As 2014 draws to a close, many entrepreneurs/business owners are setting lofty goals for the New Year.
Will they achieve those lofty goals?
We will just have to wait and see.
However, judging from official statistics of the amount of businesses that fail, the deck does not seem to be stacked in favour of business owners.
50% of businesses fail before their fifth anniversary. Of the remaining 50%, 50% of those fail before their 10th anniversary.
In essence, 75% of all businesses fail before their 10th anniversary.
Like every entrepreneur/business owner, the owners of the failed businesses had hopes and aspirations for their businesses.
However, their dreams were shattered.
If the owners of the failed businesses were asked the reasons for the failure of their business, they will cite difficult trading conditions.
It will never occur to them that the failure of their business was the result of lack of resources and their inability to implement their loft ideas.
Lack of Resources
When successful entrepreneurs who lack the ability to deconstruct their road to success are asked how they become successful, they speak about their love and passion for what they do.
For decades people have been advised to turn their passion into business.
What those successful entrepreneurs fail to tell budding entrepreneurs is that their success were directly correlated to the amount of resources they had at their disposal.
As a business consultant, I receive calls from entrepreneurs/business owners who want to grow their business. When I ask them the amount of resources they have at their disposal, the answer is usually nil or tiny resources.
Someone with a thousand pounds at his disposal will say he want to make hundred thousand pounds in twelve months.
How can someone realistically make hundred thousand from one thousand?
You might think to yourself, it has been done before.
What many entrepreneurs/business owners do not realise is, those who claim to have made millions from a hundred pound do not disclose the help they receive from influential families and friends.
The fact of the matter is this, it does not matter how passionate and motivated one is, no one has the capacity to build a multimillion pound business from scratch without considerable resources.
With the internet and social media, many people are under the illusion that it has become easier to build a business.
It is true that the internet has lowered the barrier to entry into any business. However, the knock on effect of that is every market is overcrowded.
As a result of that, it is ten times more expensive to attract customers these days than it was five or ten years ago.
Where there were a handful of businesses in a niche, now there are thousands of businesses in each niche. Furthermore, there is nothing like a local business any longer.
The major competition a local business faces might not even be from other businesses in its own town. But from businesses in another town or even another country.
The combination of all of these factors means if a business lack the resources to implement ideas, it does not matter how passionate the entrepreneur/business owner is, he does not even have a prayer.
This is why as an entrepreneur/business owner, part of your planning process has to focused on obtaining the requisite resources to implement your plans for 2015.
With the banks refusing to provide loans to small businesses, one source of funding that could be ideal to consider is obtaining short-term loan from lenders such as Kabbage (Kabbage offer loans in both UK & US).
The good thing about Kabbage (Kabbage offer loans in both UK & US) is they offers an agile line of credit that can be used whenever, on whatever. Their application can be completed online within a few minutes, with no need for laborious paperwork.
Inability to Implement Ideas
Whenever, I am asked to quote my fees, it is always met with shocked or resentment from people who do not know the value of consultancy.
The question I am asked on many occasions is, how many hours are you going to be working on the project?
My answer is always, why do you care?
All you need is result and I produce result.
When some people get over the shock and hire me, at the end of the project, those with the courage to confront me say to me, but you did not do anything, I did all of the work , all you did was ask me question.
To that my response is always, ‘whose business is it?
It’s your business, so you have to do the work.
You did not pay me to run your business for you. You paid because I know the right questions, which enabled you to do the right things at the right time’.
The majority of entrepreneurs/business owners work very hard. They work harder than the average worker.
Yet 75% of businesses fail.
How can that be?
Well, even though many entrepreneurs/business owners work really hard, they work hard at the wrong things.
Part of the reasons for the failure of many businesses is many business owners are constantly engaged in the wrong activities and they do not implement.
Everything that I get paid thousands of pounds for as a consultant can be found in a £4.99 book from Amazon.
Left to their own devices, can the majority of entrepreneurs/business owners implement those information even if they have them?
These days literally every information can be found on Google.
Therefore, entrepreneurs/business owners do not suffer from lack of information, what they suffer from is the inability to identify the right information and if they manage to identify the right information, implement them.
Most business owners misunderstand the roles of consultants and coaches to their business success, which is the reason they view consultants and coaches as expensive.
I am not being paid for the information, I am paid for ensuring the information is used in the right way.
For example, the main function of any entrepreneur is marketing.
How many entrepreneurs know how to market their business?
Even those who know how to market, how many of them are willing to put in the time each day to marketing their business?
This is where the coach becomes essential. A coach plays two critical role in a business.
He forces the entrepreneur/business owner to do what he know he is needs to do and he ensures he is doing the right things.
Furthermore, a good performance enhancement coach help the entrepreneur/business owner develop metric for performance measurement and help him/her develop strategies for course correction.
Even though coaching is a very good business investment, the initial cost of hiring a coach can be a burden on most entrepreneurs/business owners.
This is the reason having access to funds can be a game changer for most businesses, which is why it makes sense for entrepreneurs/businesses owners to take advantage of loan offers by the like of Kabbage (Kabbage offer loans in both UK & US).
With a Kabbage (Kabbage offer loans in both UK & US) short-term loan, you will have the resources to hire a good coach to help you with your business and also to fund other business expansion activities such as website redesign, essential software, inventory expansion or hiring of essential staff.
Don’t allow lack of resources to prevent you from achieving your goal in 2015 like it did in 2014. Click on the link now to gain instant access to your business growth funding.
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In this fiercely competitive business environment, the tiniest of things can make an enormous difference to your sales and profit margin.
Click on any of the links below to gain access to highly valuable resources specifically engineered to help business owners like you increase your sales and profit margin:
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