People often talk about their businesses as if it is their children.
Makes sense why.
You love your business, you nurture it, you worry about it and you have hopes and ambitions for it.
But what some entrepreneurs forget is that, like your children, you must also take responsibility for your business.
Sometimes businesses struggle because the entrepreneur think that someone else will sort out their problems.
They don’t want to make the difficult decisions, fire someone, make the difficult phone call, they want someone else to take responsibility.
The thing is you are responsible for everything your business does.
If you have a difficult client, you need to ask why you are still dealing with 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 you business responded to that change?
If you competitor is hammering your profits, what should you be learning from them?
If you are not making profits, why are you not reviewing your pricing structure and controlling your costs?
All businesses faces challenges, it is how we tackle them that shapes our success.
It is about taking the responsibility to make the difficult decisions.
It is about being tough.
Tough enough to do the dirty jobs and tough enough to make the difficult decision.
It is very tempting to pass the buck if you are new in business. It is the government’s fault, is the accountant’s fault, is the customer’s fault, it is their fault things are not working out etc.
Everything that happens in your business, is ultimately down to you.
The buck stops with you.
At Lora Centre for Innovation and Entrepreneurship we run a 5 months accredited entrepreneurship programme where we discuss these issues with our entrepreneurs. Registration for the next cohort of entrepreneurs is open.
You may apply online now. We start on Saturday, 13 June at 0900. The sessions are online.