I spend a great deal of time traveling throughout the country and attending many business seminars and workshops. During my time on the road I am often asked by people about their business complaints and any questions which they have about how they can improve their business. One question that I am asked a great deal is how existing or long standing business owners can take things to the next level.
I was speaking with my friend Jon Bunge business expert and start up guru about these questions which so many people had and we quickly realised that in the majority of cases, these businesses are being held back by many things which are stopping them from getting to the next level. If you are in a similar boat, here are the things that may be holding you back from success.
Stuck In The Details
As a business owner you should be able to stand back and look at all aspects of your business and looking for ways in which you can improve it. What often happens however is that many owners get bogged down in the minutiae of their business and can ill afford the time to actually take themselves out of that situation, in order to be able to gain real vantage point over the business to assess where it can be improved.
I see many owners who are paying far, far too much for their goods and services and this often happens because of healthy relationships and loyalty. Your goal as a business owner is to make as much money as possible for you business. For this reason it is important that you are always paying the lowest prices for your goods and services and not paying over the odds simply because you have a strong relationship with an existing provider. You should be constantly reviewing where you spend money and looking to reduce it. Loyalty is important but not if it puts your business at risk.
Fear of Spending Money
Small and medium business owners should most definitely ensure that each cent that the business spends is thoroughly reviews and scrutinised. The problem is however that many long-standing business owners adopt this attitude for such a long time, that they become scared of spending or investing any money on their business. If you are looking to grow and succeed as a business then you need to understand that spending money in a sensible manner is the way to do so. This is not to say that you should play fast and loose with your cash, rather that you should be calculated with your spending in order to take your company to the next level. Invest wisely and you will see your business of forward leaps and bounds.
These are the top 3 things that I have seen which are holding businesses back, if you are in a similar situation then it is time to buck the trend and move on to a successful future.