Shape Your Business logo
Follow Us:

Five Things That Keep Business Owners Up At Night

Wednesday, February 11, 2015   By Mike Reddy

 



Business owners are faced by many challenges throughout their days and these issues often keep them up at night as they turn them over in their minds and head toward a solution to the challenges. From what I am observing in my business coaching visits, I reckon these are the top five concerns that may be keeping you, as a business owner, up at night and some of my tips to overcome them successfully.

  • A Massive Workload. If you find your workload is getting out of control, here are some things you can do to get on track. The first step is to prioritise your work and then manage your time wisely. Be disciplined and focused on your business and handle urgent or important tasks first.

  • Lack of Skills. Let’s face it; you’re not likely an expert at every skill needed in your office. If you were, I wouldn’t have a career as a business coach!  This means you’ll need to hire team members who are, outsource some tasks or get the training you need. If you don’t, you’ll be wasting your time and money.

  • Slow Moving Sales. Slow moving sales are often an indicator that you need to cultivate more customers and communicate the value of your goods and services more effectively. You have to create selling standards in your business and get your entire team trained to sell your brand.

  • Paying Creditors. Every business faces a financial crunch occasionally but if the problem of paying your creditors is never-ending; you need to examine critical areas to keep the income flowing and creditors paid. Take a look at your pricing – is it too low for your product or service? Are your costs (rent, payroll or products) too high? Do you have too much outstanding debt from your customers? Any, or all, of these may be a contributing factor.  When you discover which one, you’ll be well on your way to a solution.

  • Managing Staff. Training and trust are the big issues here. First of all, you need to train your employees to represent and sell your brand. They need to understand your vision and be on board fully. A good way to do this is to set company goals together, letting your staff offer input. Once this is complete, you can delegate tasks to them and trust them to get the job done. Always follow through, be compassionate, trustworthy and fair and let your employees trust you as well.

These are real issues faced every day by business owners, just like you. Each of these keep-you-up-at-night concerns can be helped by following these useful business coaching tips.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.