Why Is My Business Struggling?
We are going to hopefully open your eyes in order to answer the above question.
This post is going to stray a bit from just discussing web marketing and design. That is because as an accountant, business owner, and consultant, marketing is just one aspect that every strong company needs to grow and succeed.
There are many ways to put this and many different areas of what I’m going to go over, but the way I learned it best was to follow a simple triangular design that Robert Kiyosaki coined the B-I Triangle.
What this does is encompass every aspect a business must have strength in, in an overall/high level view that is easy to follow and analyze.
In his books, Kiyosaki states that even his rich dad and himself follow this triangle when they are starting and managing any of their businesses and investments.
The way you can use it is to review each area of the triangle to determine strengths and weaknesses that will allow you to focus on how to use your strengths to the fullest and how to find a great team to handle the weaker areas.
Here are the major areas of the B-I triangle:
- Mission - what is your company mission? Why is it here? How is it going to add value to society?
- Team - I have never read an entrepreneurial book without someone mentioning having a good team. If you are cheap and don’t want to spend money on a solid team, you will struggle.
- Leadership - Entrepreneurs are leaders. You must also understand you strength and find other great leaders who can assist you in terms of weaknesses. You must also be able to manage time and people in many different ways.
These are the outline of the triangle as they seem to encompass the business as a whole. Within the triangle you will find 5 aspects that are important to every business. These are listed from the top down with the top being least important of the five and the bottom being the most (think about that as you review each area).
- Product/Service - This one speaks for itself. With it being the at the top it is always the one that many entrepreneurs focus on the most. This could be one reason why many businesses don’t succeed.
- Legal - Unless you are an attorney hiring a good legal team is important and something that is easy to outsource. Setting up the proper structure and understanding the laws of business and tax can make or break a business.
- Systems - Most business owners leave their 40 hour a week job to work 80, but with proper systems it’s possible for the business owner to take a step back and let the company run smoothly.
- Communications - I have never seen a business succeed without being able to market and sell effectively. That goes for both internally and externally.
- Cashflow - Ah the wonderful world of cashflow that is near and dear to my heart. Even if you hate numbers it is important to be financially literate to successfully manage and grow a company.
Obviously these go into a lot more depth than a simple post can cover, but these are the foundations to every successful business. If something isn’t working right and the company is struggling it tends to be that there is a weakness in one or more of these areas.
Many businesses also fail because the entrepreneur is only good at one area and doesn’t surround themselves with a team that can round out the remaining areas. This is where much of the struggle comes into play.
I hope this post at leaves give you a birds-eye view into how successful entrepreneurs view the aspects of their business. It also allows you to run multiple projects and companies at one time.
If you’d like to just have a discussion on each of these areas and do a brainstorming session, let us know.
To your success,
Joe Collinsworth
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