Five lessons to survive the first five years in business.
It’s true, so many small businesses fail in their first years of operation. And it’s also true that so many small business operators blame external influences on their demise. I know, I was almost one of them.
15 years ago, when in my early years of business after growing from a zero base to a great little business I was faced with the best part of $500,000 in bad debts. And of course it was someone else’s fault. How could this be, why me, what have I done to deserve this… well, given I am still standing, I figure it’s my duty to tell you WHY I deserved it and what I did to rectify it.
Five mistakes to $500k in a hole
Here’s what NOT to do in small business if you want to be a success. These are fundamental failures.
I don’t have time!
This one is classic. I’m too busy to work on strategy, I have staff to hire or fire, stock to unpack, sell or send back, bills to pay, argue or delay, customers to serve, tax to pay and struggle to the end of day.
If you can’t find the time to work on the strategy of your business then you have no business, you have a job, and a bad one at that, as it probably pays you less than if you worked for someone else. So find the time to figure it out or find the time to get out. Which leads me to my next rule…
Know what you want to be when you grow up
Too often in small business we get up each day, day in day out and do the same thing we did yesterday in the hope that it will all get better, all the time not really knowing where we are going and why. If you don’t have a vision for your life and your business then you have no chance to work out what you are doing each day and why you are doing it.
There are a few levels to consider here in order for you to work out where you are going.
Can I ask you?