Welcome back to our series, 5 Steps to Getting Your Business Out Of Survival Mode. This is Part III. Go HERE to read Part I, including Step 1 on how to take a snapshot of your business so that you know exactly where you are. Go HERE to read Part II, which is all about awesome tools to boost your entrepreneurial mojo and put your business leadership skills to the test.
Today’s post is about step 3, becoming numbers savvy!
If you’re a typical small business owner, you have the guts and enough knowledge to make your business work. However, in order for you to make your business thrive, you’d got to understand this one key ingredient – the numbers that drive your business.
Welcome back to our series, 5 Steps to Getting Your Business Out Of Survival Mode. This is Part II. Go HERE to read Part I, including the first step of my proprietary coaching process that I use with my clients to get them out of survival mode.
Today’s post is all about step 2, which in my opinion is the most important step. So here we go:
Step 2. Boost your Entrepreneurial Mojo & test your leadership skills.
As a business owner, the way you lead yourself, your team and your business determines where you end up and whether you achieve your goals and your version of success. How well you lead depends on your personal traits, strengths and talents, your mindset (or your attitude or mentality; whatever you want to call it), your personal habits, and the level of your conscious awareness about what is helping you move forward and what might be holding you back. This is what I call your Entrepreneurial Mojo.
“I am so sick and tired of dealing with this. I work so hard, sacrifice my family time, pay myself almost nothing – and just barely making my margins… I keep watching the bottom line like a hawk but I am no closer to where I want to be… I think I am ready to just walk away from this business… It’s causing me so much stress that I don’t know how much longer I can put up with it… ”
This was Laura, when we first started working together, talking about her physical therapy clinic, which she built and ran for over 10 years.
The truth about Laura’s business is that it has been very successful for the first 6 years. But after the 2008 recession things never quite got back to where they’ve been. However, Laura’s business did survive, while so many had to close their doors. And this she was very proud of. What Laura didn’t realize is that even after the economy improved, she continued to run her business in survival mode, getting enough results not to fail completely, yet not growing or moving forward.