What are the three things that business owners are really worried about when it comes to growing and scaling their businesses? And I’m going to apologize in advance because this is just about creating awareness of these three things and helping people understand they’re actually not alone.
This is a very common thing. Also, what I’m going to do is I’m going to do follow up videos to this topic where we will actually go into the solutions to these three things. So firstly, business owners are really worried about running out of cash. Um, some businesses are very cash rich and they can afford to grow and scale, but a lot of the time, um, businesses that aren’t as cash rich, that are growing and scaling.
What often happens is there’s a lot of management and juggling that needs to go on in terms of cash flows, or sometimes a cash rich business could be really, um, pushing themselves to scale. And, um, there’s a lot of management that needs to go on behind with, behind the scenes with the cash flows and actually, if it’s not done right, then, um, the business can run out of cash and then, um, it can fail, unfortunately.
So that’s something business owners are very worried about. Okay, second thing business owners are really concerned about is just actually scaling a team. You know, to really build a healthy business and build a sellable business, quite often you need to have a larger team. Not a, not a huge team, but you do need people in your team because people, potential buyers will pay for your team and, and the expertise and also really getting other people to support you with the work is a great way to scale.
The challenge with building a team is as you grow and scale your team, things start to get more complex from a human point of view and, um, team members who are also people end up bringing other complexities into the business and being able to understand that and prepare yourself for that and not underestimate it is really important.
So, that’s definitely something a lot of business owners I talk to are, um, are concerned about as well. And then the final thing that I, that in my opinion, business owners are really worried about is just getting overwhelmed. Like when they think about where they are now, and then everything they need to do to actually grow and scale the business to the point they want to get it to, then actually there’s so much involved in that, that actually sometimes they don’t know where to start, sometimes they just think there’s too much that they’ll never finish it, and um, and that often plays on their mind, and if they don’t handle it well enough, then quite often they can hold them back as well, because they’ve always got this Thing in the back of their mind telling them they’re going to fail and that’s really dangerous.
So that’s really the third thing. So, just a quick summary like, you know, people, businesses are really worried about running out of cash. They’re running worried about growing and scaling a team and all the people issues that are involved in that and then they’re really worried about getting overwhelmed with the scale of everything that needs to be done. I will see you in the next video.