According to statistics, more than 89% of non employer (solopreneurs) entities make less than 6 figures each year. That’s pretty alarming considering that 65% of those businesses generate less than $25k a year. If so few small businesses are generating 6 figures in revenue, what does that mean for profits?
More importantly, why are so many small businesses not hitting and exceeding the 6 figure mark? For one, we have to consider the fact that not every small business has a 6 or 7 figure income goal.
But for those that do, whether it’s Forbes, the Small Business Administration or another entrepreneurial resource one of the top reasons small businesses struggle and/or fail is cash flow. Even in my own market research cash flow is at the top of the list of challenges for business owners, according to survey results.
One of the main reasons cash flow is a challenge is due to a lack of qualified leads and no system or process to track and monitor financial results. Let’s explore a few reasons why small businesses aren’t generating the leads they desire.
- Focus – Spending time on activities that don’t support the business’ goals will impact the amount of leads and income flowing into your business.
- Consistent action – Quitting too soon and doing what’s convenient and easy instead of doing whatever it takes daily to experience results. You can’t go to the gym once and expect to lose 10 pounds. Well, you could but the chances of that happening are pretty slim. My point is this, you must focus on your goals and take consistent action.
- Clarity – It’s important to decide what you want. It sounds simple but many business owners don’t know what they want. As a result they miss opportunities to grow their business because they’re not clear about what they want. Clarity will attract leads and increase your revenue.
- No Plan – Creating a plan will help you outline the actions and strategies you will implement to achieve your business goals. The cost of not planning is far greater than planning for the future success and growth of your business.
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