I’ve been taking a personal branding course recently with a podcaster I’ve been listening to for a while named Jason Stapleton. One of the exercises we were asked to complete was our “origin story”. It covers things going back to your parents and their upbringing and how many siblings they had and where they grew up and eventually getting into where I grew up and how I got to this point in my life. One of the things that jumped out was my work history. And it got me to thinking, can you spot a budding entrepreneur based on what they do early in their life and career
It’s pretty easy to get caught up in the “busy ness” of day-to-day activities in our businesses. If you don’t have a longer-term goal in mind it can be frustrating for you and your team to continue on when times get tough. So do you have a longer-term Vision for your business and where you would like it to be in the next 5-10 years? Do you realize you can accomplish just about anything in 10 years?
Is your business ready? If the opportunity presents itself, is your business ready to be sold? Now, that doesn’t mean YOU are ready to sell. It’s a wonderful thing when those two things do align and both you and your business are ready to sell. Unfortunately we often find that too many business owners are ready to sell but their businesses aren’t quite ready yet.
Too many small business owners will respond “I don’t know” when asked questions about their numbers. If you are not in the regular habit of reviewing your numbers as a business owner, this is something you should start to change. One of the easiest ways to start is by reviewing your financials monthly. When we say financials, start with your Profit & Loss Statement and your Balance Sheet.
A phrase that can often strike fear in the hearts of even the bravest of business owners is, “Your banker is on the phone and would like to speak with you.” Oh no, you think, what could she possibly want? Does she know about my key employee who is threatening to leave? Did that upset customer call her to complain? Will she be pulling our line of credit?
Unfortunately many folks starting out in business make the often fatal mistake of hiring family and friends first instead of last. Now this may seem counterintuitive to many folks, especially those who know us well since we usually espouse the importance of Know Like Trust when building your business. But just because it might be “easier” to start with family and friends, doesn’t mean it’s the best thing for your business.