Should I Stay Or Should I Go? Working Out Whether To Keep Going In Business
Being in business reveals a lot about us – all our flaws, weaknesses and strengths.
Through the process of building a business, there are often many peaks and valleys that can make or break us. Sometimes, we are confronted with a decision about whether to stick at it or move on. Staying or going in business is one of the most important decisions in business you’ll ever make. There are many reasons to shut up shop:
lack of cashflow
work/life imbalance
conflict with business partners
retirement
ill health
loss of business mojo
Regardless of the reason for staying or going, the questions you should ask first are: Do I still love what I do? What truly makes my heart sing? What brings a sense of purpose and meaning to my life? Knowing these will give you clear direction and focus.
To answer these questions honestly, go back to the basics – your values.
What would you stand up for and defend?
What are the non-negotiable personal qualities you operate from?
Your values provide the framework for the way you live your life. They influence your decisions, your behaviour, your goals and interactions with others. In business, your values are critical. They guide the direction and decisions in your business. Getting clear on your values will guarantee alignment between your head and heart, so you won’t be second guessing your decision.
If you can’t answer yes to the question do I love what I do, you can reinvent your business into one that you love, this could mean:
devising and implementing a strategy that will result in greater cashflow
redesigning processes or hire of more staff/better delegation to free up time
finding a way to resolve the conflict with a business partner. Is buying them out an option?
putting a plan in place to transition from your business on your terms, if you are thinking of retirement but not yet ready
redesigning your business so that it is not reliant on you, if you suffer from ill health
reconnect with your purpose for going into business if you have lost your mojo. What changes could you make that would let you love your business all over again?
Or go to work on your exit strategy, which may be the easier option. The decision to stay may mean you have a lot of hard work ahead of you and changes will have to be made. This is where being fully committed comes into play; if you’re not, the business will be an uphill battle.
Being values focused when committing to the change means that you will be more likely to succeed. You might like to read our eBook The 4 pillars you need to build a rock-solid , future-proof business you love if you are looking for a new way forward in your business.
This is Julie’s story…
Julie started her legal practice eight years ago prior to having her two children aged 7 and 5. The motivation to go out on her own was so she could have flexibility when she did start her family. Who wants to drive to the city when you have to do childcare pick up and spend time with your little ones?
With three staff, Julie questioned why she was putting herself through the stress of owning her own business, especially when working for someone else would bring in as much money for less stress. The love for her business wasn’t as strong as when she first started. Working with Julie, we identified what was important to her:
Picking up her children from school and attending school events. This is a non negotiable for Julie – family are her number one priority.
Working through the numbers, comparing what she could earn as an employee, revealed she would have to work full-time in the city to earn the same as what she earns in her business. This would mean giving up the thing she valued most, having flexibility to spend time with her children. Julie has a new appreciation for what her business means to her and her family. It was an easy decision to stay and knowing her values is what helped make the decision.
If you would like specific advice tailored to your business and circumstances, Accounting Heart offers affordable service packages where you can work with Sonia one-on-one to help you get your business where you want it to be. Book your FREE Discovery Call to find out more.
Disclaimer: This is general information only and is not advice of any sort. No warranty or representation is provided by Accounting Heart Pty Ltd as to the accuracy, currency or completeness of the information contained in this blog. Readers of this blog should not act or refrain from acting in reliance upon any information contained herein and must always obtain appropriate taxation and / or other advice as may be appropriate having regard to their particular circumstances.