Owning a Small Business: Pain or Pleasure?

Posted on 30th July 2009 by Bob Scott in Business Stress

Does it feel like your Small Business has done nothing but put you in debt and suck up all your free time? You’re not alone. Almost every Small Business Owner struggles under the weight of responsibility that comes with entrepreneurship. Someone I respect a great deal once told me, “When you own something, it owns you.” This was his response to our discussion regarding his decision not to purchase a summer home. The same can said about the decision to own a Small Business.

There are many reasons for starting a company:

  • Freedom
  • Income Potential
  • Security
  • Be Your Own Boss
  • Because You Can
  • and the list goes on…

Why then does a small business take us down a path that seems to be the exact opposite of why we started the journey in the first place? The reason is simple; the business wasn’t started with a specific goal in mind. For instance; the business will generate $1,000 a month in profit that will be invested until it generates $10,000 a month in passive income. Rather, when we start a business we hope and pray to make enough money to replace our income and cover our health insurance premiums!

Without a specific means-to-an-end for the company, we’ve just bought ourselves a job. With a job comes never ending tasks. Finish one and ten more emerge and eventually the only thing you can see is a never ending stream of work ahead. Your vision, your passion and your energy are gone.

STOP: Think outside your box for a few minutes. Get clear on your goals, what you want your business to deliver and put a time limit to those accomplishments. Separate the technician day-to-day busywork from the necessary entrepreneurial goal work and watch as you and your business emerge from the mountain of tasks that are burying your potential.

Why Has Your Company Stopped Growing?

Posted on 26th July 2009 by Bob Scott in Business Advice, Business Stress

This is a very common question from entrepreneurs.  It can seem strange that when you opened your new business sales grew right away, in fact they probably shot right up to where they are today and no matter what you do, you can’t seem to break out and take the company to the next level.  Even more perplexing is that all of a sudden competition opens up down the block and their sales soon match yours.  Where was all this business before they opened up down the street?  Why didn’t those customers utilize your services?

The crux of the problem isn’t a lack of new customers.  It’s because your company has most likely reached capacity.  Trying to deal with an influx of new customers would throw your business out of whack because you wouldn’t have the operational strength to deal with them.  If you want to grow your company, all four areas of your company; Sales, Operations, Money and Employees, have to be properly organized, aligned and ready for more business. 

Is it a lot of work?  Yes, but you have to grow your small business capacity before you can grow your sales.