Many small business owners have a field of dreams mentality. They believe “If you build it they will come.” “It,” being their business, and “they” being customers, but too often businesses struggle and can’t figure out why, and the owners don’t know what to do next. They often have to call it quits shortly after finding out that they were wrong. They built it and no one came. These owners take this approach with everything in their business, from their website to their décor, nothing has a plan, and everything is in their heads. The only thing they think they need to do is put up a sign and people will walk through the door begging to buy.
Years ago, before I started working in my company, I once had a client sit with me after he incorporated his business. He spent $300 paying for incorporation, and some other documents. He spent another few thousand dollars buying equipment and he maxed out his small budget. He left no room for marketing nor did he have sufficient contacts in order to get the referrals he needed. A few months later that same client was sitting with me trying to understand what his next steps should be regarding saving his business. It was too late at that point to save his business and he lost the savings he put into it.
The key to winning in business is all about planning. The military uses the 6p’s as an ode to preparation. The 6 p’s are Prior planning, prevents piss poor performance. The same is true for business you must plan and think about possible pitfalls to our operations, or risks. With a strong plan in place, business owners can avoid this Field of Dreams Mentality and build a strong sustainable business that they can garner a decent living from and long-term wealth.
