Photo credit to profitguide .com
When I sold my business, I was asked by so many people “are you excited?” or “are you sad?”. I was neither. To me I had simply sold an asset. Don’t get me wrong, I was passionate about that business, but I wasn’t emotional about it.
How to slow things down in business so your profits can speed up.
How do you feel about your business?
So often, small business owners, especially those who started that business are emotional about ‘their baby’. They frequently won’t allow others to help, change things, or become involved. They take it personally when a client leaves, or someone complains. They make decisions based on feelings, rather than on the facts. Sometimes it’s a massively hard decision to make to close the business down, or perhaps even to sell that business if a great offer came by.
Emotional
If you are emotional, then often also you will try to be a perfectionist. You won’t move ahead with an idea or project until it’s perfect, and quite often that means it doesn’t happen or takes far longer to action due to perfectionism. In other words, your emotion will strangle action. In larger or corporate business, there are always those above (or even the Board) who keep things moving by ‘let’s get it out the door!”. Labouring over something many more hours doesn’t make sense, especially when smaller businesses often have smaller budgets.
Passionate
Passion however is critical. This is what not only motivates you to get up every morning (hail, rain or shine), but what motivates your team and possibly even your clients or customers to keep coming back. I am in no way suggesting you lose the passion, just don’t be emotional about your business. Love what you do, do what you love but keep a little emotional distance from the business. Remember it’s not your baby, it’s an asset which should be generating great income for you and growing in value, which may afford you the opportunity to sell for a nice little sum.
Work with a business coach. Call me at 0411 622 666. I’d be happy to help you.
