Solving Common Business Problems
Are you a business gladiator? If you’re running a small company or startup, your moment of truth will probably arrive in the form of some common business problems. You’re not alone. Success is never a straight line – especially for small businesses. That’s why business is a sport for gladiators, not for the faint of heart.
Ready to take your business to the next level?Download the 7 Forces of Business Mastery
Growing companies have growing problems
Even the biggest businesses were startups once. No matter what type of industry you’re in, you’re probably experiencing the same challenges faced by businesses around the world. Though they seem unique to you and your team, they are often universal. A lot of it comes down to how you think of them. Do you view challenges as obstacles or do you see them as opportunities for growth and innovation? Apple overcame numerous challenges – and near bankruptcy – before becoming the force of nature they are today. And they didn’t do it by thinking small. When sales were down, they didn’t think about how to sell more computers – they created the iPhone.
Building a business is all about focusing on mindful scaling – something that is impossible if you’ve not identified the common business problems holding your company back. Think of it as building a foundation for a building: If you’ve not sealed the cracks and strengthened the base, you can’t build a sturdy structure. Knowing what common company problems you face now or are likely to face in the future is the foundation you need to scale your business in a solid manner.
Identifying common business problems
You might think your issue is falling sales or an increase in competition. It could be your employee turnover rate or a lack of drive throughout the company that appears to be the culprit. But here’s the secret: Those aren’t your real problems. In order to succeed, you need to get to the core of what’s really holding your company back. For most businesses, they fall into one of these categories of common company problems.
1. You don’t know your purpose
Does your company feel adrift? Do you find yourself changing your mission statement constantly? If so, you’re experiencing one of the most common business problems. But it’s not the lack of planning that’s the problem – it’s your lack of purpose.
Being a strong leader is synonymous with having a sense of purpose. When you truly believe that you will be successful, you will see your business thrive. Your purpose gives you passion, drive and certainty. It gives you the ability to overcome towering obstacles.
A business is only as strong as the psychology of its leader. It’s up to you to do the work and bring purpose to your company.
2. You don’t have a strong brand identity
One of the biggest challenges faced by businesses in their growth stages is not settling on who they are. Developing your brand identity is vital to your marketing and sales success. Your identity epitomizes what your company stands for – your values, mission and goals. It deeply affects your company culture, which, in turn, affects whether you can hire and retain the best people.
Your brand identity is how you make an emotional connection with your consumer and create customer loyalty. Without a strong brand identity, you won’t know what audience to target – and you definitely won’t inspire raving fan customers.
Not establishing a strong brand identity is the core of many challenges faced by businesses as they attempt to scale.
3. You’re not providing value
Experiencing falling sales and a dwindling customer base? Shrinking profits is among the common company problems that eventually lead to bankruptcy. Perhaps your customers are going to a competitor, or your product just isn’t in fashion anymore. When this happens, don’t blame the market. The real problem is that you’re not providing value to the customer.
To be successful in business, you must provide constant strategic innovation. Determine your X-factor – what sets you apart from the competition? How do you bring more value to your customers? What makes your company talkably different? If you don’t know the answers to these questions, it’s time to sit down and think about them.
4. You haven’t planned ahead
Purpose and identity are crucial to your success, but don’t forget about making a plan. And don’t just make any plan – make a massive action plan (MAP). Making a MAP instead of a traditional plan allows you to stay agile in response to business challenges while always keeping your eye on the prize.
One of the challenges faced by businesses is likely to be a recession, and most business owners aren’t prepared for one. Only 13.9% of business owners feel very prepared for a recession, despite the fact that the economy has spent over 60% of its time in a recession since 1879. It’s easy to feel confident during good times, but it’s the hardships that matter. Get prepared for a recession and other negative economic possibilities before they happen.
5. You don’t have an exit strategy
No one wants to think about the end of their business, which is why developing exit strategies is one of the most common company problems. The goal of your business should be for you to eventually leave. This could come in the form of arranging a leveraged buy-out, leaving the business to your children or selling the business to key employees. The point is, knowing what the preferred end of your company will look like helps you develop the best path to get there.
Forty-five percent of business owners spend over 40 hours a week in the office and never find a way to extricate themselves so they can pursue other passions. Sound like you? It’s definitely time to start working on your exit strategy.
6. You won’t ask for help
We all have blind spots and one of the challenges faced by businesses is a leader’s inability to reach out to available resources. Being a great leader doesn’t mean that you have all the solutions – but it does mean that you use everything at your disposal to get the job done. One of the top traits of a leader is resourcefulness. The best leaders leverage what they do have in order to fill in the gaps – especially when it comes to their businesses.
Stop telling yourself the story that “strong leaders don’t ask for support.” Once you do, you’ll find that business help is out there. Sign up for a free CEO Strategy Session and discover new strategies that will skyrocket you to success. You won’t just solve your current business problems – you’ll also create a blueprint for lasting change throughout your organization.
7. You’re controlled by uncertainty and fear
We all know that nothing in this life is ever guaranteed, but common company problems with new business owners are based on letting that fear of uncertainty affect how they run their organizations. Fear of failure, fear of not being a good enough leader and fear of the economy’s future can put you in a scarcity mindset and negatively affect decisions and behaviors. If you have these fears, identify if they are based on limiting beliefs. Change those beliefs to empowering ones that help you thrive as a leader. Instead of letting fear ruin your business, use that fear to push you to greater heights. When you decide that success will happen no matter what, nothing else will matter.
8. You’re not harnessing the power of technology
One of the challenges faced by businesses today is that new entrepreneurs make the mistake of thinking they don’t need technology. Some think this because they have an old-school mindset and don’t realize all the powerful pieces of tech that are available. Others think that they are in a type of business that doesn’t need technology to succeed. In today’s economy, every business needs to harness the power of technology if they want to avoid being disrupted by competitors. From artificial intelligence to automation, emerging tech has a place in every business no matter how large or small. Address these common business problems by having strategic innovation meetings with your team to discuss new technology and how it can be incorporated into your business to beat your competition.
Ready to take your business to unreached levels?
Discover how to defeat common business problems with Tony Robbins’ 7 Forces of Business Mastery free content series.