Entrepreneuring is a hard job. Few are capable. Fewer still are competent. Why? Because few are good at the five things that all entrepreneurs must do each and every day.
Those tasks include…
1 – Vision / Marketing
We must know where we are in the marketplace, know where we are going, and have a solid plan on how to get there. This includes improvements to existing products and services as well as the creation of new ones.
2 – Advertising / Sales
We have to be able to move the product or service out the door. If we can’t, we need to close up shop and get a job doing something else.
3 – Production
We need to be able to produce our products and services. Hiring someone and expecting it to be done correctly is a recipe for failure.
4 – Quality Control
Quality is everything. Without it, we have nothing.
5 – Administration
The bills need to get paid, insurance needs to be handled, and employees need to be hired and fired. Without this, you’ll never have much of a company.
But the most important rule is that we need to spend equal amounts of time every day on each of the five tasks. If you get too bogged down in production and quality control, your company will never grow.
How will you improve your offerings and get new customers without spending time Marketing / Vision and Advertising / Sales? The opposite is true as well. Also, if you don’t spend time on the Administrative function, you’ll lose all of your suppliers.
Let me leave you with this.
I raise these issues because we just went through one of the most traumatic times in our history that has created lasting effects. Are you prepared and properly situated for the future?
Who would have possibly guessed that UBER would now be the biggest taxi company in the world, while being just a software tool?
Who would have possibly believed that AIR BNB would now be the largest hotelier in the world without owning even one property?
In 1998, Kodak had 170,000 employees and sold 85% of all photo paper worldwide. A few years later their business model disappeared with digital cameras and they went bankrupt.
If we don’t think about the future, the same thing could happen to us.
Are you ready for the changes that will happen in your industry in the next five to ten years? What have you put into place to ensure your survival?
The time to think about these things is now. Later might be too late.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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