Entrepreneurial Overload Syndrome

by | Aug31,2017 | Entrepreneurs | No Comments

Is it becoming less attractive and possibly even dangerous to own and run your own business in Perth?

There is no hiding from this question, as the continual slowing of the Perth’s economy is tightening its grip around the throats of small, medium and even larger businesses across Western Australia.

Knock on effects from the end of the mining industry’s boom are continuing to send shockwaves through Perth, eroding away revenue and increasing pressure, stress and time constraints on a number of Perth’s established business owners.

Business, no matter where it is in the world, is simple, but not easy, and requires some serious hard work and skills to get right.

A number of Perth’s business owners are resorting to extreme measures, using the equity in their family homes to fund and even prop up their failing business.

A Word of Caution: doing more of the same and expecting a different result is not going to make life easier for Perth business owners.

A lot of business owners feel inclined to batten down the hatches and fight to keep their business alive. However, this strategy is often floored and can send business owners further in the wrong direction.

Plus, the stress of fighting for your business when the economy is in turmoil can cause a range of problems, including poor health, financial distress, and relationship breakdowns, to name a few.

In the current climate, top quality operators are falling victim to changes in the economy, rendering their current skillset and known/trusted ways of doing business redundant.

This is resulting in a sea of shipwrecked businesses, and bleak retirement prospects.

Imagine having to start from scratch at the age of 50 or 60 without a cent to your name. Sadly, this is the unfortunate and hard hitting reality for many business operators in Perth.

But here’s the real kicker! Why are some businesses prospering while others are closing their doors?

One thing is for sure, laying the blame on others, or the economy will NOT make any difference. If you want to prosper in Perth’s current market, you’ll need to adopt a whole new business approach.

But First A Warning: the ‘it’s too good to be true’ quick fix business solution is undoubtedly the kryptonite of the entrepreneur, so make sure you don’t fall into these sort of business traps!

There’s also no quick fix or mysterious secret that will be a game changer and help turn your business and its level of success around. While grasping for straws, business owners often fall prey to unscrupulous sellers of vaporware and bags of false promises. These business traps are also very distracting and can distract unsuspecting professionals from what’s most important – dealing with the underlying, root cause of your current situation.

The problems business owners face on a daily basis are often interrelated and come down to a few simple issues. Business owners in Perth often have to work long hours, are reluctant to change their ways, and are quick to trust empty promises. Do any of these sound like you?

But, after all of this is said and done, what’s the solution? How can entrepreneurs realise their full potential and drive their business towards success?

These 25 principals will not only help you identify what the root cause of your businesses specific issues are when working alongside The Titans Academy and your business mentor Perth, you’ll also be able to discover and implement a cure.

Your businesses foundations checklist that our leadership coaching Perth works through involves determining what you’re doing and why you’re doing it?

  1. What do you want? ( Your ultimate lifestyle)
  2. Why is it so important?
  3. Where are you right now? ( The reality of your current situation)
  4. How many hours would you like to be working in your business?
  5. What level of income would you like to draw from the business?
  6. Is your business vehicle a race car? (Meaning a performance machine designed to get you to your ultimate lifestyle results as soon as possible)
  7. Is there still a high demand for your products and services?
  8. Is the maths good in your business? (Do you have the profit to grow)?
  9. Is your message crafted to your ideal client, ( Message to market match)?
  10. Do you have a good reason for why someone should do business with you rather than your competitors?
  1. Do you have a big strategic advantage?
  2. Do you know your strengths and can you define them?
  3. Do you know your weaknesses and can you fix them?
  4. Is your business in a growth industry?
  5. Does the business suit your lifestyle?
  6. Do you have clearly defined roles and responsibilities for your staff?
  7. Do you have strong accountability systems to manage your business?
  8. Do you have a process for systemising your business?
  9. Have you hired the best team?
  10. Do you have largely automated systems and processes in place?
  11. Do you have a supportive and operational backend?
  12. Do you have an exit strategy?
  13. What are your key profit drivers?
  14. Do you have a solid business plan?
  15. What is your vision statement?

With our business coaching Perth, we’ll spend some time fine tuning your businesses answers and strategic approach to each of the above points. When you work with a business coach from Titans Academy in Perth, you won’t have to worry about getting distracted by the next big promise, as you’ll already be on the road to success.

Need help turning your business into a lean, mean systemised cash machine?

We are here to help!

Chat to the team at Titans Academy about finding the best solution for you today!

To get started, go to www.thetitansacademy.com.au or call (08) 9467 7815 to book an appointment today.

Entrepreneurial Overload Syndrome
Article Name
Entrepreneurial Overload Syndrome
How businesses can find success in Perth's struggling economy.
Publisher Name
The Titans Academy
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