Much has been said to small business owners about the need for a business plan. Without a clear business plan you don’t know where you’re headed nor what the vision is for your business.
If you’re ever looking to raise funding from venture capital or get loans from the bank you’ll require a detailed business plan. When you’re just starting out usually a simple business plan will work to keep you out of the dreaded “entrepreneur’s trap”.
Many business owners fall into the trap of “working IN their business instead of ON their business”.
This means the business owner is a taskmaster. And usually as the business owner you are performing all of the tasks yourself. Even if you have employees you’re probably doing more tasks than you have time for and falling behind on the important stuff.
This negative cycle affects many small business owners.
Then it gets to a point of survival. “I need to pay my rent next month” is a comment often made by small business owners grappling with this problem.
If you’re A business owner in survival mode then practice triage. Triage is a strategy where medical personnel in a battle situation prioritize which patients will receive treatment first in order to maximize the number of survivors.
So you’ll have to prioritize which problems are causing the most bleeding. These can be financial or operational bleeding.
Ask for help from a mentor. If you don’t have a designated mentor there’s an organization called SCORE which is a group of retired executives. They usually offer business counseling for free in your local area. Describe clearly to them the way you see your business problem so they can properly advise you.
Ask them for advice on developing systems and procedures so you don’t fall into this trap ever again.
business bankruptcy, business owners, entrepreneur problem, financial problem, score, small business