When asked,” What are the most critical keys necessary to succeed in a small business?” my answer is:
- 1. Doing things that you don’t want to do. Deep inside, I believe that most small business owners know what it takes to succeed. They may have figured this out on their own or from a business coach when developing a business plan.
- a. Procrastination is the most frequent excuse when facing an unpleasant task. “I can always do that later”. Even when cash flow is a problem, the procrastination bug is always saying that you can “do it tomorrow, there is enough time.”
- b. Fear of the unknown: often the reason a person doesn’t want to do something is because of unfamiliarity with the process (i.e. cold calling, blogging, etc.) Rejection or possible failures are strong rejecters of action. Habits take 30 to 40 days to form and to become an acceptable function in a business. That is such a small part of the life of a business.
- 2. Having accountability to an outside person: Human nature has a tendency to make us say “ I can do it all alone”. This attitude is found not just in business, but also when one encounters obstacles along life’s path.
- a. False knowledge: each of us has a feeling that we know more about starting and or running our business than anyone else; why should I seek outside help?
- Affordability: “I can’t afford a business coach”. I make better use of my resources by ordering additional supplies, or buying a computer or ?????.
- Fear of sharing: Opening up your heart and sharing true feelings about yourself and your business is a very hard thing to do.
- Lack of trust: Others care about you and your business; learning to trust is a sign of growth. You expect your customers/clients to trust you, but you must also trust others to complete the circle.
My 25-plus years of working with small businesses have brought me these two main reasons as to why a small business may fail.
Do what you have to do, and find a trustworthy coach to support you (they do exist).
Basic human needs are capacities to live, to love, to learn and to leave a legacy.
Nick J. Petra CFP We work with small businesses by earning their trust. www.strategicduck.com
Make it a Successful Today!