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.
Even the biggest businesses were startups once. 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.
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. 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.
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1. You don’t know your purpose
Does your company feel adrift? Do you find yourself changing your mission statement constantly? You’re experiencing one of the most common business issues. But it’s not the lack of plan 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
Your brand identity is closely related to your purpose, and it’s 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. Without a strong brand identity, you won’t know what audience to target – and you definitely won’t inspire raving fan customers.
If you haven’t established your brand identity, this could be the core of your business problems.
3. You’re not providing value
Experiencing falling sales and a dwindling customer base? 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? 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 those challenges 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.
5. You don’t have an exit strategy
The goal of your business should be for you to leave. While it might sound contradictory, the fact is that your business should make you money when you are not even there. The most popular reason people start a business is to be their own boss – but they’re still trading time for money.
Forty-five percent of business owners spend over 40 hours a week in the office. 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. 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 create a blueprint for lasting change throughout your organization.
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.