Each and every day, small business owners to Fortune 1000 executives bring assumptions about their market, their business, their workers and their customers into every decision that they consider and eventually make. These assumptions have a significant impact within the procedures of the business. If you are seeking small business help, maybe it is time to check your own business assumptions.
1 – Everyone needs my product or service. 2 – I cannot spend time working ON my business. Having worked with a number of small business owners to help them create executable proper plans, this assumption is devastating. When business owners assume that they need to focus 99% of their time working IN the business instead of ON the business, the probabilities that the business will falter in the future have been greatly increased.
It’s the Fast that Eat the Slow, by writers Jason Jennings and Laurence Haughton who expose how enough time business owners devote to yesterday and today’s issues without looking to the future the foundation for tomorrow’s business. 3 – I cannot afford to spend money to grow my business. What is so consistent is that lots of business owners will drive expensive vehicles because of the perceived benefit as an investment because of the tax write off, but won’t invest hardly any money into developing their own business. Yet, these same business owners will complain how bad business is. As an executive coach, one of my most frequent issues is that you cannot be afforded by me.
This declaration is released before any debate about the level of their issues. An assumption already exists that they cannot afford me or anyone else to help them develop their business. Unfortunately, their belief system confuses extra cash with investing money. Despite the fact that the best resource to any business is the employees, business owners in many cases will “invest” money in everything but their workers.
New vehicles, new equipment, new computers and the list continues on are considered important investment, but training the employees is known as an expense. History shows this to be true because when there is an economic downturn, the first slashes are usually to RECRUITING especially within training and development rather than to Capital Investments or Improvements.
5 – My business is unique and for that reason my problems are unique. Each business owners is convinced his business is exclusive. If the business is in health care, education, manufacturing, not for profits or professional services, the basic challenges will be the same – getting sales, growing sales, increasing profits reducing costs and leveraging resources. 6 – I don’t need an idea of action.
In November of 2001 8 weeks after 9/11, I spoke to a group of over 100 business owners and asked them: “How many of your businesses have been adversely affected because of 9/11?” Over 90 business owners elevated their hands. Then i asked another question: “Just how many of you have observed significant reductions in income that will impact your current annual performance?” Again, well over 70 hands were elevated. Finally, I asked everyone: “How many of you have revisited your tactical plan or your business plan to make the required course corrections to this unforseen event?” Only 5 business owners raised their hands.
- Pin the post(s) to your Facebook web page throughout the period of your promotion
- View images or they could follow links to a picture gallery
- Is there a need for your expected products/services
- Alvin Warren’s ALI plan, including imputation credits
- 10 times ago
- Sales have increased more than capital utilized
- Research Options for Accounting Professionals
By assuming an idea of action was not necessary, 90 business owners allowed a substantial unplanned event to guide their business future. 7 – Motion is activity and improvement is results. Inside the marketing and selling processes, there’s a lot of motion, but it generally does not indicate progress. Also there exists a great deal of activity that always doesn’t translate into specific results. For example, in selling something to a potential customer, a whole great deal of movement is spent from conferences to consultations to shutting the offer, but the deal will not close because the real decision machine is not in the current motion.
Hence no real progress is being made. Or in marketing, a lot of activity is being produced from mail campaigns, email newsletters, marketing events, etc. and the results are not taking place. Complicated motion with activity and progress with results is an extremely dangerous assumption. The source for many of these assumptions are the belief systems (foundational thought processes that evolve from our collective experiences). Until we continuously check the assumptions that we bring around every day as we open our doors for business, we will possibly lose opportunities for business success.