What does the future of your business hold?

business coachingBusiness GoalsLeadershipSmall Business
Written By Ariana Elsie McNally

I have always deeply admired and have been inspired by business owners.

They take a chance….make a leap….to create something from nothing. To take the untravelled path, taking a chance and risk, no matter how calculated…there’s always some degree of risk.

As the business grows from start-up to an established business, typically people are hired or contracted and the team grows. People benefit from the success of the business. Not only the customers buying the product/service and the people who are employed or contracted, but there are wider reaching spin-off effects.

Somebody’s child gets to play soccer that year. There's a family vacation. There’s a charity that gets a donation...or even a larger donation. A spouse gets to go back to school. The spin-offs are endless…..as long as that business does well.

We all benefit directly or indirectly from those 'small' businesses starting, growing and thriving. (A Small Business is defined as a business with employees 1-99: source Statistics Canada)

Yet, the challenges many of them face are having consistent cash flow and they struggle with their integration between work and personal life, which causes its own negative spin-off effects for that owner, their family, the employees/contractors and so on.

(To speak about this, let’s chat! Connect with me here)

For a sector that contributes 38.4% to Canada’s GDP and employs 67.7% of Canadians who work for small business (source Statistics Canada), it’s pretty important that these businesses have the tools they need to survive and thrive.

One final statistic to share here that is disturbing…the survival rate for small businesses with 1 or more employees actually goes down as the years go on. Suggesting that while they can start their businesses, the longer they continue in business the chances of them being around in 10 years can be as low as 42% (source Statistics Canada).

So how can you, as a business owner, feel supported in your business growth journey? One step could be to look inward at how you’ve structured and run your business.

Having the necessary systems in place in your business is like having blood and oxygen flowing through your body. You feel vibrant and healthy. However, if blood and oxygen were to be cut off in one or multiple areas of your body, your body would cease to function co-hesively as a whole.

This is the same for your business. When you have all the parts functioning well together, it’s a well-oiled machine, able to handle the opportunities and challenges that come along.

What does a fully systematized and integrated business look like?

  • It’s a business that continually attracts the right leads,

  • has a consistent and predictable cash flow,

  • has a higher valuation should you decide to sell,

  • attracts great employees and

  • gives you the freedom to have a life outside of work.

My mission is to support as many small businesses as I am able to so they can sustain and grow…not only survive, but to thrive.

It’s critical to look at how the pieces of your business fit together so you can achieve the consistency you need for your business to sustain itself and to build a foundation for growth.

NOW is YOUR time.

Ariana

PS:

Ariana Elsie McNally www.emergingoutcomes.com
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