With the rise of startups and the eCommerce boom, so too is the growing number of business owners who have come to resent their business.
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Question:
What happens when business owners resent their business?
Answer:
If you find yourself in this position of resenting your business, it’s unnerving, isolating and can lead to dark places and for business owners, there is very little support when it comes to working through business challenges.
Here are five practical steps to help you navigate challenging times in your business:
1. Acknowledgement
It may seem easier to sweep the discontentment under the rug, be stoic and keep moving forward. But ignoring the problem or pretending it doesn’t exist will likely result in bigger issues down the track.
The first step toward creating change is to acknowledge there is a problem.
Note: Once you acknowledge the problem, you may want to quickly jump into action. I urge you to slow down and follow all steps outlined in this process.
2. Audit your business: clarify what is and is not working
It’s a common misconception when things aren’t going well, that ‘everything’ is wrong. Chances are though, there are a few key issues with the business model. So your next steps are to:
•Create an exhaustive list of the problem areas within your business
•Create an inventory of what IS working in the business
What goes on the list? It can be anything from the clients you work with, the products and services you offer, the revenue and profit generated, your team, operating model, sales and marketing engine, etc.
Throughout this process, you will pinpoint what is and isn’t working, and it’s from there you will clarify where to place your focus and attention.
3. Reconnect to your purpose and why you started your business
When you are in the thick of running your business, it’s easy to lose perspective. I’m sure you’ve heard the saying ‘it’s hard to see the forest for the trees’. When things aren’t going well, it can feel like an assault of tasks, demands on your time and obstacles to overcome.
Step three is to reconnect with your deeper purpose. This is not what you personally get from the business, but why you started this business in the first place. Think about how you support your clients, the impact you create, and the intrinsic and extrinsic outcomes made available to your clients from your products or services.
Connecting back to something bigger than you allows you to see the business from a wide lens.
4. Make a plan
By this point, you have acknowledged and clarified the key problems, reconnected to your why or mission, and now it is time to create a plan.
Jumping into action without a clear goal and plan may have adverse effects. A well-thought-out plan is instrumental in keeping you focused and on track to move through your organisational challenges.
Firstly, consider the solution to your challenges and the outcome you are looking to achieve (the goal). From there, reverse engineer and map your strategic priorities, along with the key initiatives to achieve your ideal outcomes. And finally, attach a timeline to your program of work.
5. Take action
The final step is to implement your plan. There are no quick fixes – business transformation and structural changes will take time. It won’t be easy, but it is worth the effort – regardless of the outcome!
As with any program of work, track and review the impact of your actions. There will be follow-up, reiteration or perhaps even the development of an exit strategy.
(Source: Koshies Business Building 3/06/22 – small business coach and consultant Kristy Robinson).
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