If your business isn’t doing that well then you’ve probably spent some time trying to work out why that might be. Perhaps you’ve identified poor staff performance as the problem or maybe it’s issues with your supply chain. When it comes to managing a business there may be any number of different reasons why it’s not going that well. However, in almost every situation where a business owner is struggling there is one common denominator: you.
It’s all about you
If you’re disappointed with the way your business is currently progressing then, no matter how many other factors might be involved, you will always have a part to play in it. That’s not to say that business owners should start micromanaging staff and processes, taking on responsibility for every single element of the enterprise to ensure that it’s perfect. However, to a certain extent it is all about you – the business owner. It’s about the decisions that you’ve made, the people that you’ve hired and the culture that you’ve created. So, if you’re looking for reasons as to why things aren’t going quite as planned it’s often worth starting by taking a look at the contribution that you’re making.
How you might be holding your business back
Poor recruitment
If you’re suffering issues with staff then it’s all too easy to blame the people who work for you. Maybe productivity is down or you’ve noticed that there just isn’t much teamwork happening. Perhaps those you’ve hired just don’t seem to be able to grasp the tasks that are set for them or lack creativity and innovation in terms of moving the business forward.
You may have had a part to play in all of these problems. For example, maybe your recruitment process is generic or gives candidates the wrong impression about the business and the role that is required of them. Perhaps you need to introduce training or incentivise staff to improve ability and performance. And maybe you’ve created a culture that is stifling innovation and you could change everything with a new approach such as “no suggestion is wrong.”
A lack of liquidity
If you don’t have cash flow in the business no doubt you’re struggling to make investments in growth and even to meet existing customer expectations. Although there are many random factors at play you also have an influence. Have you identified why there are cash flow issues? Are you ensuring that invoices are always collected on time? Could you apply for some credit to ensure resources are there even in difficult times?
Inadequate marketing and customer engagement
You can’t control what your customers do but you can influence them. If your business isn’t currently asserting the requisite influence then why not? It may be that you need to invest in specialist marketing advice, go on a course or learn more about social media. If you’re not taking steps to ensure that your marketing is working and your team has the tools and learning it needs to do well then this all comes back to you.
The good news with this type of perspective is that change is also down to you. If you want to improve cash flow, market more effectively or ensure you have better people on your team then you can take steps to make this happen.
Get in touch today for more business tips and advice, on 07703 107070.
