When you started your small business, you may have been motivated by many of the advantages of owning your own company. Total control over your destiny, the ability to manage your own time, the potential to grow your own income were just a few of the perks behind your motivation. Let’s take a look at the big picture by looking at the life cycle of small business growth and some of the common small business challenges.
If you are a new business owner you may be focused on profit, competition and going the distance by surviving for the long haul. At some point in your growth, you’ll have to choose 1 of 2 paths. You’ll be faced with leading your business and controlling every aspect or creating a bigger organization, building staff to realize greater financial rewards. Here are a few considerations during this process.
1. Know your “why” and be clear what success really means to you
Your vision of success may change along the road to success. Do you stay with the status quo or expand to reach greater heights of achievement? Know why you are doing what you do. Check out Simon Sinek’s model on the golden circle and discovering your why.
2. Use the 1-3-5 process
Look at your goals 1-3-5 years by thinking beyond the day-to-day work. Do you still want to be in your business going forward? Are you going to work every day and what is your role on a daily basis? [Get my pdf guide for 5 steps to developing clear goals]
3. What is the most enjoyable part of your role in your business?
Create a two-column chart. On the left side list, the things you’re most passionate about and love to do. On the right side list the things you don’t enjoy. Just let go of the things on the right side.
4. Share your vision with your team and let them run with it
A team that understands your dream and has freedom to “make it happen” will grow your business even if you’re not around. Free up your time so you can work on your business and not in your business. Michael Gerber the author of the eMyth developed this strategy to allow a business owner to build a company that doesn’t depend on you.
5. Once achieving success, avoid self-sabotage
When you’ve achieved your success goals can be the most dangerous time for a business owner. That is when they just want to play and have fun. Many times, it is also when they self-destruct. They buy big cars, spend away their acquired fortunes, have affairs and destroy all they have built. The key is to keep developing goals in your life and have something to look forward to when you achieve them
Be mindful of these 5 considerations and you’ll enjoy your success more and avoid many of the pitfalls of owning your own small business.
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