Answer: Determine the value of your time compared to the monetary cost of a professional. Hiring an expert to develop future business & expand borrowing power may be the right decision – Staying focused on what you know & delegating is the winning combination you’ve been looking for …
The question I hear from business owners is always the same, “Why is my business not expanding or why are my profits so low”? The answer is usually the same, its because you won’t let go enough to see what you don’t know and create a plan to figure out how to fix it, change it or learn it.Your profits may be OK if you restructured and quit spinning you proverbial wheels. Two main areas of focus need to be evaluated, what are your areas of weakness as a business owner and what are the missing components, if implemented, would create profitable growth. Once you make a list of each, you can begin to create an action plan directed at either learning what you don’t know or delegate what you cant do that needs to get done.
Here are a few things to consider once you have made you list:
- Review your growth list and make sure it contains action items that will create profitable growth
- Create a budget that reflects the cost of implementing what needs to be done to learn what you don’t know or find out what you are missing, along with a plan reflecting the source of funds to pay for the missing components for growth.
- Determine the cost effectiveness of hiring a professional. For example, if you learned how to build a website would it look the way you want it to and would generate enough traffic to increase profitable growth? Do you have the experience then to contract with a professional so that you don’t get burned by demanding progressive payments based on performance on their part?
- Once you determine to hire a consultant or professional, make sure the contract has a fixed price, keep some of the money until its complete, try and make it incentive based and never enter into a hourly rate contract for services.
Why is your business not growing? Consider the following:
- You are not networking enough, face to face, email and social media.
- You don’t hire contract professional to help you do the things you don’t know how to do that will expand your business long term.
- Your presentation is poor and/or your delivery is poor.
- You don’t represent the demographic you are trying to sell to, either by the way you look, verbally, written or your online delivery.
- You ask for too much money and therefore you have to deliver too much. Listen to what they want and see if you can deliver the bulk of our services or product for less money while generating higher profits.
- Your sales staff doesn’t know what they are selling so they lie and over promise to make a commissioned sale.
- Your sales staff knows too much so they over sell, confuse the buyer, miss buying signals from the prospect and that translates into discounts to get an order.
- You are over qualified for the type of business that you are marketing too and going after.
- You are not targeting your market to your specific product, who is actually buying what you are selling. Narrow your demographics based on people who buy similar items or services with the message delivered the same way you deliver it.
- You are not resell to your existing customer base, they already bought from you why not sell them something else within the same family of your current product.
- Your product is becoming endangered or extinct. What has your product moved to or become? Are you doing anything about it? Do you know what to do about it?
- You smoke, your attitude stinks, your depressed, your angry, and everyone at work knows it and that translates to poor productivity and over promised sales to get the order.
- You don’t listen and you talk too much.
- You are not grateful, you think getting up this morning is expected not a privilege and everyone around knows it.
- You don’t follow your customers instruction.
- Fulfillment costs you too much money because you don’t do it right the first time.
- You don’t have quality control in place to stop disasters from happening.
- Your evasive, you cant communicate and your unprepared.
I could go on….