According to a recent report, 44% of businesses fail because of poor strategic management. A further 40% suffered inadequate cash flow or high expenses and 33% incurred trading losses.
Combine this with the knowledge that only 40% of women running businesses access funding and well it’s no wonder they run out.
What’s no said are the lonely hours of hard grinding work and the anguish at having to give up something you are invested in.
So let’s read between the lines…
Thousands of small business owners are entrepreneurs at heart. The very nature of being entrepreneurial is a willingness to take a risk and have a go. Seriously, that deserves respect. But being an “aussie battler” needs to stop right there. Today you simply cannot run a business on your own.
You need supporters, ideally a cheer squad of other business owners who get your challenges & are good at things you are not. Ultimately you want to be surrounded by a team, yep a team, not employees. This team works best if they are like minded and who serve the same clients as you.
Along your journey you are going to encounter roadblocks. Firstly, lets establish that a roadblock is a good reason to stop and assess the situation. It is not necessarily a fork in the road. A great process to use when this happens is 🙂
- Ask yourself is do I need to know about this.
- Do I need to be able to do this and if I learn it will I ever be any good at it
If the answer is yes, then find an expert or a course and start learning. If the answer is no then it is a sure sign to outsource.
There are several facets of education that many business owners know they lack. According to our recent survey of members, how to close a sale, marketing, social media, scaling a business and cash flow are high on the list of subjects that business owners recognise they require more knowledge in. This recognition is the first step to becoming successful.
So, the first thing education should teach you is which aspects of your business are to be done by you and which you’ll contract out. Now, I know what you’re thinking – “But I can’t afford to contract out anything!”
Well, here’s a little tip that comes from the bottom of my heart. Don’t go into business if you can’t afford to contract out some work. Seriously, you’ll burn out in a short period of time because you’re overwhelmed, disillusioned and don’t have two cents to rub together since you don’t have time to attract customers, service them properly or keep on top of all those other requirements mentioned above. Outsourcing is a must for small business owners and education is required to help you select which elements are to be outsourced and which you’ll do yourself.
Learn to earn is the catchcry. So, build a business by educating yourself and outsourcing. Grow your sales and peace of mind by surrounding yourself with likeminded people who can refer business to you. It’s a proven formula.
Understanding that roadblocks come up all the time we developed the Business Solutions Summit. Now into its third year and hugely popular. This is not a talk fest! It is a full one-day event supercharged with solution focussed workshops.
When: Geelong 28th February
Business in Heels are so very proud to begin the day with keynote George McEncroe the founder of Shebah who’s focus will be on overcoming barriers to success.
Every attendee will then participate in three workshops out of a selection of 14. They are small intimate groups with expert facilitators, designed to overcome the roadblocks. Everyone leaves with solutions, a toolkit & makes amazing connections. It will be a day to remember!
Here is a link to check it out https://events.businessinheels.com/business-solutions-summit-2020/
