Communication and alignment are key elements which contribute to the success of small business or the lack of it can lead to failure. I always remember the activity you do in primary school where you have 5 people in a line, the first has a message and by the time the message is passed through each person in the line to the last member, the message the last member gets is total different to the original message.
You feel you have built a successful business, have a good track record of sales and have been working in the business for several years. You have reached the point where you feel the business will fail if you don’t continue to be involved in the day to day activities, but are frustrated about the continued time commitment and you probably want a holiday.
- Inadequate Cashflow
Cash is king. Most, if not all business owners have some form of cash issue. Although this is often linked to customer debtors, this is not the only issue. Ensuring a business is properly funded requires careful planning and a financial plan.
Without understanding the dynamics around cash funding putting a financial plan together taking into account all the relevant business variables can be difficult to master, especially when you still have the business to worry about.
Setting up your own business can be very exciting but no-one can doubt the hard road that lays ahead. You have a great idea for a product or service, think you have some customers that will buy it but are then faced with a whole new range of things like structures, planning, financials etc. When you do actually get some sales on the board you then find you are hiring staff which presents a whole new ball game with competing goals and performance management. In navigating your way through all these issues, finding someone who you trust who can offer different views is difficult. You can discover that you are alone.