Small business owners face many struggles. Growth seems out of reach. You spin your wheels just doing everything yourself. The next steps to take for your business are muddy. I’ve experienced this myself. I did some research based on the struggles that small business owners face and what really holds them back. Let’s get into what they are.
Pinpointing the Issues
I get it. Like I said, I have been there, struggling in my business, hopping from thought to thought about what to focus on. I’ve pinpointed what stops us from achieving what we really desire in our business. Would you believe me if I told you that most people say the reason is “themselves”? It’s a common answer, but it goes even beyond that:
1. WEARING TOO MANY HATS
This is something that comes up time and time again with small business owners – they wear too many hats.
They burn out and spend far too much time working in the business rather than working on it. When this happens, there’s no room for strategic growth.
2. LACK OF STRATEGY
How can you even have a strategy for your business if you don’t know where you want your business to go? It’s impossible unless you have clarity on where you want to get to as a business or even as a business owner.
3. CASHFLOW PROBLEMS
The old adage, “You need to spend money to make money,” really hits home here. Cash flow problems exist everywhere. Small business owners often don't focus on the numbers. I can’t hammer this Home enough; keep track of those numbers. Hire out an expert. Make a system. It’s absolutely necessary.
4.. MINDSET AND BELIEFS
You don't value yourself the way you should. You don't value your services appropriately. You have a case of imposter syndrome. This affects your thought patterns and, in turn, affects your actions when it comes to your business.
5. LACK OF SYSTEMS AND DELEGATION
I’ll go back to Point #2 and really stress that you need to work with the experts. You can’t know or do everything. Delegation will help you grow. Creating easy, repeatable systems makes it easier for you to delegate. Start with the systems then bring in the experts.
6. WEEK LEAD GENERATION
Weak lead generation in sales is a common issue. Those running their own business might think this is the issue that needs the most work, but it’s just one piece of the bigger puzzle.
7. MARKETING OVERWHELM
TikTok is dead. Facebook ads are over. Buy this course. Post only on LinkedIn. There is so much marketing noise, and it’s overwhelming. Trial and error can often be your best bet in terms of marketing.
8. POOR TIME MANAGEMENT
You can lose more time that you might think doing these small tasks. Answering emails, doing your accounting twice a month, not to mention potential technological issues that can come up, cost you precious time.
9. LACK OF SUPPORT AND MENTORING
Being in business alone is lonely. We need to have a supportive team around us. Get a coach, a mentor, or strong inner circle who can support and guide you all along the way.
Resetting Your Energy
Look at what you’re focusing on each day. Do those tasks drain or energize you? Are they the right activities or the right clients? Do they move you closer to what you want to achieve?
My mentor, John Maxwell, says the best success is determined by your daily agenda, and I completely agree.
You might know about my Energy Audit. It’s rebranded as the Business Energy Reset to help you reset and focus on the activities that energize you and drive the business forward. If you’re interested to find out the gaps and opportunity for growth take the reset assessment today. Click here for the short quiz
Stepping Into Leadership
One big piece of that puzzle is stepping away from the business to lead the business. The goal is to move from the draining activities to the ones that grow your business, like the vision of the company and putting yourself into a true leadership role.
Having oversight of every little detail of your business is a comfort. But it also comes down to limiting beliefs. We think that no one else will do things in our business the way we can.
I explore this a lot with entrepreneurs in my Business Therapy Thursday sessions on my podcast. We get into the problem and create a solution that makes sense. Ultimately, entrepreneurs need to trust themselves to trust others.
Trusting others to help expand the business you built takes guts. If you’re not feeling quite brave enough yet, let’s talk. You can’t do it all alone.
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I am also very excited to announce that I am bringing back the ONtrepreneur Bonfire Series this summer and it is completely free! This program will help you navigate your business and keep momentum going during the summer months.
For more information about this free summer program, or if you find it challenging to run a business during summer, reach out to me at marshall@marshallstern.net for more information.
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