You are working hard at your business but don’t seem to be
getting anywhere? Want to know why?
Well you could be one of these kind of failing
Unfocussed: Are you rushing around and getting no
where? Are you splashing out marketing
money all over the place? Do you have
loads of products but precious few sales?
If yes to any of these you are probably unfocussed. If you see one idea, work away at it then
dash onto another idea, then you need to calm down and focus just on one idea
at a time.
Sit down and plan out what you want to do in the next
year. Take on two projects at the
most. Define what projects you want to
do, what products they will sell and what you will need to do to get them
sold. Now define your marketing strategy
and get going on these projects. Now if
other projects or ideas come up that appear interesting then you need to once
again sit down and see you can merge these ideas in with your chosen
projects. If you can’t – will it still
work or be available next year? If so
plan it for next year. If not – then can
you use your existing project work? Can
you tack it onto the work you are doing this year? If the answer is no to both of these then
think very seriously. If you start and
then stop a project you are effectively throwing away the project work you have
done so far. No one can effectively and
profitably manage too many projects at once.
If you really, really must undertake the new project can you take on
staff to do it and still make a profit? If
the answer is no – then the new project is probably not for you.
things come at you unannounced? Do you
seem to be for ever fire fighting or getting over the next disaster? Do you not know where you are going to be
next month or what you need to do to be a success? Then you are working unplanned. Sit down a write a good business plan, keep
to it and update it regularly. Write a
monthly “To Do” list and keep to it, adding to it as you go along.
you likely to run out of money soon? Are you stretching your resources too
thin? Then you are probably
underfinanced for the work that you are trying to do. When you decide to produce more products or set
up a new marketing initiative you need to ensure that you have enough money to
pay for them. If you are at the start of
your business then you need to ensure that you have enough funding to make it a
success and to survive the first few months.
Producing a business plan and undertaking a cost benefit analysis are
both good skills to learn or have undertaken for you.