This time of year, kids get frightened by goblins and ghouls. But let me tell you, entrepreneurs have a very different set of fears. If you haven’t been growing your business the way you want, one (or more) of the following frights might be scaring you away from succeeding in business:
1. Lack of Money
If you’re not making enough money to pay your business expenses — let alone reinvest back into your company — you can’t expect to move from where you are stalled. And while, certainly for many business owners, it’s a very real lack of money, sometimes it’s more the perception of not having money to put back into the business.
If you’re serious about growing your business, you may have to take less in salary for a while to build up funds to put back into the company. Save up for that computer that will make your work more productive. Or save to hire your first employee. I promise, that investment will net you more money in the long run.
2. Lack of Time
There are only so many hours in the day (and you know -- you’ve worked ’round the clock!), and try as you might, you simply can’t get everything done. Or even done well. If you’re stressed about how much work you’ve got and how little time you have to do it, you’re probably failing to do anything 100 percent successfully.
It’s time to call in help. Whether that’s the aid of a family member or a new employee, you need someone to take the pressure off of you so your business can keep progressing.
3. Your Own Expectations
You thought you’d be turning profit by now, and much of it! Unfortunately, reality doesn’t align well with your expectations. It may be time to readjust those expectations, otherwise your doctor will be lecturing you about your blood pressure.
Sit down and take an honest look at your business. Maybe you wanted it to net you more than enough to pay your business and personal expenses, but you’re barely paying your business vendors. It might be time to reconsider your approach, seek funding, or consider taking on a job while you grow your company.
4. Overwhelming Day-to-Day Tasks
You don’t have time to think about your business’ strategy because you’re too busy putting out fires and handling a million tasks each day. This is a challenge for entrepreneurs, but as Michael Gerber famously says, you’ve got to stop working in your business and start working on it.
Go back to #2. Get help for those daily tasks, as they’re far easier for someone else to cover than your company’s business strategy is. That’s where you can really shine.
5. Your Work/Life Balance
You come home from a hard day of work and end up arguing with your spouse. You never see your kids. While certainly this affects your home life, it also affects your ability to successfully grow your company.
Make time for your family. Be there 100 percent when you’re there, not checking your phone for emails. Spend some time relaxing and work will be easier.
All of these scary stressors have available remedies. The first step is identifying what those roadblocks to success are, then taking steps to move them out of your way.
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