order to get some quality strategic thinking time. Earlier in the day is usually much better before you get distracted and sucked in.
Ideally every month, or every quarter as a minimum take yourself away from the office and preferably away from home to craft your strategic plan for the next month/quarter. (I’m writing this from Lake Garda in Italy where I’ve come away for a week by myself to do some planning and finish my next book)
Reason 2. You can’t hire good people
You know the right person could help your company fly, but you just can’t seem to find good people who can do they jobs you need doing at a price you can afford. With unemployment being around it’s lowest since 1975, you just can’t attract the right quality candidates
Answer 2. Develop the most important business skill!
Your company won’t grow unless YOU grow! Your job as the company’s leader is to not only be able to attract the top talent, but also to consistently inspire and get the very best out of your people too.
To paraphrase Geoff Smart, you don’t have a HOW problem, you have a WHO problem. Learning the skills to attract world class performers to your team will change everything.
And if that’s not enough, the fact is, your company won’t survive (let alone thrive) without you, UNTIL you’ve got the right people in the right seats, doing the right things!
Reason 3. You don’t have the money
Growth consumes cash. You need the money for growth, for hiring, for marketing, etc, but it all seems to get sucked out of the bank account just to cover the normal operational bills.
You’re no longer a boot strapped start up, but you don’t yet have the revenue to be a ‘proper’ company
Answer 3. Instantly get ahead of 95% of business owners
Growing a business can be very hard. (if it were easy, everyone would do it!)
Every business owner who wants to grow faces the same challenge, the either have to finance it themselves, or they need to raise/borrow the money.
But here’s where you can get an immediate advantage. Most business owners financial skills are an absolute joke. Consequently they are completely lost when it comes to driving the cash flow to fund the company’s rapid expansion.
I’ve been involved with multiple turn around situations taking companies from being six figures in the red, to six figures in the black inside 12 months.
My favourite recent example was taking a gym I took over from a £10k loss to having £220k cash in the bank, in just two years.
No borrowing, purely from being financially literate and operating the business more effectively. (oh and it wasnt just sales either, sales actually only increased from 400k to 500k in that 2 year period)
If you get yourself truly educated as to how money works inside your business, it will change everything.
Look out tomorrow for the next 3 reasons why business owners fail to break 6 figures!
PS If you can relate to this email, check out my upcoming Six-to-Six Workshop.
It’s all about going from six figure revenue to six figure profit from business owners who have actually been there and done it.
P.P.S And if you like the stuff above, get loads more here in the Fast Growing Business Community on Facebook
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