November 13

Are You A Stressed Out Small Business Owner?

Are you a stressed out small business owner?

Many small business owners are under an undue amount of stress for several reasons. These reasons are many so lets just look at several in this article. One would think its because money is tight and that is a major reason but there are reasons that are a subset of the money issue. Here are a few!

  • Trying to do everything themselves.
  • Not understanding the business world and how it works.
  • Not having a clear business and marketing plan.

Lets take them one at a time. Trying to do everything themselves is a result of not understanding how to delegate specific tasks. Most entrepreneurs believe that "no one can do the job better than they can", so they tend to do the job themselves and this applies to every job in their company. Delegating is an essential aspect of running a successful small business. One should look for people who have skill sets that are totally different than the person running the business. For example, a small business owner should only hire people who will do what the owner doesn't want to do and leave the owner working in their own "Unique Ability". [Google it and see what it says.]

When the owner is working in their "Unique Ability" they are doing what they want to do and others are doing all of the rest, instead of the owner doing what they want to do and then having to do what they don't want to do. This is a recipe for burn out in short order.

Number two. Not understanding the business world and how it works is a clear problem. This can leave anyone scratching their head in confusion. Most people who start a business think they understand how a business is run, and then are dealt a bad blow when they have to go to a bank and get a loan and end up triple collateralizing their loans that puts everything they own in jeopardy. They get caught up in not understanding business fundementals that are critical in running a small business. A good way to see this in action is to watch the TV show Shark Tank and see how uninformed these people are when they are asking for money. This also applies to many aspects of the business.

Third is a business plan. Would you ever decide to take a trip without a map? Lets say you want to drive from New York to California and you know its West. You decide to take a compass with you and drive west how long would it take to get there? For ever! So you get our a map or GPS and start on your trip, you would certainly get there sooner than with out a map. Most people have no business plan which creates a huge amount of stress and in many case causes business to fail.

The rule of thumb is that out of 10 new start up businesses only one will survive fire years and then the same statistics applies for the next 5. Stress is a number one reason for failure, but can be eliminated. One of the ways to eliminate it is to get a coach to guide you. Many owners don't even do this because they think it cost a lot of money. It doesn't!

We work with many people in building successful businesses and do it based on a measure of success. The business owner wins and so does the coach. If you are a stressed out small business owner you owe it to yourself to at least explore this innovative method of coaching.

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