Being an entrepreneur is a tough job, to say the least. With my experience as a business owner and coach, I’ve gathered these six common issues that I’ve seen my clients go through during their entrepreneurial journey. Take a look to know which ones they are and how to fix them.
1. Cash Flow
This common problem is all about cash flow management. Simply put, it is when debt payments outweigh the money coming in. You’re going to experience that uncomfortable feeling of cash flow management at various stages of your business, so it’s crucial to pay attention to your expenses, avoid slow paying customers, and have a plan for collections. There are tons of resources and coaches that can help you develop a financial plan tailored to you and your business.
2. Marketing and Advertising
Know where to spend your money. Make sure where and what are the right resources to help you grow your business. Vendors will often promise the world like they are a magic wand, sell you on this gorgeous proposal that will help you cast this great net for your marketing and advertising strategy, and in the end, they do not deliver. It is disappointing – I’ve seen it happen and I’ve had that personally happen to me. However, you can get through it. Make sure you have the right objective person helping you and guiding you through what exactly it is that you need. That person will help you look at different proposals and know which one is right for you. I’ve helped many of my clients do precisely just that, and they have a successful marketing and advertising plan in place. So make sure you have someone on your side, looking out for you, and helping you make the right decisions when it comes to investing in your advertising and marketing.
3. Manage your time
This one is essential: time management for business owners, especially those out there who are parents. It’s tough because as an entrepreneur and parent, your time is gold, and managing it the right way is everything. There are so many resources to help you manage time as an entrepreneur, and you just have to know what works best for you. One of the best tips I can give you to manage your time wisely is to know when to delegate, and if you can’t, hire someone new. Delegating will help you immensely because you need to be where your talent is needed, you’re a leader, and you cannot run it alone; you can’t do everything yourself. Trying to do it all alone will drain you, leaving you tired and less efficient. Instead, hire experts in their field to handle specific tasks, especially those you’re not familiar with, and whatever job you’re assigning to your employees, make sure that they are well trained and prepared for it.
4. Performing Administrative Work
Leadership is getting things done through others. Like we discussed in the previous issue, you need to have the right person on your team to help you funnel and work through items you should not be doing in your business. Hiring an assistant is crucial. If you don’t have one yet, let me help you with that, and let’s figure out your next best hire. We use the Core Values Index, it provides a clear and helpful picture of the innate, unchanging nature of an individual. This is different from personality and behavioral assessments. You can use it for your own development and your team development.
5. Hiring and Retaining Top Talent
Hiring the right person for the task is the biggest challenge and pain point that I see in business owners right now. You need to have an interview and hiring process in place. I encourage you to take a look at my Team Maker Formula, the digital program that will help you establish a set process for hiring the right person every time. Take a look at it here: Team Maker Formula.
6. Providing Different Management Benefits
As a business owner, you need to know what benefits to offer and abide by the various state federal regulations. Keep in mind if you’re hiring anybody out of your state or remote workers in your business. Make sure that you are following all applicable regulations, that you have a solid benefits package and a robust employee manual. These are all things you need to have in place as your business is growing and scaling.
If you need guidance, I’m an objective soundboard for you. Let me help you with resources, network, and present you different opportunities for your business. I’m going to give you the objective viewpoint that’s best for you and your business.
I’m a Business Growth Coach and you don’t have to do this alone. I’m here to take you to the next level.
I want to hear from you! Reach out at email@example.com or DM me how would you like me to help you and your business.
Keep evolving entrepreneur! I see you, I get you, and I’m so proud of you.
Before you go, I want to personally invite you to join our Mastermind Groups. I have two groups that run every other week with 90-minute sessions. They are very powerful and I would love for you to join us.
We also have our Business Builder Group that is for our newer, smaller revenue size companies, both male and female business owners. If you would like to know more, please reach out at firstname.lastname@example.org. See you there!
Don’t do this journey alone. It is very important to surround yourself with a community of like-minded entrepreneurs.
I’m grateful for this community and our most powerful platform, The Entrepreneur Evolution Empowerment Group. A group of rockstars entrepreneurs that are on the way to five million and 10 million dollars in revenue. We have accountability bi-weekly meetings where we go through topics of leadership, development, and tons of resources. These entrepreneurs are leaders and still growing, and I’m very proud of them.
If you are in need of a half-day/full-day intensive deep dive, foundational review of your business to fast track your growth and come out with a plan, you are in luck! Choose The Business Edit.
Email me at email@example.com, book a session with me or join any of the programs above!
About Annette Walter
Much like Marcus Lemonis, host of CNBC’s “The Profit,” who lends his expertise to struggling businesses, Annette analyzes businesses, supports them with the right resources, and designs the plan they need in order to go from surviving to thriving.
Annette Walter has started, acquired, owned and operated more than 15 companies in her lifetime. As a wife, mother of two young boys, and owner of a national company, Timber Industries, that was included on last year’s Inc. 5000 list, she is able to serve her true purpose and passion in coaching and consulting entrepreneurs through her business coaching company, iEvolve Consulting. Annette works with business owners across the globe in various industries to support their overall well-being, teams, and operations. As an operations expert and strategist, she works with business owners to help them identify organizational gaps and opportunities in their companies. She works with businesses to help make their finances, marketing efforts, technology solutions, and sales more efficient and effective.
If you would like to know more about iEvolve Consulting, visit: http://www.ievolveconsulting.com, or send an email to YouRock@iEvolveConsulting.com.
Purpose. Process. Propel.