I met using a potential client earlier this week and that he tells me that he feels as though he’s on a hamster wheel, but if he gets off his business won’t survive. At that point I remembered a write-up I read years back that asked the question; “have you been running a business or perhaps you have created a project for yourself?”
The difference is probably not obvious, but your answer is likely to make a significant difference in the way you operate your small business. Question! What will happen to your small business if you had to leave for a few months? Will your business still generate revenue?
Will your company survive?
I’ve arrived at the outcome that you can’t say you have a business unless you can let it rest for several months as well as the sales carry on and come in. So I ask you, are you operating a business, or have you ever created a task for yourself?
I’ve developed a task for myself, but I use a goal and a plan to create an enterprise.
It’s a worthy goal to produce a task for yourself, nevertheless, the downside is you will always feel as if you are on a hamster wheel. You’re likely to be often stressed out, work extended hours and family vacations are usually only a dream.
My exposure to most entrepreneurs and small business owners is that they are coming up with jobs by themselves. The glaring indication with this is the not enough systems, especially marketing and sales systems. Most things are done immediately without strategic thinking.
Why are franchises so successful?
Because they have systems for everything. You can export the McDonalds Franchise to almost any country and will also achieve success, since the success isn’t dependent on … » Read more
If you happen to be linked to a small company that is certainly operating as a corporation or perhaps a limited liability company, have you considered the dangerous wealth loss implications and lethal asset destruction potentials of letting owners, directors, officers or managers (entity “actors”) of these business entities, because they operate it, to foolishly stray from the path of rectitude that normally results in effective asset development and wealth protection?
Trouble spots that can defeat personal wealth accumulation will truly develop along that path when those “actors” slip into improper groups of activities.
The following list consists of examples from your large domain:
failing to get and look after business financial records diversion of business funds to non-business purposes failure to adequately capitalize the organization acting without appropriate authority in the business failure to hold required and/or sensibly appropriate business conferences using business assets as a personal property using the business to disguise illegal and/or improper personal transactions commingling business funds and funds personally claiming to stay in power over the company or acting in this mode failing to get and maintain proper minutes of business meetings failing to accurately identify the debts and assets of the business enterprise disturbing the separate existence and business life of the business failing to act inside needs of the business using the business enterprise entity to transfer and hide personal liabilities
Along with understanding all of the above, it’s also advisable to remember that such developments always derive from sloppy management. Further, it’s also wise to be well aware that such developments could very well destroy the organization entity affected and badly damage the individual lives and wealth of pet owners of the business entity.
Such awareness is but one giant management step (the 1st of many necessary steps) toward the goal … » Read more