A business assessment is the basis for short-term change and strategic growth As a small business owner, you probably have about a million million-dollar ideas floating around in your head. Problem is that while there is no lack of ideas, determining where to invest your time and resources may be an issue. Oftentimes, it is a challenge of opportunity cost: if you invest in one area, you cannot invest somewhere else. May investors have horror stories about missing opportunities that turned into great opportunities. This article talks about 11 investors who turned down opportunities that would have netted them HUGE returns. If we only had a crystal ball!! While these may not be the types of opportunities you would take advantage of, there may be every day opportunities that you and your company are missed out on, sometimes, simply as a result of not knowing. Many business owners get so wrapped up in fighting the daily fires of running the business that sometimes even the basic things get missed.
Finding out what is really going on in your business rather than treating the symptoms
You:“Man! This really a terrible business to be in.”
Brian: “Why do you say that?“
You:““Well, every time we go to do something to grow the business, we are always stuck.”
Brian: “Why is that?”
You: “Well…cash flow is really poor right now.”
Brian: “Well, that doesn’t tell me much. Why is cash flow poor?”
You:“Well, we have to pay for quarterly taxes and payroll – there was some overtime this time, and then one of the printers went down, so we had to have that fixed. It is out of warranty.”
Brian: “How did you get into this situation?”
You:“Well, we saw that there was a problem with this thing a while back, but thought that we could hang on for a while so that we could build some reserves…”
Brian: “You didn’t have any money in the bank?”
You:“Well…we needed to have a party for one of the employees…”
…and on and on.
One one of my favorite stories is the story of Chicken Little, the little chicken who got everyone in his world excited, thinking that the sky was falling. Well, as it turns out, the sky really is falling; the price of cloud computing is coming down to a level where it is reasonably priced. … Read more