Are you in business for more than 18 months?
Accordingly to the Forbes article (see the link below) - you are a business survivor!
"According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn." - Forbes
How about those who are in business for 5+ years?
You are the Gladiators! Period.
I personally think Erik T. Wagner put a very good article together. Even though it was written some time ago - the numbers haven't changed that much.
However, there is one thing I would love to add to the existing 5 reasons for failure from Erik's report. The purpose of talking about that today is - it works! Seriously! Every time, try it!
One thing that will make your business grow, expand, multiply is - YOURSELF.
It is shocking how many people still believe they have to work on so many complicated matters in the business first! And let me just challenge you here. Just imagine the situation after the situation and tell me how does it feel at the end. Just see the bigger picture before you express your opinion, ok?
Here is a business owner and let's call him ...John.
John wants to expand his current business - a small and yet busy family-run restaurant. John has 6 staff members working various shifts and he has some issues with the cash flow - so he can't really employ more people and as a result, his wife accountant is helping him with serving whilst their kids are with grandparents.
What's John's main problem? Think about it... write it down.
His goal is to have more money. And this is the list of problems John believes he has:
"it is hard to find decent and hard-working staff because there are just idiots out there"
"my wife (let's call her Julia) should be involved more in serving customers instead of just sitting and staring at computer"
"customers are not ready to pay more for the food we sell''
''my staff is overpaid''
''running a business is a hard job''
''everything is too expensive in hospitality industry".
I wonder if you spotted the main problem yet? Write it down if you did or just comment below!
John finds Olga, books her for a business coaching session and after a blurb of the above, he wants Olga to solve his problem and make his business work!
Now I really wonder what would you do?
You see, as a life and business coach, I really push my clients and one of the things we do on a constant basis is working ON the owner and ON the business.
Usually, people wonder why would I work on the mindset whilst working on the business, too.
Here is the important element arising: your business started in your mind. Your mind created that and guess what, it still owns it! If your mind has limitations - guess what business you will have - full of problems!
Yes, some might argue that business is all about numbers and systems and strategies. Absolutely. However, who comes up with numbers and targets? The owner within his own mind. Who comes up with why to use or even better, why NOT use the systems? The owner. Who comes up with strategies - the same business owner!
Are you curious about what happened to John's problems?
"it is hard to find decent and hard-working staff because there are just idiots out there" - we worked on past experiences (John has worked in a restaurant before establishing his business, where he was underpaid and disrespected) and changed old beliefs about people created by father. John's dad was an alcoholic and the only people John has seen during his most important early years were alcohol-addicts, thieves and very negative people. We created a strong culture; positive and inspiring environment where staff members were acknowledged and praised based on their own love language and human need. The entire atmosphere has transformed!
"my wife (let's call her Julia) should be involved more in serving customers instead of just sitting and staring at computer". Julia hated dealing with people and therefore continued to work on her accountancy part, also started doing social media. Together we worked on Julia's personal goal - to lose her weight which she was struggling with since childhood. Firstly we established that we are not "going back" or "losing weight'' and instead Julia is getting fitter and slimmer every day! Second thing we worked on with Julia was finding love and appreciation towards herself. It was emotional eating Julia had since her mother was too busy with her new boyfriend and since dad died - she never really had parental attention and care again. Julia recently sent me a card saying how much it meant to her to reconnect with her little girl and let her feel loved. She is slim again and her husband can't keep his hands away from her now!
"customers are not ready to pay more for the food we sell'' -the experience and memories at John's restaurant - this is what we worked on. It wasn't about the food only anymore. It was about entertainment, celebrations, competitions, highlighting local food (cheeses, eggs, etc), making customers feel very cosy and relaxed there, whilst they were enjoying the wine or dessert tasting evenings in front of the real log fireplace.
''my staff is overpaid'' - John learned more about his staff through team-building and mindfulness days we organised. He understood their human needs, what his staff is driven by and how to communicate to them on a different level, with everyone. John still books me once a month for a full day to work just with his team.
''running a business is a hard job'' - by challenging John's environment he established that his circle of friends was dragging him down. After we worked on his confidence and public speaking skills, John started going to networking events and now has more friends than ever! He was also offered to sell his business by the way!
''everything is too expensive in hospitality industry" - coming from a poor family left a big scar on his personal and business money management. We worked on establishing his priorities, organising 5 money pots (necessity, education, leisure, investment and safety), saved him £974.67/month by challenging and negotiating important bills and cancelling unnecessary expenses, like 2nd gym membership he still had in the previous city he lived 3 years ago. OUCH! That's only within his personal money! In business, we saved £1983.91/month! The bottom line is - your money management skills stay with you no matter if that's your personal or business money! How do you think John felt about that?
Can you just imagine, HOW John feels now? He is the happiest man and we still meet every two weeks. We started with once a week meetings, but now John is very positive and actually motivates others! Yes, we mainly work on the business at the moment and it was a long journey for him. We work on opening the 3rd branch now and John can't believe this is happening in the real-life!
Do you think I did all the work for John? Ha, you wish! John thought I will!
Not at all!
That all was John's work - being ready and open for a transformation.
Just like it is YOUR job to work on your business and my role is to actually give you that space, take you OUT OF THE BUSINESS for an hour or two and challenge you, push you, question you, and of course guide you and save you from expensive mistakes.
Can you grow your own business by yourself?
Of course, you can!
All you need to do is just to go through your notes which you took at the latest seminar and start applying them! That's about 3-4 hours of your time if not more, by the time you drive, park, network, learn, have a coffee break, learn, network, drive through traffic... Hmmm... looks like definitely at least 5 hours!
Does that sound exciting? Sure (as if!)
And then you go to the next seminar or a workshop and apply all that you learned there. Another 3-5 hours. Of yes, ''how to apply and where do I start? - is a question you constantly ask yourself in the meantime"
Then you just repeat the process again, again, again and again...
Don't forget about the hours!
Therefore, going back to the topic of this article - the business growth starts with yourself. Whether you want it or not.
By investing in business coaching you will actually save your time, money and efforts in life, too. It is about the balance at the end of the day!
Success starts within you, so make that first step...ideally, NOW.
Here the original article which inspired me today: