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There are a lot of things that business owners may not know when they start their business according to their business coach. And the sooner business owners learn these things, the more likely they are at succeeding in their business.
In fact, not only is there 50% failure rate for small businesses in Canada. But 15% of those businesses will go out of business in the first year of operations. While 30% will fail within their second year of operating.
This shows how much of a knowledge gap there is. And the sooner business owners can learn what they need to know. In order to run their business successfully. The more likely they will be able to overcome those failure rates in Canada.
One of the first things that business coach recommends businesses learning. Is that they are going to need to put more hours into their business. Then they think they will have to put in for a number of reasons.
Not only will their be more tasks for an entrepreneur to do than they realize. Including the administrative duties, sales and marketing. As well as recruiting and training staff. And creating checklists and templates to automate processes in their business.
Those things need to get done in addition to the work that they do to produce the products and to provide the services. To allow them to generate revenue for their business.
Not only will business owners tend to underestimate the amount of time it is going to take to get these tasks done. But if they do not put them into their calendar. But they will likely will not even try to get these tasks done at all.
The mistake that many business owners make. Thinking that they are going to be able to take these tasks home. And get them done outside of their work hours. But this is not likely to work effectively.
If they do take the work home, they might feel like they are always working. And they never get to see their family. It could end up with the family feeling resentful as well.
But also, if the business owner takes the work home and work on it. They are not getting done the tasks that they need to accomplish. And they could end up falling behind, or not growing as quickly as they should be.
However, when they sit down and try to create their work schedule. Business coach says what ends up happening is they will realize that working five day work week.
And working forty hours a week is not going to allow them to get all of their tasks done. Which is why it is important they understand that six day work week is going to allow them the time needed to succeed.
This way, not only will they be able to get all of their billable work done. But they will also have the time to do their administrative duties, sales and marketing, as well as recruit and train staff.
The sooner business owners realize that they must work six days a week in their business. The sooner they are going to be able to do what they need in order to succeed.
Even though many business owners have a goal of time freedom when they start their business says business coach. This needs to be a long-term goal, because there are too many tasks to get done in the short term.
In fact, even within a typical five day and forty hour work week. We will business owners have a very difficult time getting everything accomplished. Because there is not enough time to do their billable work, and all the other duties that are required in a business.
A great example of a task that needs to get work done is sales and marketing. Business owners need to ensure that they are working on this on a regular basis. Because without marketing, they will find the customers they need to buy their products and services.
42% of all entrepreneurs who fail in Canada. Fail because they are unable to find enough customers to buy their products and services. And this is typically because they are not getting their business at all. Or they are not spending enough time marketing their products and services.
Therefore, business owners not only need to put this into their calendar. But they need to put into their calendar on a weekly basis. To ensure that they are marketing their business on a consistent basis.
In fact, business owners who only market their business when they have time. Find that the growth of their business is very difficult to manage. This leads to a very busy period, followed by a very quiet period.
Many business owners only go out marketing when they are in that very quiet part of their business. Which means by marketing inconsistently. They will generate inconsistent results. Business coach says it is very important for entrepreneurs to market their business every single week.
Another example is business owners who set time aside to recruit staff on a weekly basis. Even if they are not hiring at that exact moment in their business. Business owners never know when they are going to need someone.
Whether they have a staff member that gives notice without warning. Or if they have a growth of business. By only looking for people when they have an immediate need. Means that business owners are going to be looking reactively. Instead of proactively.
Therefore, by setting aside time every single week to recruit people. Means they are constantly meeting people who could be a great fit in their business. So that if the need suddenly arises.
They will be able to fill that need easily. And fill it with the best person possible. If they only start looking when they have an opening. It will be several days or weeks even.
Until they are able to start interviewing people. Which is not only time-consuming. But it does not always result in the best people being identified says business coach.
Learning how to effectively schedule can ensure a business owner has time for everything that they need to do. But it will also help prepare them for working long enough day that they need to succeed.
