In last week’s email, we discussed the possible financial reasons why business owners feel overwhelmed. As business owners, it’s easy for us to recognise that we are not earning as much as we know that we can. But the management of the business is a more elusive cause for frustration. A successful business must have a vision, and knowing how to achieve that vision is crucial. Here are some of the possible pitfalls of managing a business:
Losing focus of vision and values – establish a vision for your business. Visualise the ideal position for your business and create a plan to achieve it. Without a vision, we are likely to lose focus of what we are trying to accomplish and how to accomplish it.
Straying from the real work – many business owners offer a particular service but stray into other services that distract from their speciality. Focus on what you do well and stay within your business model. Avoid offering services that draw you away from your intended business and out of your business model.
Trying to do everything – it is impossible for owners to do everything that is required to run a business. We must do what is necessary as owners and delegate the rest. If you do not have someone to delegate to or do not trust someone to complete the tasks; perhaps you need to re-evaluate the positions in your company that should exist. Depending on others is not always easy, but it is necessary to get it all done.
Not investing in yourself – As owners, we represent our companies and honing those skills is essential. We must make certain that we know the best way to market and sell our services. As the visual representation of the business, we must also dress and speak the part. Consider conferences and seminars that are dedicated to instructing professionals how to manage a successful business and project a successful image.
Doing it alone – it is difficult to run a business without help from others. For us, networking is one of the most important ways to market a business and create relationships in your community. Networking allows others to help you and establishes your credibility. No matter what size your business is, consider joining a Mastermind – so forming an advisory board for your company. Masterminds are an excellent source of advice and act as a sounding board for your ideas and issues.
Creating the vision and knowing how to plan for it are less quantifiable than other areas of running a business. Reflect on your own vision. Evaluate its value and your plan’s effectiveness. Minor adjustments in the way that we run our businesses can lead to more satisfaction and success. Next week, we will discuss the final cause of becoming overwhelmed while running a business; the strain of our personal livesOf course, we can help you sort through a lot of the points raised, and help you see more clearly what you need to be doing, and when.
We’re here for you when you’re ready….