Your business relies on you, the business owner, or the business falls apart. Most business owners are the If you take two weeks off, or a weekend off, or even a day off, your business doesn’t run as smoothly. So, you continue to
You’re the chief salesperson, the chief technician, the chief HR person, the chief customer service person. You are the chief you name it.
‘Chief Everything Officer’ CHALLENGE #1
, or CEO for short. constantly work IN your business.
This is a recipe for burnout and low profitability.
You’re facing a Catch-22 situation – you want to grow your business, but need cash to do so.
However, you can’t get more cash without growing your business!
CHALLENGE #2:
This creates a catch-22 situation.
You can’t get
more cash without a clear financial strategy. You started your business because you’re an expert in your craft – not because you’re an expert at business or financial strategy.
You don’t have a simple way to understand what’s working and what’s not working in your business.
Why is that? Because these are historical accounting reports, not forward-looking business managerial reports!
How can you make strategy decisions when you don’t understand what direction your business is headed in? You can’t. CHALLENGE #3:
Why is that? Well, when you ask the numbers people in your life (like your accountant or bookkeeper) how your business is doing, they will produce financial statements – such as the P&L and Balance Sheet - and give them to you.
This is not a simple nor an easy way for you to understand how your business is doing.
Whether you admit it or not, you are afraid. You’re afraid of a business failure. You’re afraid you cannot provide an income to support your family.
CHALLENGE #4:
And, when someone is afraid, that usually translates into stress. And when someone is stressed, relationships with your spouse, family and friends begin to suffer.
This is not good for your mental or emotional health.
You want to be successful – however YOU define success – but you don’t know how to be successful.
CHALLENGE #5:
Each business owner has their own version of what success looks like for them.
However, it’s a constant struggle to stay
afloat in their business – much less know how to accomplish their vision of success.
