You started your business with lots of hopes and dreams about what it would become. About the money you would make, the time you would have, and most importantly, the ability to do things the right way. But somewhere, like a bad marriage, those dreams died. You work too much for too little. You carry all of the burdens, while your employees and spouse go on their merry way, oblivious to your challenges. It doesn’t have to be this way. Here are some ideas to refocus your business and your life.
- Take Ownership: The business and you are in this situation because of you. I’m not suggesting that there aren’t real external forces that affect your business, but those affect everyones. The good news is that you have the power to you to make the changes necessary to effect the change that you want, both in your business and in your personal life.
- You Own the Business: Not the other way around! If the business isn’t able to fulfill your personal goals, then you need to change the business or get rid of it for something else. I’m sure you didn’t get into this business blindly. But what if things have changed (the industry, your growth, your personal situation)? You are NOT condemned to serve a sentence, make the business what you want, or if that isn’t possible, find a different one.
- Pay Yourself First: This advice may sound crazy, but I can tell you that it brings many things to light and makes decisions easy when you do. “I can’t afford it!” you say. Then something needs to change (see number 2). When you pay yourself a competitive wage (at least what you would have to pay somebody to do what you do in the business) FIRST, you quickly find out what other expenses are necessary or optional. This includes people! You didn’t go into business to provide jobs for others. If someone needs to take a cut, it’s not going to be you.
- Leave the business: Take a week off with no phone calls or emails. You will quickly find the leaks that need to be plugged. When you come back, you see what didn’t work in your absence. These are the things that need to be systematized. Many owners are pleasantly surprised that things function without them. Sometimes better! Often times owners are in the building simply out of habit. You worked hard to build the business, so that is what you continue to do. This often times leads to fixing things (and people) that don’t need fixing. In other words, you’re making things worse! Another benefit of leaving the business is it gives you a fresh perspective. You recharge your batteries. I give you permission to take a break. It’s OK!
We’ve developed an awesome service offering for owners that are trying to unstick their business, take it to the next level, or just trying to hang on to a fast growing business. We call this Compass, and it works just like a compass. We start be assessing you’re individual personal and family goals. Then we design the business goals around those goals. Once the strategy is set, we help you implement quarterly tactical plans to achieve those goals and keep you on track. Some would use the term “coach”, but I prefer the term partner. Coach implies that we know something that you don’t. Sure we have lots of relevant experience and expertise to draw upon, but the most important factor in your ongoing success is FOCUS. That’s what we provide. No excuses, from us or you.
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Let our experts help you with any of you bookkeeping, payroll or tax needs. Contact our offices in Oklahoma City: 405-720-1244 or Tulsa: 918-477-7650 to get the help you need.