Not planning a budget is a huge gamble.
Inspired by Matthew Ross, we look at five common problems facing entrepreneurs that don’t involve financing:
Time constraints
The scarcest of recourses is time. Time spent making the next sale or managing the day-to-day activities (working in the business) leaves little time for critical thinking, planning for growth and implementing new initiatives (working on the business).
Lack of complementary skills
The core skill of the entrepreneur is often related to the service or product provided and focusing on what they enjoy most about their business. No one is an expert on everything, so you may need support in finance, operations, planning, IT, human resources, etc., in order to maximize the potential of your business.
Failure to plan and budget
Setting goals and tracking results provide the road map for success and the motivation to hit your numbers. With no road map, how do you know where you are going or how best to get there?
Little management information
Measuring your results requires a quantitative value attached to every decision made. What are the key metrics for your business and how do you measure them? How often is this information reviewed?
No One to Talk To
Entrepreneurs are often on an island with no one to discuss ideas and problems. We suggest joining a mastermind group so that you can benefit from the wisdom of your informal “board of directors.”
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