Starting and running a business is an incredible achievement. It’s a testament to your personality, hard work, perseverance, and passion. It allows you to be in control of our own destiny and a host of other benefits.
But whether you were originally motivated by ambition, passion, earning potential, practicality or lifestyle choices, at various stages of a business journey, even the most dedicated entrepreneurs find themselves questioning their future. In the UK, approximately 20% of new businesses do not survive their first year and around 60% fail within the first three years. Only 33% of small businesses reach the 10-year mark.
Are you guilty of sitting in a survival trap, running a lifestyle business and flatlining at a ‘reasonable turnover’? You may be feeling tired or burnt out, stressed about finances, wanting something more, something less or something different. Your role may no-longer seem to suit your current or next phase of life.
If the above resonates with you, then read on and hopefully these tips will help you reignite the spark to grow your business…
Remember the Early Days
Your hopes and dreams, the thrill of the first big sale, the excitement of watching your ideas come to life. Take a moment to reflect on why you started this business in the first place.
Take Care of Yourself
Burnout is a real and dangerous threat. Make time for your family and friends, pursue hobbies, and take regular breaks – these are what make life truly rich. When you return to your business, you’ll do so with a renewed sense of energy.
Identify Troubles and Talk About Them
Is it a specific aspect of your business; your product/service, finances, office environment, a client, the economy, external forces. Be cautious of negative thoughts, instead, address it head-on. Don’t shy away from challenges; they’re part of the journey.
Do What You Love
It’s easy to get bogged down in the daily grind, losing sight of what truly excites you. Can you delegate more to your capable team to handle the day-to-day, or outsource functions while you immerse yourself in aspects of the business that you truly love?
Evolve Personally
Network with fellow entrepreneurs, attend industry conferences, or join professional groups. Surround yourself with like-minded individuals. Hearing their triumphs, and their struggles can provide fresh perspectives. It’s a reminder that you’re not alone on this journey, and that there’s always something new to learn.
Innovate
Sometimes, all it takes is a new challenge to re-awaken your entrepreneurial spirit. Explore new products or services, tap into untapped markets, or embrace the latest technologies. The excitement of venturing into the unknown can bring back the thrill you once felt. Plus, staying ahead of industry trends not only keeps your business competitive but also keeps you engaged and inspired.
Celebrate Wins
Acknowledge your victories, no matter how small. Celebrate milestones and progress.
Dream Big Again
Set new goals for yourself and your business. Picture the future you want, not just for your business, but for your family and your team. Whether it’s doubling your revenue, or implementing sustainable practices, having something to strive for can reignite your drive. But given that 39% of UK businesses struggle with scaling up, be realistic about what you can and want to achieve.
So you are now fired up and ready to fall back in love with your business, right? Or has the above triggered opposite thoughts. Even if your business is exactly where you want it to be, at some point you’re likely to contemplate if you should continue as you are, grow or exit, so consider the following:
- Do I Still Love It?
- Financial Health: Assess cash flow, debt, and overall financial stability.
- Market Forces: current industry trends and growth potential.
- Personal Goals: Does the business align with your long-term vision?
- What are the Consequences: Think about both short-term and long-term impacts.
Whatever your answer, it’s vitally important to love what you do today and plan ahead to maximise opportunities for a positive and prosperous tomorrow.
Conclusion
It’s Not Easy: Like any relationship, running a business has ups and downs.
Yet with some simple, but intentional choices, the smallest changes can almost instantly improve culture and profitability. Lighten the load, focus on what truly matters, and reignite that entrepreneurial spark. And whether it’s for now, or forever, fall back in love with your business you must.
About Us
At Evolve, we offer specialised leadership and management training designed to help business owners ensure their strategy is achieved effectively, to grow, and to exit.
Our half-day workshops cover crucial topics such as delegation, crucial conversations, coaching, and managing performance and provide practical tools and insights to empower your leaders and teams.
Our consultancy, coaching and mentoring supports leaders to drive their business towards success.
Discover how our leadership training has helped other businesses.
Book a call today.
Sources
UK Money Mike Michalowicz, LinkedIn – Get out of the Survival Trap, For Good.
