Small Business Problems: Why are YOU in Business?
I have coached and mentored many small and large businesses to improved financial performance over the last 20 years in several countries, along with a number of charities, and I have received a variety of answers to the question: ‘Why are you in business?
So, I ask you. Why are YOU in business? Think about it and make a list of why….
Are your answers similar to those I have heard over the years:
- To be my own boss.
- To live my dream.
- To bring my product or service to market, as everyone will need my product/service.
- To help others.
- To have a successful business.
- To make a difference, and to make my customers happy.
- I am the ultimate entrepreneur and couldn’t work for anyone else.
- To earn the money I am worth, rather than receive a salary working for someone else.
- To control my life.
- To contribute to the lives of those who are less fortunate.
- To deliver social/community programmes.
If you answers are any or some of the above, while they are good and at times noble reasons for being in business, they are NOT the reason you are in business. There is ONE reason and ONE reason only as to why you are in business…… and that is:
TO MAKE MONEY…. and hopefully, lots of it!
There is no other reason to be in business. If you have any other reasons for being in business, they must be secondary, otherwise you will have small business problems!
Yes, by being a financially successful business or charity, you will achieve some or all of the above points, but they are not the principle reason WHY you are in business. They are the results of being financially successful in business.
Over the years I have seen so many small businesses not focused on money – the cash-flow and profit (or lack of) in their business… a lack of focus on these areas lead to small business problems. The net result is that they are unsuccessful and fail, or struggle, with the owners living a ‘hand to mouth’ existence….. and, not achieving the dream they have set for themselves and their families.
In my opinion, there has never been a better time to be in small business…. as Lord Digby Jones, a UK based businessman, and UK Trade Ambassador recently said: ‘It is small business that will lead the UK economy out of recession in the coming months’. Whichever economy you are in, I wholeheartedly agreed with the sentiments. But, small businesses will only lead economies out of recession, if they themselves are financially successful.
So watch out for my key strategies to make significantly more profit in your small business. In the meantime, get focused on making money… that is the only reason why you are in business. Successful businesses leads to having fun in business. Marginal or unsuccessful businesses lead to constant small business problems, challenges and issues. Which would you rather have? I know that the answer is for me!
As Warren Buffett, the renowned investor says: ‘Rule No.1 – Never lose money. Rule No.2 – Never forget Rule No.1.’
If you would like to learn more on how to address the cash flow issues in your business, then please go to www.adelemclay.com/free-resources and download my SPEARHead System™ – 50 Strategies For Supercharged Small Business Cash Flow.
Could some guidance from me be helpful to you? If so, please arrange a free 30 mins Skype strategy meeting with me. Here’s my calendar to book a meeting. I’d love to support you in some way to gain ‘seductive clarity’ in any aspect of your business or life.
Other articles on Small Business Cash Flow:
Small Business Cash Flow – The Ultimate Guide
Cash Flow Problems in YOUR Small Business
Small Business Cash Flow Problems
Cash Flow in Business
Cash Flow Projections – Important in Business?
Projected Cash Flow – Relevant in Business?
How to Solve Cash Flow Problems: Inventory Turn
