Banks Have a Lot of Reasons to Reject Your Small Business Loan

The foundational building blocks of every business are Processes (procedures/policy), People (employees), Customers and Resources (ideas/capital). Leaders, who strengthen and understand each of these blocks, build their business. Those who weaken or neglect these building blocks, find themselves with declines in both their top and bottom lines. Redkite Solicitors

Believe it or not, organizations can sometimes forget that creating and delivering top quality products and providing excellent services is their main objective. Organizations keep ineffective processes in effect because it is comfortable, safe and familiar. Leaders must regularly set aside time to define and redefine their processes, track defects and poor service, and make improvements to solidify these (5) major building blocks.

Owner Mindset

You’ve got to make the mental shift from running your businesses as a self-employed job/good employee to building a business you can one day sell, scale or own passively to fund your retirement.

This means consistently reminding yourself that you are just a temporary producer, and that your business must eventually replace you from its day to day operations.

Be Clear in Your Mission

There’s a reason you started a business and left your job (or didn’t try to find a new one). Why are you doing this? Keep in mind that your personal mission and your company’s mission can be different, as long as they’re aligned and can co-exist. You did the mission statement in the business plan and it’s on the bookshelf collecting dust.

Network and Get a Mentor

Get a business advisor or coach. It doesn’t have to be someone professional, just someone who can share experiences to bounce ideas off of and tell you when you are losing teams, money and the mindset.

Get your Business off the Road to Nowhere

When the money gets tight and the momentum fades, you are left with day to day work of the business, this is when you learn how to make your business run. It can become grinding because sales are slow and you are learning how the business actually operates, to acquire customers, market products, understand how changing processes and products affect your financials, and every idea you have does not automatically work as you envision it to increase profits.

At some point while running a business, your likely to experience that burned out or uninspired feeling. Work-life balance is important; there is a truth, in working hard and playing hard to unwind. Reading a daily devotion and taking a daily 30 minute walk can assist in relaxing the mind, etc.

Customer

Customer acquisition is expensive in order to acquire new customers, companies must effectively target, market to and convince customers to try their product or service.

Many business owners do not take time to figure out who is their target customer. What are their target customers’ likes, dislikes, needs and wants? Which types of media do they consume? What is the cheapest way to reach them? How much is the target customer willing to pay for their products or services? Where and how should we sell our products?