I was having a great conversation today with a CPA I know really well. We met at Starbucks not far from his office. Amazingly enough he took the time out to meet with me even though he must be crazy busy doing tax returns this time of year.
The subject came up about business success. He asked me what I thought about the percentage of businesses that are truly successful. I replied that I believe only 10% of businesses are still around after 5 years and that only 1% of businesses are truly financially successful.
Why is that?
Most business owners never do the real work to be truly successful. What I mean is, most independent financial advisors and business owners don't take a long hard look at their business to see where they need to improve. They also don't look at their own skills to see where they are weak and where they could improve.
True success comes from having all the proper elements in place such as:
Policies - for all aspects of the business
Procedures – to document how things are done
Job descriptions – so that everyone knows what they should be doing and what they are responsible for
Organizational charts – who reports to who and who's in charge of what
Target Market – a business that markets to everyone and anyone really markets to no one
Marketing Plan – how the company is going to make money
Marketing Calendar – when the company is going to carry out their marketing plans
Fewer than one percent of all businesses will be truly financially successful.
The subject came up about business success. He asked me what I thought about the percentage of businesses that are truly successful. I replied that I believe only 10% of businesses are still around after 5 years and that only 1% of businesses are truly financially successful.
Why is that?
Most business owners never do the real work to be truly successful. What I mean is, most independent financial advisors and business owners don't take a long hard look at their business to see where they need to improve. They also don't look at their own skills to see where they are weak and where they could improve.
True success comes from having all the proper elements in place such as:
Policies - for all aspects of the business
Procedures – to document how things are done
Job descriptions – so that everyone knows what they should be doing and what they are responsible for
Organizational charts – who reports to who and who's in charge of what
Target Market – a business that markets to everyone and anyone really markets to no one
Marketing Plan – how the company is going to make money
Marketing Calendar – when the company is going to carry out their marketing plans
Fewer than one percent of all businesses will be truly financially successful.
Sure it takes a lot of work to get all of this accomplished, but it's worth it if you can pull in million dollar revenue and have your business run effortlessly.
Wouldn't you rather be spending time with those who are important to you than slaving at your desk ten hours a day six days a week?
My advice to you: Use this time, this economic downturn, to polish your business policies and procedures and spiff up your marketing so that you will be one of the businesses who are truly successful. What I want for you is to be around in five years making million dollar revenue.
Suzanne Muusers
Business Coach for Entrepreneurs
Wouldn't you rather be spending time with those who are important to you than slaving at your desk ten hours a day six days a week?
My advice to you: Use this time, this economic downturn, to polish your business policies and procedures and spiff up your marketing so that you will be one of the businesses who are truly successful. What I want for you is to be around in five years making million dollar revenue.
Suzanne Muusers
Business Coach for Entrepreneurs
& Independent Financial Advisors
Posts
3 comments:
I couldn't agree more. So often entreprenuers get into a situation where they are focusing on their brilliance (good thing) but no focusing on areas of weakness that are critical to a healthy business. It is OK to ask for help!
To be a success is not always to be a success individually. In fact, most of the time we achieve our successes as part of a team.
greg reyes
To be a success is not always to be a success individually. In fact, most of the time we achieve our successes as part of a team.
gregory reyes
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