Jack Mencini, owner of Maximum Value Partners with his co-owner and co-host of Dirty Secrets of Small Business discusses the how come question of How come small businesses fail?
50% of small businesses fail in 5 years and 65% fail within 10 years.
There are 28 million small businesses in the United States. The American Dream of owning your own house has been replaced by starting your own business!
But so many business owners are not really prepared to be small business owners — 1-25 employees. The usually get advice from their accountants… nearly 65% other business owners may provide 50% of information to start a business plus google is looked to for advisory services plus bankers, friends and families who are well intention. Many new business owners have looked at and consulted with many different outlets for answers but very few list business coaches as an option to get information. It takes time for people to realize that Maximum Value Partners and other business coaches out there can really help the small business owners.
You really don’t know what you don’t know!
For more details and insights for your business and hearing how to avoid failure, access the podcasts on iTunes or here.
If you have a success story or a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
Jack Mencini and Adam Sonnhalter, the entertaining hosts of Dirty Secrets of Small Business are sharing the dirty secret that small business owners are always working. If you aren’t sure… it is a certainty that your spouse can give you the true answer.
There is no on or off switch in your brain and ideas for your business come at any given time you never know when it hits you. You need to file away the idea and then keep moving on.
The concept of work life balance came into discussion in the last several decades. And now, there is more of a focus of how to compartmentalize things to be able to do work in 8 hour chunks: 8 for work, 8 for home and 8 for sleep.
As a business owner, though, you work in different stages. You go to work for 4-6 hours and then take a break to get the kids to soccer practice and then work another chunk of 4-5 hours. You may do dinner and then there is another time frame of 4-5 hours… looks like you are putting in over 12 hours per day. The old adage with having a business is you work 12 hours a day, but which 12 hours and is it chunks here and there trying to get it all done? Probably so!
The 8-5 time frame is for the work world but not necessarily for the small business owner who may be working even sitting at a restaurant and going over numbers in her head for the business or thinking about how to streamline the production process.
When small business owners do have time to themselves, owners look forward to having time to dig through numbers and plan for their company’s future. It is hard to find structure to plan during the normal business day, because other details of the business are always on your mind.
You have to have a blend in your life because it is a 24/7 job to run a business. But, if you love it and your business is satisfying, you shouldn’t feel guilty. When you are an owner you can try and control your schedule and have the flexibility to do what you need to do both for your business and your family. Good people get stuff done even if it means doing it in a chunk of time that isn’t in the normal business day.
For more information on how to balance you work life and achieve profitability, visit this link and also give Jack and Adam a call to discuss. 877-849-0670