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One of the biggest challenges of a service business is managing your inventory. Now you might wonder what inventory, besides a few stationary supplies you may have, that need to be managed?

Well, unlike a manufacturing, retail or a distribution business, where you have physical inventory that needs to be stored, sold and then replenished, service businesses on the other hand have a single and very unique inventory -TIME!

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With the vaccine rollouts well under way in many countries, the talk has turned to the reopening of the economies. One of the biggest issues facing many entrepreneurs, is the return to the workplace.

At the start of the pandemic, millions of office workers were sent home to work remotely. Once the initial technical issues were resolved, everybody seemed to profess that they are never going back to the office and their future was a zero commute remote work environment.

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There are lots of reasons start-ups fail, but one that I see far too often is the lack of industry experience. Industry experience can be summed up as having substantive knowledge working in the area of the planned start-up.

As an advisor, I have met with hundreds of budding start-ups and one of my primary questions to them once they have explained their idea is, “what industry experience do you have?”

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“Five percent of the people think; ten percent of the people think they think; and the other eighty-five percent would rather die than think”. This often repeated quote is regularly but wrongly attributed to Thomas Edison, Henry Ford and philosopher Bertrand Russell, all big thinkers in their own right. The reason for this is that they all had similar thoughts on the on the capacity or desire of humans to think, because thinking is hard work and most shy away from it.

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For newly minted entrepreneurs, the biggest priority is to generate revenue, any revenue in an effort to transition from struggling to profitable enterprise. To those of us who have made the crossing, we have more often than not sacrificed our own financial needs in order to create a proper fiscal foundation for our business. Because so few of us ever get investor capital, we are left to our own devices to fund our enterprises.

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A year ago, had you asked small business owners what 3 things could put them out of business?, I would have bet a pandemic would not have been on their top 10 let alone their top 50 things. But a lot has changed in just over a year. According to the CFIB (Canadian Federation of Independent Businesses), it is estimated that 1 in 6 small businesses won’t survive because of Covid-19.

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You Got This-For some time now I’ve have taken issue with the advice given small business owners on social media platforms under the guise of motivation and advice. Sadly, much of this advice being spewed forth by many of these so called experts is, in my opinion, nothing more than hype to grow their popularity.

But in order to balance my opinion and for research purposes, I have spent over 20 hours of listening to the audio version of the books of some of these more popular gurus and to be honest, my opinion hasn’t changed.

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Pivot! Just pivot! That’s what your being told if you’re having challenges running your SME. It’s another one of those words that actually had value once upon a time. Now, it’s so abused that’s it’s nothing more than a throwaway statement by individuals who want to sound like they’re offering intelligent advice, but really aren’t. Realistically, most businesses can’t pivot.

If we’re to be honest, most individuals have a heck of a time coming up with one idea that they can get excited enough about to take the plunge.

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This is a guest post by Dennis Geelen of Zero In.

Take a minute and think of a few companies that pop into your head that were once seen as leaders in their industry but, for one reason or another, eventually came crashing back down to Earth.  Maybe they have since been surpassed and are no longer a household name.  Perhaps they filed for bankruptcy. 

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Money, it’s one of those personal topics that many people are uncomfortable discussing. Why that is, varies from person to person.

Even inside a business that uncomfortableness exist, but that needs to change. Generally speaking, the only time the subject of money seems to ever comes up is in the heat of the moment in comments such as “Do you know how much that costs?”.

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