When the Business Is YOU
Most business owners are on a continuum between being self-employed and having a true business - one that works and generates income whether you’re there or not.
When you’re in the thick of it, it’s easy to forget the “business owner basics” that can make the difference between a “forever grind” and the very real rewards of a healthy business, both for you and your family.
Here are a few points to check yourself on:
Is there a succession plan for the business and/or an exit strategy for yourself? Do you plan to work yourself out of the business but remain invested, or are you building to sell?
If your exit strategy involves selling, take a realistic look at your assets - team, equipment, customer lists, contracts, and proven business systems. How much of your company’s value depends on YOU being there?
Expand your advisory team beyond your lawyer and accountant, by engaging business coaches, industry mentors, and clients to support your path to excellence. Your advisors, employees and associates should complement your strengths, help you do what you’re best at, and stretch your capabilities and dreams.
Obsession with day-to-day details can dull clarity and scatter focus. Take time often to look at your “big picture” - why you first went into business, and what your vision and mission are. Are you on track or do you need to realign with what’s important to you?
Finally, don’t let TCB drown out TCY. Take Care of Yourself so you can better Take Care of Business. Rest, replenish, and reward yourself. Increase your peace of mind by creating safeguards against illness and burnout.
Thinking long-term, building your support network, and taking a compulsory break
from work are just a few things that will re-energize you and your business!
© Mara Osis, 2002