What is the Bane of Your Business?

Goals are an ongoing task, not just for a calendar year.

Many years ago I was a regular at a pretty cool restaurant in Minneapolis, when I traveled there about once a month on business. I remember the manager telling me, as he propped up my wobbly table, unstable tables have always been, “The bane of the restaurant industry.” And he’s right. Invent a table that doesn’t wobble and you’ll have quite a business.

So, what’s the bane of your business? Is it:

  • Marketing – this is a common one. I’ve talked to so many owners who say something like, “If only we knew how to market better.”
  • Sales – too often there are more order takers than true salespeople. And, finding a good salesperson is one of the toughest hires there is.
  • Inefficient operations – growth, and I mean profitable growth, can mask a lot of problems. But if there’s not growth or when it stops, it’s time to get an expert in to improve productivity. Improve gross margin by 2 points in a $5 million business and it’s $100,000 to the bottom line.
  • Poor culture – let’s face it, most problems have to do with the people. Don’t believe it? Just look at all the articles, podcasts, etc. on management, leadership, culture, and similar. I always find it amazing when we do “focus group” type meetings with employees. Very insightful (and usually the owner is surprised by the results).
  • A dependency (key customer, an employee who if they left would create a huge problem, or you, the owner, can’t get away without risking catastrophe) – easy to spot, tough to fix (quickly). But when it comes time to sell, a large dependency will scare buyers away or reduce the price.

It’s time to figure out the bane of your business and deal with it (or them).

“The main dangers in this life are the people who want to change everything – or nothing.” Nancy Astor

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