I want to share a few things I’ve learnt from working with hundreds of businesses, that may help to reinvigorate your own business.
There’s a critical mid-stage in the life cycle of almost every business. You’ve grown a good, solid business over perhaps the first 5-10 years. But suddenly, results start to plateau. Growth has suddenly disappeared. Things have got a little out of control. Your business now demands so much more of you.
The staff come to you to solve all their problems, customers are demanding more and there is more competition than ever.
You’re the CEO and the solver of all manner of problems, all in the one day. It’s not as much fun as it used to be. Everyone wants a piece of you and there are never enough hours in each day.
I know what that’s like. I’ve been there myself – it’s exhausting, like a heavy fog. You can’t see a way through it. You know you should be working “on your business” but planning and strategy time sits at the end of the queue… and it’s a long queue. There are more urgent things to be fixed. Every day.
The trouble is, nobody else can plan for the growth and direction of your business. It’s you or not at all. You promise yourself you’ll get around to “those things” one day, but for many owners that day never comes.
What could be more important for your family and your future than maximising results and the saleable value of your business? So you seriously must find a way to attack it.
So what’s the solution?
If you had a management team you’d have constant help, motivation, a sounding board. My solution involves a compromise. A way to minimise the effect on your time while still attacking the issue head on.
– Set aside just 1 hour of your time each week. Just 1 hour. Away from interruptions. The objective is to refresh your thinking, reset your goals and consider new strategies. Then come up with an Action plan by the end of the hour. I spend all my time out with owners doing exactly this, so I know it works.
– 1 simple action. Start by scheduling your first meeting and coming up with 1 simple action. 1 specific action that you commit to implementing over that first week.
– Build on it. Refer back to that 1 action each week and build on it. It’s easy and logical, and you’ll get big benefits from it both for your business’ bottom line and for your own motivation.
I’ve seen the positive effect it has had with my own clients. But it will only work if you schedule that 1 hour into your diary. Every week. It’s the most critical 60 minutes of your week.
By Lindsay King