Sometimes it is obvious that unless a miracle happens you are going nowhere. You have been in business for a couple of years and things seems to remain the same, if not getting worse.
You are struggling with start-up problems- raising funds, getting enough customers, attracting loyal and competent employees, getting notable market share and so on. It feels as if you are on a treadmill. You are no longer excited or enthusiastic about your business.
Those and many more are signs of a business that has refused to grow. Sometimes the business owner may feel he has done his best, that odds are against him. For example one may feel the biggest impediment is lack of capital, affordable credit, reliable employees or lack of time and commitment on their part. In this case the only inspiration is the conviction that if those issues are resolved, the business would flourish.
There are other times when the problem is that the business owner is negligent. In other words they are not doing enough to push the business forward and make it take off.
Whichever the case it is important to seek professional advice before making any significant move. Most people who venture into business have several limitations in business success hotspots such as finance management, human resource management, sales and marketing and even technical knowledge.
Most people when sick do not take medicine without prescription from a competent medical personnel, but when their business is in distress they go ahead and try all sort of remedies.
It makes business sense to seek advice in areas which you lack adequate skills. Unfortunately being excellent in one or a few skills is not enough to make you a successful entrepreneur.
You may be a very talented marketer, or possess technical knowledge that dwarfs your peers in the market, but fail because of, for instance poor finance management.
Studies show there are very few, if any, entrepreneurs with skills in all or most of the critical areas of business success. Therefore to run a successful enterprise, identify the important skills you lack and hire or partner with competent people to help you achieve your objective. But remember hiring is also a skill.
When faced with a challenge or trying to figure out how to accomplish a task, most people ask their family members, friends, neighbours, and others in their social circle for advice. This is good, but in most cases turns out to be unproductive, because the people being asked typically have no clue in that field.
Getting professional advice can save you time, money and your business at an affordable cost.