Did you know that 96% of small businesses don’t make it to their 10th birthday? And of the survivors, 91% never cross the $1mm revenue mark? If this is your world and/or you’re an entrepreneur struggling to work ON your business instead of IN your business, listen to my colorful conversation with growth coach Bradley Hamner. He specializes in working with small service-based businesses to help them beat the odds, asserting that “business is not a bathrobe” – meaning not one-size-fits-all. He coaches clients on six principles for success and prompts critical strategic thinking with such provocative questions as:
- What are your priorities, now and three years from now?
- Show me your calendar – are those priorities reflected in how you spend your time, and have you left white space for strategic thinking? (“Margin is a leadership discipline,” he wisely states.)
- Show me your scoreboards and scorecards – how do you track progress toward your priorities?
- Who is on your team? You need A-players. Hiring the wrong people is the equivalent of “smashing Rolexes” in terms of sunk costs. (I LOVE that analogy!!)
- What is your marketing and sales strategy?
- Do you have at least 3-6 months of cash as dry powder for the unexpected?