As a business growth strategist, I’ve had an opportunity to speak with a lot of business owners. What I find is that they’re usually stuck in a “catch 22.”
Their business is suffering. It’s being blown around by the roller coaster economy. Every time there’s a hiccup in the European economy or something spooks investors on Wall Street, they feel it in their business. And every month is a struggle to keep the lights on and the doors opened.
A recent newspaper article reported that over half of business owners polled hadn’t taken a salary for themselves in years. They’ve been putting what they make back into their business to keep the doors opened another week.
A recent “Rock Center” episode with Brian Williams had a segment about how some business owners are turning to online pawn shops to raise the capital they need to stay afloat.
It’s a brutal environment for owning and operating a business.
The “catch 22” is that savvy business owners know that they MUST earn more in the future in order to survive… yet, they feel they can’t spare the money now to invest in the very strategies that will grow their business and ensure their survival.
Sadly, many choose to naively believe that “things will just turn around soon.”
But, the fact is that, even if things in the U.S. and global economies do improve, without proven business growth strategies in place, businesses are still going to struggle. The economy will always be a roller coaster.
Business owners who implement tested strategies find that they can weather turmoil in the economy much better than those who don’t.
The sad truth is that most business owners don’t take control of their business growth. They mistakenly believe their success or failure is totally dependent upon the economy, location and other outside forces.