Fall is the time when most businesses and homes are gearing up for the festive seasons. Most businesses and homeowners take time to dress up their place with the spirit of the season.
It’s also the best time to take inventory and also get our business in shape. According to US Small Business Association most business fails because of the following reasons:
• Lack of experience
• Insufficient capital (money)
• Poor location
• Poor inventory management
• Over-investment in fixed assets
• Poor credit arrangement management
• Personal use of business funds
• Unexpected growth
Some of the reasons can apply to online businesses as well. Running a business is different from a job. We have run several businesses successfully and also failed in some. There are three questions business owners should ask when it comes to taking inventory and measuring the health of your business:
1. Are you creating a job for yourself or are you creating a business?
2. Are you tripling your strengths and outsourcing your ‘weaknesses’?
3. Does your current business plan fit your overall business model (for profits)?
One book I would highly recommend is “The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It” by Michael Gerber. This book will help you discover the myths about starting your own business and walk you through steps from the beginning, through growing pains to the maturing stage of business. He will also show you the difference between working on your business and working in your business.
The E-myth has helped us not to run in circles thinking being busy is equal to being successful. I found out being busy does not always translate to having more profits. In fact busyness can dress itself up and ‘kill’ productivity and our wellbeing.
Most small businesses are started by a single person and the person could be the talent and most skilled worker in the company. I was one of the highly skilled computer guys that everyone liked when I started one of my business years ago. Everyone was looking for me and not my employees who were good at what they do too but many of my clients expected me to work on their problems. As you will read in the E-myth as the business grows this is a recipe for disaster.
Reading the Emyth can help you start and overcome some of those pitfalls in business. But do you know your strengths and your weaknesses in business? Having a monthly goal, an operation model for your business and doing things consistently to move forward is important for any business.
Angela Brooks, who works as a full time nurse and runs an online direct sales organization part time has created great success using systems. She is very clear on the systems she uses including tools like her smartphone, social media, newsletters and the blogging platform to serve her clients and business partners. In less than 2 years of using her systems she has created a full time monthly residual income on part time hours.
Nothing else. No phone calls, no hotel meetings and no conferences around the country. She trained her business partners to do the same.
You can do it too. There are tricks and treats in the online business world. Do you know your treats and your tricks? Let us know.