Why Some Small Businesses Fail or How to Get to Oz
Why Some Small Businesses Fail or How to Get to Oz
1. Lack of a BIG vision
Do you have a clear vision (let’s call it Getting to Oz) of exactly where you want your business to be two years from now? Is it a big vision—or are you selling yourself short? Just because you own a small business doesn’t mean you have to think small. That’s not to imply you must aspire to owning a multi-million dollar enterprise. If you’re business could be all that you dream in two years, what would it look like? See every single tiny detail down to the pictures on the wall of your office. Close your eyes and visualize it over and over. Believe in it. Write it down.
2. Lack of a CLEAR plan
Now start with your two year vision and create your business plan backward. In order to get there, what do you need to do now, next week, next month. Write out a detailed six month to one year business plan including sales goals, product development, technology, employee or outsourcing requirements, budgeting etc. Then put together a killer focused marketing plan (see our 10 Step Focus Marketing System). In other words figure out how you’ll get from Munchkin land to Oz. Most small business owners simply skip this important step because it seems so labor intensive. Yet those that take the time are always more likely to reach their goals. I admit it; I used to skip this step with the excuse that I had the plan in my head. Yeah, right. Sometimes we need to learn the hard way how important it is to write it down.
3. Lack of FOCUS
Focus like a laser beam on following your plan toward your vision. It’s fine to make necessary course adjustments to your plan if it’s somehow taking a detour off of the Yellow Brick Road to Oz. But don’t give up on your plan because you’re not seeing instant results. Refer back to step one and believe in it. Also focus on what you’re telling yourself about success. Are you focusing on the inner messages you give yourself? Self criticism and limiting patterns have destroyed many a business with real potential for greatness. 80% of business problems are well disguised personal problems. I’ve personally observed this dozens of times and done plenty of my own limit busting.
4. Lack of EXPERTISE
Every business owner is good at something. Hopefully we’re all passionate about what we do. But that doesn’t mean we know how to do everything ourselves. Where would Dorothy have been without her team of experts: the Munchkins, the Tinman, the Scarecrow, the Cowardly Lion? She certainly wouldn’t have gotten to Oz. When you’re not experienced at marketing or sales or systems or budgeting, get help! Smart business owners surround themselves with experts that are strong where they are weak. Don’t use the excuse that you can’t afford help. No need to break the bank, since there are many experts who specialize in the small business market and are priced accordingly.
If you want to achieve real success, live your ideal life and arrive in Oz, avoid these four mistakes. You’ll be way ahead of the pack.
Start now to:
* create a clear vision,
* design a "backwards" business plan or roadmap
* stay focused on your plan
* gain expertise in your areas of weakness or outsource those tasks
Why Some Small Businesses Fail or How to Get to Oz - To learn more about this author, visit Janis Pettit's Website.
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More than half of all small businesses fail within the first four years. Some of these have achieved a certain level of success and thought they had it made. Whenever I ask small business clients why they think others fail, they usually think it was because the business was under capitalized or didn’t have enough sales. Although these problems account for some failures, there are at least four other reasons to avoid that can send any business slowly spiraling downward.
1. Lack of a BIG vision
Do you have a clear vision (let’s call it Getting to Oz) of exactly where you want your business to be two years from now? Is it a big vision—or are you selling yourself short? Just because you own a small business doesn’t mean you have to think small. That’s not to imply you must aspire to owning a multi-million dollar enterprise. If you’re business could be all that you dream in two years, what would it look like? See every single tiny detail down to the pictures on the wall of your office. Close your eyes and visualize it over and over. Believe in it. Write it down.
2. Lack of a CLEAR plan
Now start with your two year vision and create your business plan backward. In order to get there, what do you need to do now, next week, next month. Write out a detailed six month to one year business plan including sales goals, product development, technology, employee or outsourcing requirements, budgeting etc. Then put together a killer focused marketing plan (see our 10 Step Focus Marketing System). In other words figure out how you’ll get from Munchkin land to Oz. Most small business owners simply skip this important step because it seems so labor intensive. Yet those that take the time are always more likely to reach their goals. I admit it; I used to skip this step with the excuse that I had the plan in my head. Yeah, right. Sometimes we need to learn the hard way how important it is to write it down.
3. Lack of FOCUS
Focus like a laser beam on following your plan toward your vision. It’s fine to make necessary course adjustments to your plan if it’s somehow taking a detour off of the Yellow Brick Road to Oz. But don’t give up on your plan because you’re not seeing instant results. Refer back to step one and believe in it. Also focus on what you’re telling yourself about success. Are you focusing on the inner messages you give yourself? Self criticism and limiting patterns have destroyed many a business with real potential for greatness. 80% of business problems are well disguised personal problems. I’ve personally observed this dozens of times and done plenty of my own limit busting.
4. Lack of EXPERTISE
Every business owner is good at something. Hopefully we’re all passionate about what we do. But that doesn’t mean we know how to do everything ourselves. Where would Dorothy have been without her team of experts: the Munchkins, the Tinman, the Scarecrow, the Cowardly Lion? She certainly wouldn’t have gotten to Oz. When you’re not experienced at marketing or sales or systems or budgeting, get help! Smart business owners surround themselves with experts that are strong where they are weak. Don’t use the excuse that you can’t afford help. No need to break the bank, since there are many experts who specialize in the small business market and are priced accordingly.
If you want to achieve real success, live your ideal life and arrive in Oz, avoid these four mistakes. You’ll be way ahead of the pack.
Start now to:
* create a clear vision,
* design a "backwards" business plan or roadmap
* stay focused on your plan
* gain expertise in your areas of weakness or outsource those tasks
Why Some Small Businesses Fail or How to Get to Oz - To learn more about this author, visit Janis Pettit's Website.
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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