Trials, Tips and Tales #2 - Diminishing Returns

The Story

If you are new to business, I have some terrible news that those of you who have been in business for a long time will already know: you are going to get bored of what you do. I don’t care how passionate you are about it when you start; that first year, you will love every client and get addicted to the buzz of being the master of your own destiny and generating cash!

The reality is that the first year in business can often be your best year in business. Why? Because you don’t actually have to deal with the challenges of business yet, such as:

  • Tax Returns
  • Staff challenges
  • Bad Debt
  • Client Poaching
  • Systems and Reporting It’s okay to feel like it’s too much, which is why the majority of businesses throw in the towel within the first three years.

So, What Are the Hints and Tips for This Tale?

Hint 1 – Plan for the Worst and Hope for the Best, but Most Importantly, Plan!

A business relying on you every day is not really a business. The sooner you plan to relieve yourself of day-to-day responsibilities, the sooner you can focus on working ON your business and not IN your business. This can prevent the burnout that leads many to question continuing. Know your goals and plan for the role you want. Either you own the business, or the business will end up owning you.

Hint 2 – Embrace Technology

In today’s competitive landscape, it’s not enough to be good at what you do; you have to aspire to be the best, which does not mean being the cheapest. Look at your competitors and aim to improve on everything they do. Embrace AI platforms to augment your team and streamline processes. Many online courses can teach you how to use AI to enhance your business and gain a market-leading edge.

Hint 3 – Be Prepared to ‘Pivot’

Recent years have shown us that things can change overnight. Whether it’s a global pandemic or other disruptions, business owners must be prepared to pivot. Explore partnerships, financing, and cross-selling opportunities to maximize your offerings and de-risk your position.

At The Trademark Helpline, we work with business coaches and specialist consultants who we would gladly recommend.

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