Tips and Tools for Small Business Leaders October 2023 The Inspire Results newsletter is published monthly
4 Top Challenges Business Owners Face and How to Overcome Them
The top challenges business owners face will not be news to you… but how to overcome them very well may be.
If you’re experiencing a fear you won’t make payroll, 60-hour weeks with years of no vacation, and employees who don’t want to work, read on.
Our team of 5 business coaches identified the 4 top challenges business owners face and how you canovercome each one:
Lack of Cash Flow – From manufacturers and law firms to veterinary practices and construction companies, cash flow problems don’t discriminate by industry. It’s estimated that nearly 75 percent of small business owners have fears around not being able to pay employees.
To improve cash flow, don’t make the mistake of looking first at decreasing expenses. First, focus on increasing revenue by creating a strong sales strategy. Then focus on decreasing expenses.
Focus on the profitability of the work you do. Create workflow systems to reduce the cost of delivering your service. A heating/cooling company has a service guy who stops to get coffee on the way to the 1st job of the day. He arrives and makes a phone call to his daughter before knocking on the door. He chats with the customer an extra 10 minutes, brings one tool at a time to the work site, chats with the customer, makes another phone call, then leaves. He stops to pick up a few parts at the supply house and talks to the clerk about football, goes to the 2nd job, realizes he needs another part, leaves mid-way through the job to get the part, returns to the job, chats with the customer…all these little things add up and soon the delivery of the service has become expensive,
and your profitability has evaporated.
January 11, 2024 Holiday Inn Indianapolis Airport 8555 Stansted Road, Indianapolis 10 am - 4 pm
"Coffee and Connect" from 9:30 - 10 am
and "Cocktail and Connect" after the workshop
Discover the potential in your business by completing your Single Sheet Business Plan. Then break it into quarterly, monthly, weekly & daily goals and get a line-of-sight from your daily tasks to your 10-30 year purpose. Step out of the day-to-day business
for just 1 day, get organized, complete a prescribed planning process, and walk away with an action plan that leads to greater profits and free time back.
For owners & leaders of small to medium sized businesses. Bring your 2nd-in-command or your whole leadership team!
Help business owners who need us, find us. Reply to this email with an e-intro including the business owner’s name, company name, & email address. We have a Referral Bonus!
