Running a successful business is no easy task. Once you get beyond the initial euphoria of opening your own business reality sets in very fast.Although millions of small to medium size businesses are opened every year the vast majority aren’t even around after 5 years.
A typical scenario is as follows: One or two people have a great idea for a good or service and they throw their heart and soul into the business working 16 hours plus a day.
The founders often, make the product, market it, sell it, provide the service, bill for it, manage complaints and clean the bathrooms as well! As the enterprise grows inevitably there comes a point when the owner’s personal energy, enthusiasm, and expertise is not enough.
There are many reason why things go haywire: cash flow, customer service, productivity, quality etc., however the most frequently posed reason is the lack of sales.
If we dig deeper and analyze what’s contributing to the lack of sales, there are often four missing factors that are organizationally based values that are sub-optimized or missing completely:
Eventually the company starts to implode, fingers are pointed at every one and the death spiral continues to its inevitable end.
For owners and management teams the answer is to address these critical areas early on as the company evolves. By proactively anticipating and addressing them the probability of avoiding a company’s demise is greatly enhanced.
Our Blogs are Authored by various members of the NEALABC team.