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 entrepreneurs:
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.
Unplanned: Do 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.
Underfinanced: Are 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.