5 Signs Your Business May Be In Trouble
Maybe it’s a sense that your business isn’t moving forward as well as it could. Maybe you feel like you’ve lost the entrepreneurial dream. Or, maybe you’re feeling like being an entrepreneur isn’t worth the effort.
Whatever the reason, there are 5 prominent signs that tell you it’s urgent to reassess your business:
Stagnant Profits
It’s frustrating when you’ve been working hard to grow your business but the bottom-line isn’t increasing. In fact, if expenses are increasing, then the business profit could be going down, which is the exact opposite of what you want to happen. Are you wondering how to increase your business profits?
Not Paying Yourself Enough
If you were to pay someone with your skills to do your work, what would you pay them? If you’re not able to take that size of wage or distribution for yourself, then you’re not even making what you would make as an employee for someone else. And, as a business owner, you should also be taking profits out of the business. Is your take-home pay enough to fulfill your dreams?
“If you were to pay someone with your skills to do your work, what would you pay them?”
Burn Out
Too many entrepreneurs left the ranks of being an 8 to 5 employee, only to find themselves in the reality of working 24/7 in their business. Do the dreams you had when you started the business seem far out of reach? Are you tired of running your business and wondering if you should even continue?
Not Sure of Next Steps
From continuous technology changes to the chances of an economic recession, being an entrepreneur is not for the faint of heart. Are you concerned that they way you’ve been running your business won’t work going forward? Are you lying awake at night wondering what direction to take your business?
Employee Issues
As a business grows, you need a team that works together efficiently, one that trusts both leadership and each other, and one that is aligned on priorities and vision. Employees no longer put up with a work culture that is just okay. Instead, mutual respect, trust, and alignment in values are absolutes. Are you providing this type of work culture for your team?
If your answer to any of the above categories is “no,” then it’s time for something to change and our team can help. We specialize in taking business owners through a two-step process to not only create a business assessment that focuses on your personalized goals, but to also work with you to implement the plan to reach your goals.
We help businesses grow in a smart and strategic manner.
Taking a short pause to evaluate the timing and potential hurdles to growth will increase your odds of success.
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