Please forgive me. But I am needing help. I am running a business for 15 years. And another for going on 3. You would think that I would be good at this by now. How do I have a profit if I’m barely surviving. I don’t have any money left over to pay taxes let alone call it a profit. It’s like I’m struggling. And can’t figure this crap out. -Mr. Overwhelmed

  • BusinessBrokerRyan@alien.topBEnglish
    1·
    1 year ago

    First, if you are based in the US, reach out to your local SCORE chapter for a free business mentor. Local SBDC groups also offer this. Amazing resource and the folks in my local Seattle chapter are outstanding operators and genuinely enjoy helping local business owners.

    Next, have you joined an industry peer group or owner best practices group? I’m in a best practices group of 15 business brokers and it has been invaluable. If you are not part of a group - start one - either locally or online, does not matter. The impact on your business, and your personal ability to overcome business challenges, can be profound.

    Many small business owners pay little attention to pricing. Have you mystery shopped your competition in the last 6 months? Are you chasing revenue? Do you need to drop unprofitable accounts?

      • 420coins@alien.topBEnglish
        1·
        1 year ago

        I run a weld and fab shop and I certainly have a couple customers that need let go because they bring junk and always “don’t wanna spend too much on it” types of people.