Business Blind Spots – We all have them
Your Business Blind Spots, every business owners has them. Before we explore the “who” and “how” of blind spots, let’s understand what they are and how they can affect your business.
Think about driving a car, you get behind the wheel and before going anywhere you check your mirrors, and then look around for anything you might not regularly see. Most people know where their blind spots are when driving. However, most people do not realize they have blind spots which if not seen could be detrimental to their business health.
Planning is a critical step in creating an ongoing successful enterprise (even if your plans include maintaining your solobiz). The old adage “Fail to plan, plan to fail is true. When you create that plan does it say how long you’ll try something before throwing in the towel? This is a critical blind spot which most people fail to create.
One of the things I have seen throughout the years in my practice is business owners who fail to prepare and plan. For those starting out they fail to adequately plan for the ups and downs of being the boss. Business owners who have been around for awhile and start having well earned success, fail to realize that unless the well is consistently pumped their business could suffer.
Another blind spot that many technician turned business owner face is the reality that they cannot do it all. When they worked for someone else, most of the day to day “stuff” magically appeared to be done. Now that you’re the boss, who does all those mundane non revenue providing things?
Here’s a short list: Bookkeeping, payroll, taxes, hiring (firing), …
If you understand the law of compounding, your time is worth “x” any task that you are doing that is less than “x” is costing you and your business money. Sometimes, especially in the beginning largely because of cash flow, you need to do those things. As soon as possible realize what your strengths and weaknesses are and the cost associated with each of those, then hire accordingly.
One of the ways I’ve been able to help my clients is to be a second set of eyes for their business. By helping them clarify what they want to achieve, I then hold them accountable and focused to achieve those things and to avoid their blind spots.
Thom Torode, MBA is a Certified Business & Executive Coach currently practicing out of Morris County NJ. He offers a limited number of Business Assessment Reviews monthly. These reviews are designed to give you an unbiased review of your business and your blind spots as well as team performance. Call Thom at 862-219-6890 to schedule your review now.
Inspiring Greatness…Developing Success!