Research has shown that a little better than eighteen percent of business failures are primarily a result of two outside influences: inflation and economic conditions and unions. That leaves better than eighty-one percent of the failures resulting from areas that are normally within the business owners and employees control. Why then are more and more people leaving corporate America and starting their own business ventures? Why are those businesses failing? After all, Financial Independence has become the cry of the new millennium, and why not? Everyone wants to take advantage of retirement, to stop working, to travel, and enjoy those senior years – not to become a senior citizen employee (I apologize to all WalMart greeters!) in order to make ends meet. What’s missing?
Think about the correlation of your education and your profession. How many small business owners studied business or maintain an ongoing professional development commitment to their business growth? Doctors, nurses, pharmacists, architects, trades professionals; school teachers and even cab drivers require specialized education and licensing. To earn a business license, a person needs to pay a licensing fee, choose a dBA, and hang a shingle – specialty licensing and continuing education may be required for the field but not the business…hmmm
So, are you working on your business? Imagine for a moment, you have a business plan, (you have a written business plan, right?), and you have set your annual goals, identified objectives, created your message, and are now implementing your business. How are you measuring your success? Annually? Quarterly? Monthly? Whether you are a dog catcher or event planner, a life services specialist or a mortician – you must have an assessment strategy. Often, business people spend their day working IN their business – running to meetings, serving a client, researching a topic, issue or need, dealing with paperwork, etc. Even more often, people are neglecting the need to work on their business – improving performance, providing better service, increasing efficiency, marketing to new audiences, growing professionally, etc. Can you identify five things you have accomplished, daily? Do you celebrate those accomplishments?
Working in your business is a no-brainer – you’re the expert. Working on your business and rewarding yourself for accomplishing goals is the greatest secret to success. Create a formula for sustainable success and work it. Get out there and work ON your business. Use business coaches and consultants to help you become who you want to be… a successful and profitable business owner serving your neighborhood and community… ‘for over (you choose) years’… Next time let’s ask, “Who are you being?”
Tim Harrington, executive business coach, Outside the Box, works with business leaders to create focused and effective business strategies, workgroup environments, and career paths which lead to sustainable success and exceeding the expected. For more information on creating breakthorugh results through coaching, contact Tim at .
Want access to all the latest articles? Sign up as a member. Registration is FREE! Click here to register.