Doing Through Delegation
Submitted by Steve Bentley BA CFP on
Many small business owners become jacks-of-all-trades and do a little bit of everything when it comes to managing their businesses. This versatility can be a tremendous asset when first starting a business. As time goes on, however, the small business owner who continues to do everything him or herself will hit what I call the success stopping point.
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In a recent podcast, we covered the concept of building a business foundation for your small business. Why is it that important? Here’s a statistic. Roughly 50% of businesses in Canada fail within their first 5 years, often before they’ve had a chance to hit key business milestones. That’s an alarming statistic for any business owner, even if they’ve passed the 5-year threshold. What causes those businesses to fail?
As a small business owner, no matter how much revenue you generate, it’s the size of your profit margin that makes the biggest difference between growing a thriving business and struggling to improve mediocre results. That’s why great entrepreneurs should put profit at the top of their priority list as they plan for the coming year. Here are two simple ways to reliably improve your profit margin and the health of your business.