Instant gratification appears to be very prevalent in today’s society. Unfortunately, this mode of thinking is sometimes translated to the business owner. One of the worst things a business owner can do is to focus on “getting rich quick”.
The basic rules for starting and growing a business are simple. If in truth they are simple, why is there such a high failure rate. Business is like a game. Most people don’t follow the rules, thus they play the game poorly. The “game of business” rules may be hard to find and difficult to implement. Implementation requires patience, follow-through, and an understanding of how the game is played.
When presented with options, it is easier to believe in something that promises easy and fast results. There is a saying, “ Most businesses aren’t planning to fail-they’re simply failing to plan.”
While I am not an advocate of spending weeks and months planning for the future of your business, I do advocate having knowledge of your financing, management systems and proper marketing techniques. I advocate having a working plan (strategic focus plan) which encompasses all these areas and sets realistic goals and accountability check points.
A successful strategic focus plan is impossible to develop and implement when the business is behind on rent and has more debts than income. Without a solid foundation upon which to build, the get rich hopes turn into get poor quickly.
As business owners we are fed with a constant stream of “quick fix” solutions to growing our businesses. There are countless networking sessions where you can meet 200 people in less than 60 minutes; how about the call from an internet specialist that can design your web site and get you on the top of every list for people that are looking for your products/services. Then there is that weekend seminar, only $5,000 but you will leave with all the knowledge you need to get rich quick (you know who got rich quick).
When you are in business for yourself, either as a business owner or a commission sales person, you are betting your future upon the success of that business. You are counting on that business to provide for a family and possibly employees. You are counting on that business to provide a retirement income, and you are counting on that business to have enough reserves to make changes as needed in a down period. With those kinds of expectations, doesn’t it make sense to take the necessary time to insure that those plans can become realities?
A steady, positive and growing cash flow should be the goal for every business. Accumulation will happen if the details are taken care of.
Successful people ask better questions, and as a result, they get better answers.” Anthony Robbins
Nick J. Petra CFP