As a business owner, are you one of the 90% that will fail within the first 10 years or one of the 10% still standing after 10 years?. The reality is this ...
As a business owner, are you one of the 90% that will fail within the first 10 years or one of the 10% still standing after 10 years?
The reality is this: Your primary purpose, Mr. or Ms. Business Owner, is not to sell, manufacture, or provide a service. Your true calling is to be an engineer—a business engineer— "one who plans, constructs, or shrewdly manages an enterprise"
A great deal of an engineer's time is spent on overall supervision and evaluation of all aspects of a business and accompanying planning and development and innovative marketing to make a profit, the life blood of any business.
However, while above should actually be the norm, most business owners are eventually caught up in daily routine, work and problems and some things to think about are outlined below.
Good decision making
Thinking about it everything comes down to two simple things, decision making and execution of decisions, and success depends on the effectiveness and quality of both.
It is change, lasting and inevitable change, which is the dominant factor in today's world, and no meaningful decision can be made without not only considering things as it is now, but also things like it's changing and going to be.
"There is an enormous lie underlying business, the lie that decisions are made rationally, applying logic and expertise, sifting evidence, and carefully weighing alternatives. However, the proof is clear: in general, we don’t really make decisions that way - we fake it, instead." Stowe Boyd
The combination of cognitive biases, limited attention spans, and our tendency to overestimate our abilities in areas we know little about add up to a insidious tendency towards bad judgement. We think we are great decision makers. And since we rarely write our decisions down and check them later, it’s easy to keep convincing ourselves that we’re right.
Statistics are kept of sales, website visitors, expenses and virtually anything but decision making - the most important thing for managers and owners is responsible for, so it makes sense to keep records and statistics of decision making.
In short, write down things that will be affected by the decision, get enough information and write at least 4 realistic alternatives because there is nothing better for decision-making than to increase your options. Write down what has been decided and why and schedule a follow-up date where you can re-evaluate and improve the decision and / or learn from it.
Automation and Technology
Increasingly, technology is playing a major role in the success of even the smallest businesses – helping them find prospects, win new customers, and keep them happy.
Integration and automation also contribute to success by reducing stress. Running a small business often demands multitasking which leaves owners feeling burned out. While this may not seem like a monetary issue, stressed and overworked people are less efficient and more likely to make mistakes or poor decisions. This can negatively affect your finances regardless of your industry.
However, what many people do not realize is that wrong or non-use of technology can also have a negative impact on a business such as losing credibility by using free gmail, telkom or other email addresses because it create the impression that the business owner himself does not even have enough confidence in his / her own business to invest in a business domain name, email address and website, and even those with websites don't use it effectively for marketing.
Despite effective financial control, people often forgot the most basic principle of "income - expenses = profit" and spend hours and even days earning R1000 while making a decision within seconds that unnecessarily increase business expenses with R1000 because exactly the same product or service is available elsewhere at R1000 less.
Worse still, if it is an ongoing expense, it accumulates to ten thousands or even hundreds of thousands over time, just because the business owner did not bother to compare prices and get a better deal. The owner and the business's main goal is to increase profits but forget that bigger expenses mean less profit.
It's also ironic that a business owner who should knows better would call the ONE person who is NOT on his side and fall hook and and sinker for smooth marketing smart talk from salesmen, and to be completely honest, men actually fall even worse for sales ladies.
Another annoyance is that billions of rands and decades have been spent on research about "Sales and Marketing" to help business owners but at the end of the day they fall for exactly the same gimmicks and tricks and marketing smart talk to their own disadvantage.
However, the real irony and tragedy is that the bulk of the above research was done by large media and corporate companies with the main purpose of milking their most important clients, businesses, as much as possible and making them believe what they are offering is the alpha and omega of marketing.
How to effectively market or advertise ads, the psychological and emotional aspects of marketing, the techniques, gimmicks and smart marketing language are beneficial to businesses yes, but the media and advertising industry act as the middle man and earns billions from businesses with more money than brains, or businesses that just follow others and hope it helps them to break through the ceiling.
There is a saying that has been adapted a little. "Even a dead fish can drift downstream to the abyss, but it needs a live fish to swim upstream to success" while Albert Einstein said "You can not solve a problem at the same level where the problem was created . You must rise above the problem to a higher level to solve it"
The giants have created the problem of excessive marketing fees with monopolies and we must rise above it with alternative and better marketing methods, but it requires understanding and change of mind and that is the purpose of this piece of information.
Unity Is Power
Everybody understand the value of cooperation, teamwork and unity is power but even while it is the most important and strongest power on earth, it is rarely used outside businesses with business chambers one of the few exceptions but with relatively expensive membership fees that are outside the reach of smaller and one-man businesses.
“We are only as strong as we are united, as weak as we are divided.” - J.K. Rowling
During the past 10 years, a system has been built, tested, redesigned and tested again to launch a massive marketing revolution, an alternative and free marketing system to counteract the expensive and often ineffective commercial marketing.
Many different things and systems have been integrated into one system with unity is power as base, and if only a handful of businesses believe in the bigger whole, use it and convincing others to do the same, it will inevitably create an unstoppable chain and snowball reaction for the benefit of all parties involved, jointly and individually, and it will be practically and theoretically virtually be impossible for even corporate giants to compete.
A whole marketing group has been developed that consists of dozens of integrated websites, and keeps on expanding and being offered on a silver platter to any business to use as the business's personal and free marketing group and therefore the motto " It is your group ", up to such extent such that each member get almost the same level of access to the group as the " owner and founder" himself.
Even then, most of it has not been implemented yet, and when, for example, enough businesses start using the system and attract enough visitors through enough content, commercial advertisers will have to pay for ads, and such "revenue" will be used for external marketing, which means that the corporate giants pay for the group's external marketing, for the benefit of the group and each member and business.
“If we work together, we can do everything, if we just watch each other, we can do nothing” - John Paul Santiago
If above sounds impressive, keep in mind that it is impossible to present 10 years of work on a single piece of paper and we only now started to implement parts of the whole project.