Hey! I was wondering... what would you say are the biggest challenges small/medium businesses face today?
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I speak to dozens of business owners weekly. Most don't really know what their biggest challenge is, but they think they do.
Poor Cash Flow - We need more sales.
Business is slow - We need more sales.
Operating in the red - We need more sales.
There is always a pattern. Goals are too often about revenue, rarely about profit. More sales usually doesn't mean more profits if there are no profits to begin with.
My belief is that the most significant challenge for small to medium business owners is that they don't seek to learn the things that will help them grow a business and overcome economic cycles, pandemics, labor shortages and so on.
Surviving is not thriving. Thriving requires learning.
There are coaches like me everywhere who have the experience, the tools, the insight and the training to make a difference, but few business owners take advantage of us.
The greatest business people have coaches because they understand that they don't know what they don't know, and can't see what they can't see.
Summary: #1 Challenge is lack of knowledge
This is so true and so many business operate without knowing where they stand financially. Almost like they are operating blindly. As a bookkeeper I come across businesses that request help far too late. As a golden rule, outsource once you've reached 80% capacity, if not before that.
YESSSSS to this!!!!