This week's episode is about the importance of Mentors - they are business game changes, and life changers.
An Entrepreneur’s journey has many different stages. From the initial energy and excitement of starting out through the struggles of building a team. Generating enough cash and the growth required to achieve the life you dreamed can be a real challenge. Especially if you aren’t clear on where you want to be and how you are going to get there.
Once you have got your business started, you’d probably think that the hardest part is over. But many businesses actually get harder to run once the additional burden of looking after more staff, premises and more customers kicks in. It’s common for business owners to feel overwhelmed by the business of running a business – rather than working on the critical factors that get a business through a growth stage and onto the next level. The main issues are:
- Planning and know what the goals are
- Controlling cash
- Keeping and attracting the right team
- Having consistency of service
- Knowing the key numbers and keeping on track
- Avoiding feeling that the business controls you
- Making your family understand the sacrifice you are all making
Suddenly there seems a lot more at risk – and everything seems less fun. It’s a lot more serious than the early days when you could pull an all-nighter and get excited about getting paid for a great piece of work or major delivery. In the early days you were the centre of everything. Now it feels like you are a slave to it all and if you take just a few days off it starts to fall apart.
In the early days you were the new shiny start-up, which customer found endearing and were sometimes willing to take a risk on. Now you are more established and someone else is the new kid in town. You seem to have fallen into doing the same as the old guard, which is exactly what you wanted to avoid doing!! You know you can do better.
So what are you going to do about it?
Well having a clear vision of where you want your life to be is a good start – in fact it’s critical. If you don’t know what you want out of life then how can you establish a business that is going to service those needs and wants?
Once you have a clear idea in your mind what you are working so damn hard for, you can start planning the business to deliver the funds required for that lifestyle. And the planning becomes a lot easier when there are goals attached. A lot of business owners avoid business plans (I often hear “it’s too complicated, time consuming, a waste of time and energy, I’m too busy). But it can be done at a strategic level in a day or two at most and completed on a single page. Want to find out more?
Christine Nicholson is The Profit Fixer - an author, speaker and consultant who diagnoses businesses and their business owners using Your Profit Scoretm. Saving thousands and making millions, Transforming +£1m turnover businesses, Releasing the business owner to follow their dreams.