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9 Things Business Owners Forget But Shouldn’t

By February 16, 2018June 19th, 2020Advice, Business, Planning, Uncategorized

In business we all get very tied up in the moment, in pursuing the next sale or delivering the next order. It is very easy for us to forget at times (or choose to forget) some simple truths which remembering will help us to focus on what is important. Here are a few of my favourites.

  • There will be life after business

Too many business owners do not make adequate provision for the next stage of their lives, and this is not just financially. Our businesses can be so consuming of our time energy and focus that we cannot imagine a time when we are not in it. If we are realistic, we will understand that the next phase of our lives is equally important.

  • Business is not all there is to life

It’s a bit like “Work is not all there is”. Downtime, time away from the business doing other stuff, holidays, family time are all part of what we need. Our businesses will also benefit from the more refreshed approach to when we are working in our business, if we remember to schedule some time out of it.

  • Your family don’t feel as passionate about your business as you do

I often say that whenever I am offering advice to a business owner, I need to consider the other person in the room – the business. If like me you are driven to make your business succeed, it is important to recognise that others close to you don’t feel as driven as you are and may not understand fully the amount of commitment you are prepared to make. This friction can lead to conflict.

  • Your personal success is not defined by the success of your business

Sometimes it just doesn’t work, this doesn’t mean you are a failure as a person. This is why I see so many business owners continue to strive, beyond the point of any reasonable expectation of success, since they see their own personal worth (as opposed to financial worth) being bound up in their achievements in business. The depression many business owners experience when things don’t work out is a symptom of this.

  • Big is not necessarily beautiful, you don’t have to be the biggest, just the best

I have seen many highly successful, highly profitable and most of all highly rewarding businesses which operate on a fairly small scale. I find that fulfillment in business comes not from size but from the knowledge that your business is the best it can be. This is about the quality of the work that you do, and the favourable outcomes you achieve for your customers. Knowing that you have brilliantly served a small number of people has its own rewards.

  • If your business is not sustaining you and your family it’s time to get out

You are running a business, which is the pursuit of an activity with a view to profit. The risks you have been prepared to take with your real capital as well as your personal and emotional capital must be rewarded if there is any point at all to what you are doing. By all means continue to invest in the early days (say by taking reduced income), but this is not sustainable in the long term. If there is no prospect of adequate reward, maybe you need to get a job.

  • Everyone is entitled to an income commensurate with their skills knowledge and expertise

I see this time and again, business owners, particularly those in service industries undervalue themselves when it comes to what they are prepared to charge for their services. For a business to be sustainable long term, the right amount needs to be paid by the customer for the value they receive.

  • You don’t need to do everything

The temptation of all of us is to adhere to the belief that no-one in our business can do their job as well as we could, if we only had the time. Delegating work to team members is not only good for you and good  for business, it is also good for them as it allows them to grow. The right people doing the right things at the right time might be cliché, but it is a good recipe for business success.

  • You’re not alone

We can feel quite isolated pursing success in our own businesses, particularly in very small enterprises where we few people around us to share our worries concerns, and indeed, successes. I call this “professional loneliness” (for more see HERE). I have found it extremely valuable to regularly converse with other business owners, in fact I believe that “The Best Ideas in Business come from conversations between business people” Taking the opportunity to engage in this kind of dialogue will surely help you to succeed.

BIzIdex2018 is on in a couple of weeks to foster exactly this. For more information and to reserve your place, see HERE

What do you need to remind yourself in business? Share yours in the comments.

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