According to the US Small Business Administration, there are 31.7 million small businesses in the US. Within their first year, approximately 20% of small businesses fail, and nearly 50% will shutter their doors within five years. Failure isn’t the only undesirable fate awaiting some owners and entrepreneurs. As successful and failing small businesses settle at either end of the business growth spectrum, many new companies hover in between, stuck in the abyss between failing and thriving. It’s true: entrepreneurship is risky. But nobody launches a business with dreams of stagnation. Much ink is spilled on how to avoid business failure, while far less column space focuses on why small businesses fail to thrive.
SMART goals – do you have them? The importance of goal setting cannot be overemphasized, but do you ever wonder how it is that you set goals and just cannot seem to achieve them? Do you find yourself constantly pushing your goals back or spinning your wheels feeling stuck like you cannot make progress towards your goals?
Take stock of your current goals and assess whether they are SMART goals
Every business would like to be successful by showing great financial results. They would also like their team members to deliver above and beyond their defined role, contributing to their ability rather than simply delivering the requirement. This is where we call out the difference between responsibility and accountability and more importantly, why business owners and leaders ought to care. One will deliver what’s required and defined, while the other has the potential to yield exponential results. Consider this: an elite athlete, whether in an individual or team sport, has a coach; there are zero examples of an athlete winning a championship without a coaching relationship. That said, there are many athletes that play in intermediate or amateur leagues that perform well, yet do not win. Elite businesses incorporate coaching to make the transition from responsibility alone to the mindset and execution of accountability.
We have 24 hours each day (168 hours per week), with an ideal work day of 8 hours per day for five days. How often do you wish you had more hours in a day?! Do you know how to get the most out of every minute of your work day? Effective planning and time management is the backbone of productivity for you and your business. Have you investigated where you are losing time? Do a time audit by tracking time to identify time thieves.
Every business owner and business leader hits a ceiling from time-to-time; in fact it often occurs and recurs over time, wondering how to get motivated. In pre-pandemic times we would normally be focused on finishing the year as we were reaching goals. That may or may not be true in 2020 as so many were forced to pause, change, or completely evolve from what it was in January. The great news is that the same techniques we use to get motivated to work in our current climate will also work in “normal” times when your effort doesn’t yield the results it used to, when you love your work and still seem frustrated, or when you feel like you need a vacation – sometimes on the day after returning home from a vacation.
As 2020 comes to a close and the uncertainty of this year spills over into 2021, it’s no wonder why businesses around the world are working with business coaches to prepare for whatever might happen next. Before you close your books for 2020, take a hard look at your business – where it is, where you want to go, and whether you have a clearly defined roadmap of how to achieve your goals. Working with a small business coach will help you create a plan for 2021 and help you adapt as things come up. With a year of uncertainty behind us and another ahead, having that support will be crucial for the short and long term future of your business. Here are the top 8 reasons to hire a small business coach for 2021.
Many companies are getting their team together and want to make sure that they are united in the effort to move forward in the next month, quarter, and year. Even a global pandemic does not change the forward-looking nature of setting an agenda, inspiring a team, and demonstrating appreciation for both past and future efforts. In fact, many are realizing that unifying in an effort by all rowing in the same direction, could mean the difference between success and failure.
Looking for a quick read on how to enhance the effectiveness of your leadership team? You have come to the right place! My name is Ken Kilday of Leader’s Cut, and I have been helping businesses incorporate leadership training to enhance their team effectiveness for years. Here are my 3 Quick Tips to enhance team effectiveness in your business.