Dear Aunty B,
My business is not fun anymore. I stepped back into day-to-day operations to get it through the GFC and now I have to do it again as the economy seems to have gone down the loo.
I know I should summon the energy to get it through this latest downturn but instead I keep thinking about an exit. The irony is that I know if I sold I would be bored stiff in three minutes and wish I hadn’t sold. And I would probably start a new business all over!
Save me from myself, Aunty
Ballarat
Dear Save me from myself,
Your business sounds like the Hokey Pokey. One step in, one step out… Look. Try standing on your head for a second. That will give you a different perspective which is this. First: who is going to run your business better than you at this point? Huh? No one. So the business needs you. And you don’t want to start a new business. Just think back to those early years and imagine doing that now!
Second. You must step back and see where the business is weak. You say you have had to step back into operations. What roles are you having to fill? Replace those people. They are not up to the job.
Third: Focus on strategy. Take a trip overseas. Go and visit competitors. Trawl the iPad for new ideas. When you have your head buried in the business you cannot be an effective leader, as you can’t be focused on anticipating market changes and developing a strategic direction.
Four: Build surprise into your life. Now for everyone reading this who thinks an entrepreneur’s life is a whirl of excitement… well it is. It’s just that the day-to-day grind that is needed to build an entrepreneurial venture can wear you down. Try to spend a day a week working from home and vary your routine right down to finding a new restaurant for lunch and a different place for coffee. Make sure you take a walk every day to get some vitamin D especially through winter. Build celebrations into the business when key milestones are reached.
Lastly: Go easy on yourself. It is hard work building a business and the last three years have been very difficult. Feel pride at what you have achieved. You can keep going!
Be smart,
Your Aunty B
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