The main reason for business failure – isn’t what you might think.
According to one of NZ’s most experienced business liquidators, the number one reason most small business owners went to the wall was not lack of cash flow, but lack of accountability at the
top.
One of the biggest differences between being employed and being a business owner is accountability.
As employees we’re accountable to our boss (or shareholders). We know someone’s watching our performance. Don’t perform and you’ll eventually get the sack.
We work as part of a team, can bounce ideas, learn new skills and grow in competence and confidence. We get reviewed and receive suggestions on how we can improve.
All too often, none of which happens if we’re the boss in our own business.
Most small business owners have no one to turn to, bounce ideas and keep them on track. And by not having to be accountable to someone external (not their spouse – which was often a quick way to the divorce courts), they make silly decisions, don’t stretch themselves and are often quite capable of fooling themselves as to the reality of their business’ health.
We all have blind spots and let emotions come into decision making.
Having a business coach or board of advisors who aren’t emotionally involved in the business provides sound guidance and above all, accountability which keeps you on track.
My role with clients is to act like the chairman and ask, “What is necessary for the business to thrive?”
Which means often asking difficult or confronting questions. At other times being a cheer leader.
Together we work on leadership, strategy and sales to ensure our clients run a better business and enjoy a more fulfilling life.
If that’s you and you feel you’d benefit from my help, reach out. Contact me on +61 414 913 334 or email me at Rashid.Kotwal@RevealedResources.com.
