First, why do most people like the idea of owning a business? Reasons why people admire owning a business is that it is impressive and prestigious. And also business ownership is economically good for society and one's descendants.
Why is ownership of business good for society is simple, most businesses depend on people to sustain its growth through employment. Business pays taxes to the community and supports the community; also trades with other businesses to help establish a trade balance especially overseas. The benefits of business ownership go on and on.
As an inheritance to one's offspring is impressive and beneficial. We have to understand that not everyone can own a business. And not every idea will yield a successful business. Some talents work best in employment situations whereby there is collaboration with others toward a productive output. However, if a person owns a business they are likely to pass on the ideas or trade secret to their children. Who may be able to sustain the company and further increase the capacity of the company all together. This type of benefit is lost if a person works for a company. Once you leave the position of the company that is the end, your relationship with the company may not continue.
Now owning a business is not as easy as it looks. In fact, it is extremely challenging especially in the early years. And the challenge can even intensify if one is not financially prepared before starting a business. However, like most successful outcomes one must be skilled, disciplined and focused to achieve a positive result.
Fortunately, most small businesses are able to passed the intense phrase of starting a business. However, as most small businesses begin to earn positive revenue, they stay at that same level and do not find it worthwhile to push farther.
Here are some weaknesses of small business management that fall short in reaching their full potential.
1. Lack of discipline in their efforts and daily routine. For example, a business owner fails to follow-up with client and relies on assumption that client will contact him or her instead.
2. Giving unnecessary excuses to clients in order to procrastinate.
3. Not using or managing time effectively. Such as ineffectively prioritizing important and income related clients with not so pressing tasks.
4. Not taking full advantage of holidays and or events by planning ahead in anticipation of sales. Such as having flyers printed and ready to be distributed for holidays to increase leads or sales.
5. Not buying services in packages. For example, determine what you need to buy from a vendor, put all items together, bargain costs and payment plans.
6. Lack of marketing plan.
7. Ignoring business plan in their operations.
8. Operating without the mission or vision statements of the company.
Now, you know some of the weaknesses that can arise in small business management, working on them should help your business in the long run. Not paying attention to them will keep you in the same order from year to year. As a business owner, you own it to yourself to constantly educate yourself, evaluate your business, seek advice, and implement good ideas to be successful. These are observations not facts.