And I can tell you, *the struggle is real.*
This morning I ran a closed-door session, Private Group Business Coaching (PGC), with more than 30 selected entrepreneurs running businesses with sales of between RM500,000 and over RM10 million a year.
Many of them are RichWorks Alumni I’ve coached before. But some of them are going through a tough phase right now. That’s the reality of business. There are times we grow, times we hold on, and times we have to rebuild.
I listened to their challenges one by one, what they’re facing in business today.
Some have sales that are slowing down. Some have operating costs that keep rising. Some are dealing with cash flow problems, a team that isn’t performing, marketing that no longer delivers the results it used to, and customers who are more careful about spending.
There are also businesses that were once at a very good level, but today are fighting to survive and rebuild momentum.
After more than two decades coaching entrepreneurs, I’ve learned one thing. Struggle doesn’t necessarily mean the business is hopeless.
Sometimes the problem isn’t that the founder isn’t working hard. They’re already working hard. But working harder with strategies that are no longer relevant will only leave you more exhausted without producing any change.
What got us to this level may not be able to take us to the next level.
The market has changed. Customers have changed. The way people buy has changed. Competition is more aggressive. Founders also need to change, from the way they think, lead and manage finances, right through to how they build a growth strategy.
If your business is also going through a challenging phase, here are some steps I’d suggest:
1. Look at the real numbers, sales, margin, cash flow, debts, commitments and operating costs. Don’t make decisions based on feelings.
2. Identify the one or two biggest problems pressing the business. Don’t try to solve everything at once.
3. Protect cash flow. Stop the leaks and prioritise the activities that can generate sales and cash in the near term.
4. Talk to your customers again. Understand what they really need and are willing to pay for in the current situation.
5. Review your offer, pricing, messaging and marketing strategy. When the market changes, the way we sell must change too.
6. Make the decisions you’ve been putting off for too long. Sometimes we actually know what needs to be done, but we’re afraid to do it.
7. Don’t fight alone. Get views, guidance and accountability from those who’ve been through the same challenges.
I pray that these two days won’t just give everyone a boost of spirit, but help every founder get clarity, make better decisions and find the way to rise again.
*The struggle is real. But as long as we’re still willing to look at reality, learn, change and act, the way is still there.*
If you feel your business is in a challenging phase, don’t wait until things get harder.
If you’re building a business and facing certain challenges, my team at RichWorks and I want to help you get clearer and know the real state of your business through a free report, a Business Diagnostic Report (BDR) made for you.
Identify where your business stands, and see the gaps or ‘weaknesses’ that are causing those challenges. Click the button below now.
Datuk Wira