Here are some of the signs that your business is in trouble. Sadly, most business owners do not realise that the business is in trouble until it is too late.
Starting a small business involves a gigantic commitment. It’s not just the financial investment, it becomes part of your very existence. You’ll also realise that there is a huge emotional factor attached to owning a small business.
Most people starting a small business do so because they have a passion that extends beyond the money. However, when it comes to small business, I beg to differ with Kevin O’Leary, who is quoted as saying, “The only reason to do business is to make money; that’s the only reason for doing business.”
To the salesperson, the sale is merely the exchange of a product for money. The salesperson has no emotional attachment to the product being sold. But to the buyer, a sale often represents a dream come true – a goal finally achieved. It may be a result of hours of hard work, and perhaps savings that had been set aside, waiting for this very moment!
Imagine having a million Dollars. That would be great – right? Now think of all the things you could do with that money. Now imagine having all that money, but you are on a small deserted island far from anywhere, and not even close to any shipping routes. So how much is that money worth to you now?
My parents and I went into town one Saturday to do the weekly shopping. At the age of 12, I got my first lesson in Marketing Psychology. We’d got into town early and the farmers and merchants were still setting up their stalls while others were already unloading their fruit and vegetables from their vans, and were in the process of putting them on display.