Many owners have experienced moments when they're unable to expand the business because of being stuck in a cycle of sacrificing time for minimal results. They go through moments of disorganization and feel like they're the only ones who can be trusted to complete the company's meaningful work. Their reoccurring sleepless nights have become routine while worrying about cash flow and making payroll, and they may even experience some months when they are not getting paid because everything else comes first. And don't forget about what's most important, the mounting responsibility at home for a family.
Welcome to entrepreneurship!
4 common questions to ask when you experience the "stuck" in your business:
As the leader of your organization, you'll take actionable steps to alleviate any stress from these answers. Your objective then is to learn new strategies & tactics that tighten up the business and achieve your growth expectations. The only question is: What does the next level look like for you & your business?
It feels like you’re busy all the time, but you’re not making any progress. You feel disorganized like things are slipping. You know you should create systems and streamline processes, but you’re too busy putting out fires. Vacation? What’s that??
“I can’t take time off. The place would fall apart without me.”
You can’t seem to hire the right people. Sometimes it seems like it would be easier to do the work yourself than manage your employees. Yet you know you need people in order to expand and make your business profitable.
“I’m putting up with shit from my staff, but I can’t confront them for fear they’ll quit.”
Sleepless nights worried about cash flow and making payroll. Maybe some months you don’t get paid because everything else comes first. No matter how much is coming in, it’s never enough.
“I get statements from my accountant, but I don’t really understand them. It seems like the business is making money but I’m not really sure.”
A credible, written plan, detailing a company's unique selling proposition, strategic plan, and revenue and profit budget, also designed to induce financial partners and planning.
An aggressive, measurable plan to increase your leads, improve your sales conversion rates, and increase your annual revenue per customer so that your profits increase and scale.
An evolving, written plan that sets forth the vision, mission, and values of your company, long and short-range goals, and KPIs to measure progress so that your team grows together as one.
An efficient plan to quickly collect your outstanding receivables, get your customers to pay faster, and negotiate better terms with your vendors so your bank account always has plenty of cash in
An aggressive plan to stop the bleeding of cash by temporarily cutting all non-critical expenses while driving sales above break-even by selling existing inventory or service capacity to cover operating costs, debt service, and personal drawings.
A reliable budget that forecasts discretionary cash-flow, identifies your required working capital and demonstrates your ability to service debts and deliver a return to investors.