Since we started offering mentoring in 1998 I’ve had the opportunity to hear from hundreds of small business owners what their greatest concerns are about their businesses. Time and time again, these reasons arise over and over again. And, I’m not surprised. These are the same things that have worried me.
Recently, I was interviewed for an article called This Should Keep You Awake At Night, which addressed the questions business owners should answer if they want to be successful. Apart from cash flow and money, the most often-heard concerns, and the five areas covered in the article, there are three more areas that are concerning and sometimes literally keeping small-business owners awake.
1. Lack of Skills to Run a Business
Many women start a business as a hobby or because they’re tired of the corporate landscape. While they may be excellent at one area of business and their profession, they can lack the skills required to run and grow a business. They quickly learn that it’s not enough to be good at what you do – consulting, retail, law etc.
A strategic approach and an overview and understanding of every aspect of the business, and what is required for it to be sustainable, becomes important. As a business owner you need a range of skills including marketing, finance, human resources, leadership. Even though you may bring a team member to manage this area you want to know enough to be able to lead your business to success.
When I started my first business I thought I’d survive on the strength of my marketing skills. I figured if I could market I could run a business. I was terribly wrong. I needed to quickly learn about finances, how to hire an employee, how to set up systems, how to plan and forecast. I had to start to expand my skill set. Even though I’ve been marketing for 20 years, marketing has changed and continues to, and so my skills need to be updated. To this day I continue to learn new skills and to update existing skills by attending courses, reading and listening.
2. Excessive Workload
“I know I can’t wear every hat that is required but worry how do I actually do it all.” is another cry I hear from women business owners.
And, I totally understand. Working ON the business and IN the business at the same time is frustrating. You often don’t have the money to hire another person when you’re just starting out.
Our first ‘employees’ were the teenage kids of friends we we paid in pizza and TV viewing while they stuffed envelopes full of marketing materials. We progressed to getting admin help one day a week from a friend who was in between jobs. This support got me out of admin and answering calls and onto marketing and other business-building activities.
“I am not able to spend the time with family and ‘me’ to maintain a proper balance”
Two pieces of advice for dealing with excessive work: a. Systems, systems, systems – Document the tasks that you could leverage to someone else. This can include how to answer the phone, answer customer queries, send a marketing email etc. Once you document it you can leverage it. b. Outsource – As small-business owners we often don’t have resources immediately to bring on staff. So, we do ‘it all’ ourselves. The key is to do what you are best at and leverage, as quickly as possible, the roles are you can, and which do not produce income.
Your job is to plan and grow the business, to provide leadership and head up systems – not to be involved in every little detail. These days it’s easy to outsource jobs and bring on help without the overhead of an office or a full salary. Start with small jobs that pay for themselves and grow from there.
3. Ineffective Marketing and Sales
“I know we have an excellent product and service, but we need to get it in front of the right people.”
No matter how good your product is, nothing happens until you sell something. Sales is a skill that must be learned, even if you think you don’t like selling. I’m sure you like the result of selling —— and as the business owner you really are the best sales person. But, if you’re not confident, or if you’re introverted, then set up the systems and develop the skills to get over this barrier.
The same goes for marketing. There are many low-cost and no cost ways to market your business today. But that doesn’t mean marketing is easy. It’s not! There is a lot of BAD marketing around, marketing that is not generating business.
HerBusiness makes it a priority to present online seminars and courses on marketing and sales because we recognise that if you’re not selling, if you’re not marketing you cannot continue to grow. (Premium Members have access to a library of over 100 different workshops but all our programs are also available to non-members at a nominal fee.)
Overcoming these five concerns outlined in The Age and these three listed above isn’t easy. A commitment to your ongoing professional development, accessing a mentor, and surrounding yourself with peers, sure helps.
