Starting or running your own business is one of the most exciting and exhilarating challenges you can set yourself. Entrepreneurs are full of ideas, positivity and get-up-and-go. But what happens when the excitement begins to fade? How do you know when your love affair is reaching the end, and what can you do about it once negative feelings set in?
If you think you might be coming to the end of your business relationship, check out these five key signs and what to do about them.
1. You struggle to get up in the morning
The shrill tone of the alarm clock fills you with dread. You hit snooze for the umpteenth time. It was never this difficult to summon enthusiasm for your enterprise in the past, so why are you finding it so hard to get motivated now?
Your solution:. Could you recapture this initial romance by expanding your business, entering a new market or launching a new product?
2. Other people’s work is just not good enough
As a perfectionist, the standard of your employees’ work is just not up to scratch. Consequently, you’re reluctant to delegate, hire people and prefer to be in sole control of your business, no matter how exhausting that is.
Your solution: If you can’t delegate to staff, consider outsourcing. If you restrict your business only to the hours you have in the day, it simply cannot grow. And if you need to improve your delegation or man management skills, source some training, tap into. your network or try a business coach.
3. You disagree with your business partners
You’re an equal partner in the business but you don’t share the same views on future plans. Board meetings end in dispute and your partnership becomes acrimonious. You begin to think there’s nowhere for you to go but ‘out’.
Your solution: Just like a marriage, there are mediation services specifically for business relationships. There’s no need to suffer in silence when external support is available. Enlist the help of a business mediator or mentor to help you all navigate through this tricky situation.
4. You’re not achieving financial success
Cash flow is not looking healthy; your customers are not paying on time and you feel like you’re wasting your own precious time chasing them.
Your solution: Every business deserves customers that respect the company they buy from. Create the profile of your ideal customer and make a plan to target them. Think about extending credit terms with your suppliers to ease any cash flow worries and prioritise those overdue invoices.
5. Your business bores you
Try as you might, you just can’t rekindle the love you once had for your business. It once had you hooked but your relationship has well and truly fizzled out.
Your solution: Sometimes it is best to admit defeat. If there is no way to rekindle the love for your business, your business may benefit from a new, energetic and enthused owner. Consider it your legacy and let it go. The process of selling your business can be challenging, so if Uscita can help in any way, you know where to find us.