Did you know that of 10 businesses started this year, less than 60% of them make it to their third anniversary, and of the remaining 40%, less than 30% will make it to their fifth anniversary? In ten years, only one of the businesses will be up and running. One of the problems is a poor strategic management. Furthermore, there is only one person running the business, from marketing to following up on clients, running social media accounts, providing customer support and you name it. By the end of the day, the business objectives become hazy.
Today, we look at why it is important to let go of some of the reigns in order to start up, maintain and hopefully be in a position to scale up your business at a much faster speed and have a clear understanding of your business objectives. The RiseAtop Education Series has been created to provide guidance, support, and offer reliable information on why it is important to have clear business objectives.
Clarify your business objectives
One of the best business objectives is to make money. However, when you get into business solely for the money, you may soon be distracted by the competition and lose traction. Instead, concentrate on a problem/ solution-centered business approach and constantly find ways that will take off the unnecessary pressure of doing business.
A recent survey showed that over 85% of business owners wait until the moment when the business is falling apart to ask for help. There is a danger to this, in that there is hardly much to be salvaged. According to the Australian Securities and Investments Commission survey, 40% of SMEs had high expenditures compared to their cash flow, 44% did not have adequate strategic management, while 30% suffered from gross trading losses.
Asking For Help Is Not A Weakness
There is a misconception that asking for help is a sign of weakness and this could not be further from the truth. The people who have built empires sought out assistance to start and scale up their businesses. Timing is of the essence and foresight will help you know what kind of help you need.
There is more to life than chasing the next client or growing your margins single-handedly. What this creates is a burnout and you can get easily irritable. This RiseAtop education series advocates that you also strive and reserve time for hobbies and family. One of the best ways to accomplish this balance is learning how to outsource the services you need whether it is advertising, social media account management, creating adverts, et al.
Jeff Bezos, the founder of Amazon, did not get Amazon to the top by laying each brick on his own. A business owner that tries to find help will improve the chances of success by more than 45%. RiseAtop provides a technology platform that connects business owners with others who have complementary products or services and this ensures that you have a support structure.
Join the network of Interdependent Sole Proprietors
Since most people go into business without sufficient planning and enough capital, they do not consider getting a professional business analysis. You are encouraged to use RiseAtop referral engine to find expert business advice on best practices, technology, marketing, digital transformation et al. You will be able to create a profile on the website to be part of a growing community of interdependent sole proprietors that will help you run and grow your enterprise.
