Tradies and small business owners go through different business cycles and growth phases. There could be external factors that are influencing this for you. More often than not though, it’s the strategic decisions that you take which determine the success and trajectory of your business.
The beginning of a financial year is always a good time to reset and reflect on how things are going, whether you’ve achieved your goals and where you’ve fallen short. One thing that is more important than anything else when you do this: you need to be honest with yourself! The outcome is optional and entirely up to you.
With that in mind, I want to challenge you to do some serious thinking and reflection about where you’re at with your own business. If you lack the motivation to get up every day to work in your business, or if you have lost the passion to deliver your best to your clients, then it’s time to dig a bit deeper and uncover the reasons for this. In the long run, addressing a problem is always better than ignoring it. It’s the only way to find a new way forward, if the old one isn’t working for you anymore.
If the questions I have for you feel a bit confronting, then it’s a sure fire sign that your business life is in need of a makeover… and that’s better than staying frustrated with how your business is travelling. You see, while you might not be where you want to be right now, if you put your mind to it you can get there.
So, here are my questions to you:
1. How many hours a week do you work?
2. When was the last time you took a holiday?
3. Does your business run your life, or do you run your business?
4. Is your business causing you stress and sleepless nights?
5. How many times this last year did you have to cancel family events?
6. Has the time you spend in your business adversely affected you or your family life?
7. Do you remember why you’ve started your business?
8. Do you still enjoy working in your business?
9. How committed are you to your business?
10. Do you charge a premium for your services?
11. Are you being outdone by your competition?
12. Do you struggle with leading and managing your staff or contractors?
13. Do you have the right people and skills mix in your business team?
14. Do you have trouble paying your staff on time?
15. Are you able to purchase tools and materials when you need them?
16. Do you have a reliable supply chain?
17. Is your business making more than $100,000 per year?
18. Have you been disappointed with your business profits?
19. Are measuring the right business numbers to chart your financial performance?
20. Have you considered going back to work in a job instead of continuing your business?
21. Are you thinking of selling your business?
I hope these questions have helped you get some answers and clarity. Now that you know where the problem areas are for you, you can make a plan to fix them and start eliminating your frustrations. Don’t fall into the trap of ‘hoping that things will get better.’ It is one of the least successful business strategies employed by too many business owners. Use the insights you gain from answering the above questions and then make the changes that you AND your business need.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
Copyright © Robert Bauman. All Rights Reserved.