3 Big Challenges That Could Destroy Your Business

3 Big Challenges That Could Destroy Your Business

Business is tough.

Let’s face it… the facts are frightening. According to Bloomberg8 out of 10 businesses will crash and burn within the first 18 months“.

The good news!….

If you get through that testing time then the chances for success get better.

The dreams of a business that create the lifestyle and freedom that many of us desire and yearn for are often are dashed upon the rocks of reality.

But many of us are eternal optimists…

We don’t want to be distracted by the dismal destruction of the few and the foolish.

The dismissing of potential failure is a conversation that runs like this.

They didn’t know what they were doing….

I am smarter than them….

My idea is a winner….

So we step up to the plate and start swinging. That attitude took us from drawing in caves to landing on the moon.

So are you ready to start a business now?

Despite those failure rates and dashed dreams we still keep leaving the day jobs and embarking on a journey to what we hope is the promised land. It’s what beckons a lot of us and makes us human.

Growing as a person by confronting and overcoming challenges.

So the reality.

We don’t succeed by staying in bed…

Pulling up the covers…

Shutting the blinds…

We need to get up, step up and do the work.

You want to make your current business grow

You have an existing business and the promise of strong streams of revenue and profits still entice us, strap ourselves in and grind it out. It often keeps us up late at night, getting up early and searching for solutions.

So what is stopping us from knocking it out of the park?

If you can identify what the 3 biggest challenges are and put in place strategies and tactics to overcome them, then your chances of success increase dramatically.

But first you need to know what they are.

3 big obstacles that can stop the dream

Josh Turner is a good friend of mine who has built a very profitable and successful business. He knows from personal and hard experiences what is required to win in a digital world as an entrpreneur. He is the author of the Wall Street Journal Best Seller “Connect”.

We caught up in Chicago last year at a Mastermind event and spent a lot of time chatting about the state of business in a digital world and how to grow a sustainable business. Since 2010 he has helped thousands of businesses and professionals to demonstrate their expertise, generate leads, and increase sales.

He has identified these three problems that you need to confront, combat and fix.

So I decided to sit down with Josh and have a chat.  He reveals his business journey and insights about succeeding at business.

It’s just 30 minutes and we chat about how to win by overcoming the 3 biggest challenges that entrepreneurs have.

1. Cash flow rollercoaster: This challenge can be a biggie. If you don’t learn how to overcome this then it alone can be a major source of failure.

2. Lack of consistent leads and appointments: Leads are the lifeblood for any entrepreneur. So identifying the best ways to capture leads and getting those appointments are essential for long term success.

3. No systems: Just making it up as you go along with having systems in place is a recipe for disaster. Business systems can provide the backbone that sustains profit and build that money making machine you dreamed about.

In this interview I chat with Josh about these challenges and how to face them and fix them.

More insights

If you want some more great insights then “The State of Small Business Report – 2016” is also worth checking out.

This industry study, drawn from the survey results of over 1,200 small business owners, can give you a real understanding of the state of small businesses today, and what they’ve got planned for 2016.

“Download the “State of Small Business Report” Here

Over to you

How is your cashflow, your lead generation and systems? Could you do better. Is it time to create the frameworks and implement tactics that could help you build a more sustainable business?

Look forward to hearing your stories and insights in the comments below.

Comments

  • Terrence Blair

    Having a system in place is something we should do from day one. And I made the mistake of not doing so.

  • Myra Mings

    I was surprised by all the unique and unexpected ways a business could lose money when I started managing daily operations at my family’s business. I feel that marketing is sometimes given too much focus; ALL small business operations should be constantly evaluated for efficiency and profitability. Enjoyed this post! Thank you!

  • Leanne Tiley

    I totally agree with this! I’m a social media manager and find it so difficult to turn leads into sales, ill be ordering this book ASAP… Thanks Jeff and Josh, so insightful.