As a business owner, you’re not alone in the struggles you face! I believe that these are the 5 most common problems business owners battle. I’m sure you can relate to the issues, but jump into the solutions as well (especially #5)!
Problem #1: My business revenue has leveled off.
Getting past the six-figure revenue mark is one of the biggest obstacles that business owners trip over. But once you exceed $100,000, earning a million bucks is just around the corner! (Insert the happy dance here!)
Hitting a plateau happens when you’re unable to see the operational choke points in your business process. In other words, you’ve been too intimate with your business for too long. Plus there are other elements stacked against you, such as paying your employees, meeting expenses and taxes. I know it’s hard to imagine that you can be too intimate with your business! Although that’s a sweet spot to be in, it can be detrimental as well.
A fresh set of eyes can quickly identify the areas that you’re stuck and offer creative solutions for growing your business.
Problem #2: It’s tough to find leads and convert them into clients.
You are not alone! Millions of business owners struggle to navigate through this vitally important process. Many of those leaders believe they’re not cut out for business if they can’t find clients, but that’s far from the truth! The real issue is a branding, marketing, and value proposition challenge.
It’s common knowledge that “sales are king” because they are necessary to run your business successfully. If you can’t sell well, your business will suffer. Therefore your business needs to excel at selling and continually increasing your pool of clients.
Let me guess what you’re thinking. "I hate being that salesperson! I don’t want to be salesy.” I can completely relate! Can I offer you a life-changing tip?
Make a Mind Shift. Shift from a sales perspective (“How much money will I earn from this client?”) to a service mindset (“How can I help this particular client?”). That one Mind Shift will result in dramatic differences overnight.
Problem #3: I play too many roles in my business.
There is no “I” in “team,” and as a business owner, you need a team! Yes, you will inevitably play various roles, but your business will not achieve maximum capacity (and you won’t reach personal freedom) without a strong, collaborative team.
You’re not alone; we all battle the “I” mentality. “I can do it better.” “I can do it faster.” “ I can do it exactly how I want it to be done.” But the "I" mindset will keep you on your knees doing the grunt work. And once your knees wear out, you will find yourself all alone and flat on your face. Let’s prevent that from happening.
Expand your business and keep yourself standing tall by locking arms with teammates.
Problem #4: I don’t know how to invest my money wisely to earn high returns, so I keep my revenue in a basic savings account.
Unfortunately, stashing your money in a savings account could actually make you lose money. Many APY (annual percentage yield) rates at big banks are a lousy 0.01%. If you do the math, that means that you only earn $10 for every $100,000 you keep in that account. It’s going to be tough to grow your $100,000 into something more when you’re only earning a $10 return.
Of course, some savings accounts will bear higher interest rates. Even so, savings accounts are practically a parking lot for your revenue. Educate yourself and take control of your wealth.
A common nugget of wisdom in the financial world is that risk and reward are directly correlated. The higher the risk, the potential for a higher return. The lower the risk (such as the savings account we mentioned above), the lower the return.
There is always a level of moderate risk while you’re growing your wealth or expanding into new investments. No investment is completely secure, but some can offer a higher return for a moderate level of risk. What is your level of risk tolerance? Have bad investments left a sour taste in your mouth? Have you previously mishandled your money? Learn from those experiences and jump back into the arena
Problem #5: My business would fall apart without me.
Can’t take any time away from work? That is your first clue that something is wrong! Your business needs to be able to function without you. If you center things around yourself so that nothing can run without you, you’ve become an employee of your business, not the leader of it.
Your goal is to create systems and structures to generate passive income. You design the business, and your team earns money. This systematizing approach is the cornerstone, the final puzzle piece, to run a business that doesn’t enslave you.
There is no need to restrict your desires (like only working part-time) or minimize your dreams (such as living in a foreign country); instead, grow your wealth to make them possible! Spend your time downsizing assets that don’t produce as much income, and acquiring or enhance those that do.
Running a successful business shouldn’t overtake your quality of life. Allow your business to foster your dreams!
Adapted from: 5 Problems Business Owners Face