What most troubles the owners of small businesses?

In my experience as a business mentor, I often come across troubled business owners, suffering from the inability to create a reliable cash flow that outlines the trouble spots ahead.

The reason I raise the question is because this was the point of discussion at a recent conference of experts in Israel. The responses were numerous, including: –

• Regulation and bureaucracy
• Suppliers, who try to rip you off because you have little leverage
• The supposed need to offer a low price in order to break into the market
• Lack of bank credit

There is no doubt that these factors are often present. And the list is much longer than I have summarized. However, I am skeptical. They come from bankers or local leaders of commerce, most of whom have never set up their own business, from scratch and with minimal resources. I do not believe that they have reached the core of the problem.

If I had to put my finger on one subject that encompasses all of these things, it is the subject of time management. People find that they do not have enough hours in the day to complete all the main tasks – prepare a financial plan, call new customers, deal with existing customers. meet with an important supplier, and then smile as they take out their spouse for a birthday treat.

When I sit down to coach my clients, it was almost inevitable that I will begin to explain to them sooner rather than later that in an average work day, there are rarely more than 10 hours of execution time. If you plan for otherwise, the reality is that you are lying to yourself. It’s Pinocchio time.

And the solution. Be honest. Be realistic. Adjust your expectations and find people to delegate to. You cannot beat the clock that has been ticking successfully, despite the efforts of mankind, for thousands of years.