With a slow economy, there is no end to clients for a business coach. Big or small, lots of businesses are suffering right now. Still, my passion is small business owners. I love the possibility that they create: from nothing but an idea to a brick and mortar business that thrives. Anyone can start a business, but not all who begin are business people. Businesses thrive easily in a bull economy, but when a downturn happens, what shows up is all of the areas in which a business owner is weak. Many fail to address these issues and end up closing their doors on their dreams.
Yet, many others succeed. Successful business owners cause a transformation. They stop, rethink their business and reinvent themselves to grow rather than decline. What is their secret?
In my experience, businesses that have come back big from poor sales and slumping profits have 5 things in common:
- The owner had a “wake-up” call.
In order to turn around your failing business, you need to stop arguing that your business is “fine.” You must stop denying that there is a challenge to face, and face it. Facing your failure is the first step to healing it. You must become determined to lead your business to growth, greater profits and better customer service. You can no longer be satisfied with “just getting by.”
- The owner developed clarity in his vision.
Most failing businesses are focused on ONLY the bottom-line and not the big picture. As Simon Sinek would say: “they were busy with the “what” without addressing the “why.” Get your vision in line and speak it loudly. Share it with your staff and customers and make it happen as a community.
- The business owner re-organized his workforce.
Re-organization is the solution to a company that is stagnant. You must re-examine your team and fire the dead weight. Bring in new employees that are passionate and who can align with your vision for the business. A thriving business MUST have team players who are energetic and excited.
- The owner developed a spirit of tenacity and a commitment to real leadership.
A turnaround doesn’t take place overnight. Once the people are in place you need to be consistent with your brand message, your delivery and your customer service. You must become a strong leader, providing energy and vitality to your workforce. Consistent innovation produces consistent results.
- The owner invested more time in himself.
Work less! Delegate! Your overall well-being and balance create your attitude, and your attitude creates your business. If you are drained, burdened and burnt-out, your business will fail. Creating an authentic attitude of joy and expectation of growth for your business will increase vitality, which will increase profits.
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