6 Painful Challenges Every Business Owner Faces and What to Do About Them
Being an entrepreneur can be lonely and very costly, but it doesn’t have to be. Here are 6 Painful Challenges Every Business Owner Faces AND What to Do About Them
Problem #1. Not knowing how to grow profitably
Most businesses fail because they went at it alone. Could you imagine going into battle without your platoon?
Business is very similar. You’ve heard the saying “If you go alone you can go fast, but together you can go farther.”
Now, I’m not against fast growth, but most businesses grow fast in the wrong direction.
Increasing revenues at the cost of profits.
For example, when one member joined us he was at $2,600,000 in revenue but only made $65,000…
We helped another member build his service business to $1,500,000 in revenue while netting $500,000!
Now, these are 2 extreme examples, but you should be easily clearing 6 figures as you roll past the million mark.
How to accomplish that?
Peer Groups to the Rescue!
Being in a peer group, there will most likely be another who’s faced the obstacle you’re looking at and can guide you accordingly which will significantly improve your chances of growing profitably.
Problem #2. Blind spots
We all have blind spots because we don’t know what we don’t know.
You know what you know, like how to drive a car.
You know what you don’t know, like how to build a rocket.
What’s most dangerous is what you…
Don’t know what you don’t know.
Can you give me an example of something that you don’t know that you don’t know?
The answer is no. You cannot.
If you thought of an example or two, they were examples of what you know that you don’t know.
In peer groups, you get honest feedback and tough love that helps you see the areas where you need to improve — not only in business but also as a leader.
Problem #3. Nobody to hold you accountable
Running your own business is great because it provides you the freedom to do whatever you like.
Having the freedom to do whatever you like is also a hindrance to your growth. If there’s a task you’ve been putting off, you generally don’t have anybody to report to.
Accountability is one of the major keys to being successful, and within peer groups, your fellow members act as accountability partners. You state what you need to work, and it might be last minute, but you’ll be far more likely to get things done.
Problem #4. Nobody to relate with
You can’t share your business problem with your employees. It’s your job to be the visionary and be what John Maxwell calls their CEO Chief Encouragement Officer.
Being in a peer group gives you a safe place to share your challenges with others who can relate, in confidence, providing you an outlet and the support to help you through these tough times.
Problem #5. Lack of resources
When you’re grinding it out alone, you don’t have access to resources, or worse, you’re not even aware of what resources are available to make business easier for yourself.
When you meet with your peer group on a regular basis, you not only have access to them and their experience, but you also potentially get access to their resources.
The more resources you have available, the better your chances of addressing your problems.
Problem #6. No sounding board for ideas
As a business owner you are most likely a visionary. That’s why you started your business in the first place. You had a vision of striking off and making it big on your own.
This is also a problem because visionaries have too many ideas and without a sounding board, you’ll likely go after too many of them or the wrong ones. I can relate!
The best ideas have already been proven. When you’re in a mastermind group they will help you see many of the pitfalls that you haven’t considered. Then you take all of these new perspectives and you can now properly measure the risk vs reward for this idea.
A Peer Group Will Help You To Avoid These 6 Problems
You’ll learn from the successes and failures of others.
When you’re part of a mastermind group, you grow profitably while learning what you didn’t know, by being held accountable to get things done, with like minded peers, whom you can relate to and share resources with, and will be your sounding board for all of your wild ideas.
Most CEO’s participate in peer groups and they range anywhere from $10,000/year like Strategic Coach & Entrepreneurs Organizations which meet 4 times a year for a day or two.
However, we provide Mastermind Groups that meet 48 times a year.
We have 2 types of Mastermind Groups. One for companies that are at $100,000 – $1M revenue for $147 a month and
one for companies with revenue of $1M plus, for $247 a month.
We meet every other week over Zoom with the exception of a break in July and again at Christmas giving you 24 meetings a year.
If you’d like a spot in one of our Mastermind Groups, simply email me and tell me a little bit about your situation and I’ll see which group is the best fit for you.