As a business owner, you only want the very best for your company and you’d probably will do anything necessary to make it a roaring success, right?
But at what cost?
In order for your business to thrive, you have likely sacrificed a lot of your personal time, family time and shed copious amounts of blood, sweat and tears tending to it, growing and scaling it.
However, there comes a time when your business should be self-sufficient and needs be able to be run by capable staff members.
Being a slave to your business is not the way most business owners envision themselves when they start a business. So, how do you know if you are a slave to your business and what can you do about it?
Here are some deciding factors
DID YOU KNOW:
- 49% of SME owners haven’t had a holiday in the last six months.
- One-third (30%) of SME owners have no plans to take time off in 2019 – 55% of these say the business is dependent on them.
- Among the 70% of SME owners who do intend to take a break this year, 49% expect to keep working while on holiday.
That’s the word from Dynamic Business. (link on words https://dynamicbusiness.com.au/featured/only-5-of-sme-owners-able-to-truly-take-holidays.html
We get it, being in business can be tough, but if you fall into the categories above, it’s highly likely you’re a slave to your business.
Here are some other tell-tale signs.
- You sacrifice time with loved ones and yourself
If you have ever sacrificed precious time with family and friends, even a holiday, to work on your business, you might as well be a slave to it. This might mean leaving a party early, declining invitations because you have too much work to do, or cancelling at the last minute.
- You can’t take holidays
If the thought of spending more than a few days away from your company fills you with fear or anxiety, this is not a good sign. Many business owners fall into the holiday categories above because their business runs them and not the other way around.
- You team won’t cope with you away
You may have a team, but there’s no point in having one if leaving your business in the hands of your team for more than a couple of weeks or a month could spell disaster. Your team needs to be capable of running the business while you are away, or worse, sick and need time out of the business.
Simply put, if you are shackled to your business, you are probably feeling quite overwhelmed.
It is very likely that you are so caught up in the day-to-day running of your business, that you can’t see the wood for the trees and are not thinking about your long-term visions or goals, let alone trying to streamline processes.
In order for you to take your business to the next level, you should be working on improving your current strategies and ensuring that your team is working smarter, not harder. However, those business owners who invest too much emotionally in their companies become blinded and instead of working on their businesses, they are working on it unnecessarily.
If you had to work out how much time you spend in your business – what would it look like for you?
Of course, you probably have your reasons for having to become too involved in your day-to-day operations but sometimes we need to take a step back and consider these reasons.
Being a prisoner to your business can leave us feeling overwhelmed, no time for family or freedom, no longer passionate, stressed and anxious – and not making as much money as you could if you started planning for success. This is not a good situation to be in!
How to go from slave to success
If you feel like you are ready to move on and take your business to the next level, you have to be in right mindset and be prepared to do whatever it takes to improve your current situation. This can involve looking at the big picture and being ready and willing to make a difference right now.
- Devise a 90-day action plan given the current crisis and challenges
- Find and understand your ideal client
- Understand your numbers and create a dynamic forecast for success
- Find the holes in your business and put a plug in them
- Identify new business opportunities for more revenue and growth
- Review the direction and progress of your business and look to scale
Now is the perfect time to work on your business
So, are you ready to release those shackles and take the next step? If so, we recommend setting a map for the next 12 months and also formulating a 90-day action plan so that you can begin to action that 12-month plan!
We do this inside out 8-week Planning for Success online course.
You will need to review your values and consider what is working and what is not working. This could involve tweaking your plan as you go along. Don’t be afraid to outsource and delegate, and remember that you don’t have to do it all yourself!
That’s what the Planning for Success 8-week course members will help you with – everyone is accountable.
Finally, set some time aside for forecasting so you can plan for the future. Always keep in mind that you should be running your business (not the other way around).
If these steps sound like the recipe for success for your business, and something you are not correctly doing (or haven’t done for a while), start by downloading our Business Continuity Plan and then taking the next step and signing up to our 8-week Planning for Success course.