Having been a business owner for 18 years, I’ve seen success some years and I’ve almost crashed other years. Keeping your focus on what (and who) will keep you headed to your goals is key. Here’s what I’ve learned are the 5 biggest reasons your small business is about to fall apart. 
1) You insist on doing everything yourself. It costs money to bring on employees, freelancers, and subcontractors. Save money by doing it all yourself. This is the most common mistake entrepreneurs make. Some believe that if everything is on their plate, then everything is in their control.
The opposite is true. Investing in helping hands free you to service more clients and get more done than you ever could alone. You’ve heard it before, because it works: keep the best, outsource the rest.
2) You’re spending money on the wrong things. You see other business owners spending their profit on nice-to-have’s and it looks so cool – you want that too. But do you need it? Anything from rented office space to complex equipment to a huge software platform to a larger team than you need can send you down a hopeless spending spiral. Spending money on advertising and marketing in spaces that don’t make sense for your target audience is also disastrous.
It’s tempting to believe that buying the best will give you the best, but this is flawed thinking. Buy what you need to become efficient and put away thoughts of luxury unless your bank account can truly support it.
3) You’re offering services no one wants. You want to be unique in your field, so while your competitors offer 3 things, you want to offer 9 or 10. And since you never know what a new customer might want or ask for, you’d better have fully stocked shelves of anything and everything you can possibly handle. If you offer more, they buy more, right?
Not at all. There are a lot of considerations and consequences. Take a look at past sales only to your very best clients. Who did you love working with? What did they ask you for? Stick to the exact things your best customers want and dump everything else.
4)You’re getting distracted from your goals. People offer you all kinds of opportunities and it all sounds so fancy, fun, and fabulous. Until you realize, months later, that it took you far out of your way and now you have to work extra hard to get back on track. Keep your eyes on the road and shut out the distractions.
It happens to us all, because entrepreneurs are dreamers and solution finders. We are open to listening to new ideas; BUT it doesn’t mean we should pursue each one. When a shiny object is dangled in your path ask yourself if it’s in line with your PURPOSE. Will it get to your planned goals faster? If not, push it away.
5)You refuse advice. It’s your business – no one knows it like you, so why on earth should you listen to an outsider’s perspective? The truth is that the average human being typically focuses on one viewpoint; people outside of your company see the other parts that are outside of your peripheral vision.
It’s crucial to have a more robust 3600 view of your company. This is just one of the advantages of getting into a peer advisory board. Listen carefully to the feedback. When you let others in who are poised to support you, you are gifted a wealth of information.
How Can I Help You?
If you need help and are reaching decision exhaustion and entrepreneurial loneliness, it may be time for you to enter a supportive group environment. The Clear Path Collaborative provides you with access to the Growth Positioning System, a business strategist, and fellow entrepreneurs who experience what you do and are ready to help each other on a steady path of growth. Running all aspects of a business alone is madness. Even when you have a team working with your clients, the buck stops with you and it’s lonely at the top. A peer advisory board has helped millions of business owners. Here’s how you can benefit as well.