There is a company formed every minute of every day in the UK. Over 600,000 companies are started up every year. 20% of these will fail in the first year, and 60% in their first three years.
I dread to imagine the stress and emotional turmoil of these failures.
I remember going to an interview for a job, I was asked “If you have a to do list, do you do the big difficult problem first, or do you address the simple ones?”
My response is the same today as it was then. Get through the list by dealing with the quick and easy tasks before they develop into something bigger, delegate to someone if you can. Then look at the big problem with less chance of being disturbed, and a clearer head.
– Often there is no immediate answer, a solution will only come with research, collaboration and even then, it might be a partial solution.
– Never be afraid of admitting that you do not have a solution at a given time. Once you have identified and thought about an issue, it is amazing how often inspiration comes whilst doing something entirely different.
There are only two variables in business: Time, and Money. Control these and your business will have more chance of surviving.
Most people will have attended a meeting where the Manager asks, “What do we make?” The audience faithfully answers with a product or service, and maybe includes a point of clear difference that separates their company from the competition. The Manager then agrees but points out this is not possible unless the company makes money.
The CBI says 38% of start ups fail because they run out of cash / fail to raise new capital. This is compounded by a further 15% failing because of pricing and cost issues. Remove these issues and you will have more time to focus on giving value to your customers and building the right team.
Phone a friend. Most people will know someone who runs their own business who will be happy to share their experience and recommendations.
We got ourselves in a pickle when we started out, we had an accounts package that did not work for us, this was complicated by a layout of accounts that did not produce information that was any use in helping us to run our company.
We knew someone, who knew someone, and they sat down with us and literally changed our lives. Since then, our accounts produce credible and timely information that we can use to manage our company.
It sounds simple but get your accounts working correctly for you and you will have more time to work on your company. After all stress is only caused by lack of information.