Business is the ultimate marriage. For some, she’s a cruel mistress. And just as with any deep and meaningful relationship, business needs commitment and love to survive. We've got all the tips to recapture the magic and passion to see you Fall In Love With Your Business All Over Again.
Do you remember when you first fell in love with your business?
It was all you could think and talk about. You couldn’t eat. You couldn’t sleep. You were consumed by all the operations, products, processes, delivery of service and marketing ideas you would bring to the table to make your business special and unique; not just to you, but to your friends and family, and, even your community. You knew there would be hard times ahead, but none of that mattered. The rosy glow of the future shone brightly. And so, you put all your heart and soul into it.
Fast Forward: Maybe you’re now coming to your second end of financial year and a tax return showing just how much your business takes without giving much back. Your friends and family complain they rarely see you. You’re constantly tired; not just physically, but bone weary mentally and spiritually. The person you were when business first launched is a 180 to the person you are now. Business has taken its toll on your financial and mental health, leaving you feeling like this is all very one-sided. While you were prepared for all the pitfalls, the constant and never-ending challenges, from paying creditors, wages, rent and utilities to making sales and reaching for profits have worn you down. The thrill has gone.
If you’re in this for the long haul, it comes down to finding the balance to keep business sustainable. Our tips will get you right back on track.
Break Up The Routine
Stuck in a rut? Take a break - not for a weekend, but for a real escape. Turn your email on to Out Of Office and turn off your phone. Leave business in charge with someone you trust and take time out. A change of scenery will do the mind, body and soul wonders. Your outlook will immediately change, allowing the chance to see the bigger picture. Return with a plan of action for three points that changes the way you manage your business.
It’s Not Me, It's You
With a fresh new mindset, make an honest and real assessment. Look at what is working and what is not. Focus on the areas that need attention with possible changes in business policy. Ask the hard questions:
Are debtors falling down on payments?
Are you and your staff wasting time in areas not worth it?
Do you need to raise your profit margins?
Are the accounts becoming unmanageable?
Is the workplace culture verging on toxic?
If you’re ticking yes to at least two of these, it’s time to make some strong decisions and start making changes. Not making the change can only spiral to bad times ahead. You owe it to you and your business to try something new.
Seek Professional Advice
When relationships are going through serious difficulties, seeking professional advice always helps – this also applies to business. We’ve already outlined all The Warning Signs Of Financial Difficulty which recognises prevention is always better than cure. So once you’ve answered the hard questions and thought about the tough decisions, call in the experts. They can look over the financials and explore possibilities, from reorganising internal business, liabilities or debt and business restructure. The sooner you act, the sooner – and easier - your problems will take to be resolved.
Spice Things Up
Reignite the passion. If you’re no longer excited about business, this is going to come across in your everyday work and customer relations. You owe it to yourself, your business – and most importantly – your customers – to get that excitement back. Look at your marketing with an effective campaign that looks at print, digital or social media. Design new marketing material. Outline a quarterly plan for social media. Build or refresh your website. If you think it’s worthwhile, look at a rebrand. Rebranding forces you to rethink business, the core values and your reputation to start setting new goals in motion. Have a launch event that includes staff, customers and suppliers celebrating your new brand, product or service. If it’s significant enough, invite the media. The excitement will inject new life into you, your business, staff and customers.
Just as couples need a date night to break up the routine and focus on the relationship, we need to devote some fun time to our business. Set up a date for a business symposium that includes staff, as a creative day away from the office. Create an agenda of questions and tasks with a timeline to keep things on track. Distribute memos as pre-homework so everyone comes prepared – but keep it simple, with every intention for the session to be fun and creative. Plan, think big, talk new skills and ideas. Reach for the stars. Make it worth your staff’s time with rewards and treats. You’ll walk away with great plans that everyone has contributed to, feeling passionate about and excited for the future.
Is business getting you down?
Do you need advice to look at a business restructure?
Get in touch.