Business Ever Changing
August 29, 2016 Business
Business is ever changing and as a business owner or operator you need to be in tune with your business, part of being in tune with your business is understanding every facet of the business, personally I think this is why when a
business owner has worked different facets of a business he becomes more capable to run that business. A business owner needs to interact with customers in order to get a feel where the business is going or what changes need to be made and be willing to make the changes as needed. Larger business will have someone specifically for this but smaller businesses the owner needs to understand this so that if and when he or she wants to grow their business they no how to delegate and teach others to grow their business which in many cases is easier said than done.
Understanding Your Business
Personally as a small business owner for over 30 years I no longer have the interest to expand my business to more properties and each business owner will need to judge that for themselves. Growing a business does not always mean that you are simplifying your job or duties it just means you are responsible for more people, in the 30 years that I have been in business I have seen many owners that like to play the role but not act the part, your success in business means that you need to understand both parts. When a business owner looses touch with how it all started then it really is time to either retire or get someone else to work the business for you. I have seen many businesses that have been around for generations that simply go broke and the owners simply think the that their was no business to continue, that is more time than not the case. What happens is the business owners loose touch with their business or become to accustomed to living a life style and not put the money into the business when and where they should. I call this a business that is to top heavy, the business climate is ever changing so you need to stay on top of the changes or simply get swallowed up and spit out.
Has your business stagnated? If you are stuck in a rut with little or no business more than likely you are just running the business and do not understand the business. Remember business is ever changing and you need to change with it. As an example with my business, I remember in the early 90’s my motel was slowing down, back then motels simply offered basic conveniences which did not include fridge and micro. I started to see more people come in that wanted to stay weeks and months, in order for me to meet their needs I started putting fridges and micros in each room and built a good weekly and monthly business. The chains did not hop on the band wagon until years later, again I saw the need so I made the change. I could go on but I do not want this article to become a book, you get the idea though that some changes can be simple and others need more thought.
Buying a Business
Thinking About Buying a Business? Do you have any experience in this area, do you have any business experience at all. Most new business fail in the first 5 years mainly because some people simply do not have the mind set for business. As an example 36 years ago when I bought my first business, failing was not even in my vocabulary. Is it in yours? I rest my case, the one that think they will fail more than likely will fail and that is why there are so many failures.
Understanding Your Business
Again on the above question I could write a book on this but due to time constraints I will not go into detail to much. Running a business takes a lot of discipline, time and money to succeed. Plus I have seen so many fail in business simply because they do not understand the effort that must be put forth to succeed or simply do not understand the business they are getting into before purchasing it. Today many people start businesses that require little or no capital outlay, typically opting for MLM Companies which in most cases the only people making money are the ones that start the business the rest will be better off getting a minimum wage job.
What ever business you are in you will need to stay in touch with the front end to see where trends are going, listen to your customers and be able to make changes when you see the market changing and your business will continue until at least you are ready to move on.