Growing up I was a huge fan of Mike Tyson. He seemed to have it all at such an early age.    His favorite saying was “everyone has a plan until they get punched in the mouth.”   He probably didn’t know how true that statement really is.  You see, he was 18 years old and on top of the world.  He had riches, fame, video games named after him and was the heavyweight champion of the world.  Little did he know that when he received his “punch in the face” he would also be ill prepared to navigate through his fame, fortune and missteps.

This story is played out every day in the life of business owners as well.  Most people in my profession will agree that a proper business plan is needed to help your business be successful.  Sadly, in addition to the fact that the vast majority of business owners don’t take the time or spend the money to actually create one, they also lack the ability to adapt to any types of setbacks they encounter whether they are large or small.  This is one of the main reasons why we see nearly 90% of businesses fail.  This is where we serve as consultants to help you create your strategy from vision, to inception, to marketing, to testing your pricing for maximum profitability, by adding a growth strategy, and having the most comprehensive catastrophe and exit plan in the business.  Only then will you survive a punch from Mike Tyson in your business.

When I was in college I used to have a buddy that would cheat from his girlfriend’s test or anyone else who he thought might have the right answer.  This memory also reminds me of our current topic because often, especially in math, he would cheat and find the correct answers but didn’t know how to show his work to prove it.  He was given the right answers and still couldn’t pass the tests!  In business, you may also know what needs to be done to improve your business or to make it work, but you need someone to help you find the best place and time to begin that first step to success.  This is where the coaching part of what we do comes into play.  We will help you take your plan and either help you fix what is deficient and make it better or coach you where to begin your journey to conform to your plan.  We also spend much of this time with our clients coaching them though the unknown areas of their business.  Pretend that you are a great restaurant or bar and grill manager and provide the best customer service and leadership imaginable and decide that you want to own your own bar and grill.   You don’t automatically acquire, by osmosis all the skills and talents that are needed to be a successful business owner.  For example, do you automatically know how to market your own business?  What tax prep you need?  How to get business financing? How to set up your LLC or your INC? Who to hire for payroll or bookkeeping?  Or how to set up your organizational chart and what processes and systems that you need to survive and thrive?  The answer to almost all these questions and more is usually no.  At Devoted Business Development, we will coach you through these start up steps and any others that you may not know how to accomplish or execute on your own.  Only with proper guidance will you be able to set your business up for long term success!

Have you ever spent money on something that you couldn’t really afford and immediately regretted it?  Sadly, this is what most businesses do every day in marketing and adverting.  They spend money on the new latest and greatest trends or fads or get talked into some gimmick that “has worked for many other businesses” in the past in hopes that their return on investment will offset the money they just forked out.  According to many studies that have been done, 80-90% of marketing and advertising dollars that businesses spend today provide little or no return on investment.  The reason for this is that most people don’t take the time to define what their target market is, where to find them, and what marketing or advertising message will bring them to you.  At Devoted Enterprises, we are experts at helping you define this and so much more.  With a marketing plan from us and coaching on how to execute that plan, your return on investment will far surpass just about any marketing plan around.

As we help hundreds of businesses be more successful, we have found many similarities to every business regardless of the industry.  I would like to share some of those with you now.In my career I have found three major mistakes that can be detrimental to a business of any size.

  1. The first and most crucial mistake most businesses make is that they spend too much money on things that are non-essential or not needed at the stage of business that they are in. Many expenditures can wait and as a result of not having a working budget that tells the business owner how much money can be spent in general or in certain areas of their business, ownership always tends to overspend and wasteful spend.  The easiest way to fix this issue is to go old school and examine what revenue is coming in and create a budget for business expenses and then eradicate any discovered wasteful spending.  We make this one of our first priorities when working with clients because our clients expect a return on the money they are paying us.  To date, we have never failed to find cost savings or create measures that allow the business to make more money, or both with a client.  Because of this simple rule, we believe that this will always be the case. Plain and simple, we guarantee we can help businesses save or make more money if they work with us.
  2. Businesses growing too quickly or without a success plan is the second most common issue that we run into. When you don’t have a strategy for that growth from a money stand point and the right personnel in place you can kill your business quickly. In this case, that growth comes to a screeching halt because you either don’t have the funds to keep growing or the staff to handle the growth. At a minimum, it causes all kinds of growing pains that are hard for the business owner to navigate through. In addition, what usually happens is as the business expands and opens more locations or expands departments, the talent pool becomes weaker because you are adding more responsibility and typically less than functional training.   Most businesses fail in this growth phase because of lack of planning, wasted expenditures, and lack of adequate training. As simple assessment done by us can examine whether or not you are ready to grow or not and help you address those areas that may cause you issues should you try and move forward without addressing them.
  3. Most businesses fail to hire the right people for the right position at the right time. If you hire the wrong people, then you never reach their full productivity and potential and you end up having turnover. The cost of turning over an employee has been estimated anywhere between $3,000 and $10,000 per person! If you turn them over, you must replace them, which costs you more time and more money to find the right fit. If you hire the right person right away, you can save all that time and money! We can help dramatically in this area. Lastly, many businesses, as a function of growing too quickly or without a plan, also hire too quickly or too many employees at the wrong time and become labor heavy which kills bottom line profitability. In the end this results in wasted labor dollars, productivity and time and causes a vicious cycle that is repeated. Most owners can’t get out of this cycle. Do you have the right people in the right places at the right time doing the right things?

At Devoted Enterprises, we help businesses who struggle with these three issues and more become successful by adding a few simple processes, systems and training tools.  You will be amazed at how much of a difference this can make in your origination and if you do it at startup, the cost is minimal.  To find out more, please contact us directly or take our online Business Health Check