Business challenges … which of these do you recognise?

It’s been a hard few years with many businesses rising from the ashes of the 2008 crash. From lack of jobs or redundancies, from renting to having a new home choosing different types of paint finishes, new and fresh companies are still being formed and for these as well as existing companies that forged through the hardships like availing online personal loans for bad credit, a larger challenge is still being undertaken in as much as maintaining the business like having a Trauma rehab center, and etc.

I have found the following 3 attributes the hardest to manage so thought I would share my findings!

FINANCIAL MANAGEMENT

‘Cash is King’ and Cash Flow is critical. As business starts to pick up, well managed cash flow is tantamount for success. If not already established, get on board with an accountant who can help with bookkeeping and all other aspects of financial control.

It’s not simply about money coming in and going out, seek advice and in the early days, if managing your accounts yourself, seek areas you can improve and as you grow, concentrate on what you do best and hand over this side of the business to someone else.

EXHAUSTION

The pressure to succeed, the variety of tasks and hours put in can eventually wear down the fittest of individuals when trying to start a business! Even when the business is successful, still those hours are ploughed in … but there can be a breaking point.

So look to take time out. Share this with Family or Friends, take positive breaks away from work and refrain from checking in … make it a break! Fatigue takes its toll and can lead to impulsive decisions that may affect both the business and people therein, so rest is essential!

I’ll often go for a walk during a lunch time to get a mental break from what I’m working on, giving me a physical activity which also stimulates positive endorphins that exercise releases.

Yes, the hours need to be put in at the formation but as it picks up, offset some of the rewards to other avenues such as bookkeeping, telemarketing, admin work on a temporary basis to begin but take time out. This is vital for the continuation, without replenishment of air in car tyres, the car will eventually come to a halt probably due to a crash!

EGGS & BASKETS

We start off, get a great client, then really focus on insuring we look after them well. Consequently both theirs and our business’ expand and all is well! As they grow there’s a chance they may move to someone else, so, now what?

I’ve seen this happen frequently throughout my career. Diversity is key to success and growth. I understand how difficult it is especially when you feel committed to this wonderful client/customer who not only pays well but on time too!

So continue to expand your client portfolio. Look to consider where potential new bloodlines can be created from. What are your Unique Selling Points to attract new clients/customers? As before, get someone in to help, maybe a marketing company but always look for the next potential!

 

Coaching to success help businesses and individuals to think logically, pragmatically and laterally when it comes to finding the best way of moving forward and retaining both the mental and physical energy to see it through. If you or any members of your team are showing any of the above traits, contact Neil on 07761 187238 or email neil@coachingtosuccess.co.uk and if you’re online, have a look at his interview video at https://youtu.be/RvCwOL4hPco