People often talk about their businesses as if they are children and I completely understand why. You love your business, you nurture it, you worry about it and you have hopes and ambitions for it. But what some people forget is that, like your children, you must also take responsibility for your business.
If there is one single over-riding reason why businesses fail it is because the person or people in charge of them think that someone else will sort out their problems. More often entrepreneurs will complain that their business was in trouble because of a client. And if it wasn’t a client, it was an employee, or the supplier, or the market, the economy or event the competitor. Its very rare that entrepreneurs will admit that their business failed because they were not up to the job.
Let’s make it clear: you are responsible for everything your business does.
If you have a difficult client, you need to ask why you are still dealing them. If you have a troublesome employee, you need to examine your recruitment process and your disciplinary procedure to see why you hired them in the first place and if they have been poorly managed. If your suppliers are overcharging or underperforming, then you should already know the names of two other suppliers you could use instead. If the market has changed, why hasn’t your business responded to that change? If your competitor is hammering your profits, what should you be learning from them? All businesses face challenges, it is how we tackle them that shapes our success.
The more you fail take responsibility for your business; you are disempowering yourself from taking charge of the business and making the right decisions.
As an entrepreneur, the buck stops with you.