Do you love your business? Several factors will determine the answer to such a loaded question. Having reached the end of the month, you may have thought I wouldn’t touch on the subject. But let’s briefly go over this in honour of the month of love.
The First Love of your Business
As someone new to business, it could be equated to that first love in school. The individual is all giddy with the new title, practising how to introduce themselves and caught up in the newness of it all. It’s an exciting time, and your primary concern is to please that significant person. In business, it will be the first customers agreeing to all the demands because you want them to be happy. You want to prove that you are dedicated and passionate about this venture.
However, it doesn’t take long for the penny to drop and realisation to set in. It may have been infatuation rather than love because you were giving more than what you were receiving. At this stage, the novice begins to understand their worth and ensure their value is compensated.
The lesson to take away from this whirlwind romance is to set the HouseRules and learn to stick to them.
Enduring Love of your Business
With experience comes ease and confidence to state clearly what you are looking for and what you are prepared to compromise upon. You have HouseRules, which has gotten you to this point in business. You have no fears about turning down offers and walking away. Yet the passion remains, and even with all the experience and confidence, there are occasions when a particular offer gets you a little giddy, reminiscent of that first love.
Without HouseRules, it will always seem like you are picking the wrong relationships and getting burnt. From your suppliers, clients and internal community, failing to identify what pleases you and who you want to serve will leave you in a loop of despair.
At this stage, if you have no love for your business, it’s equivalent to being in a loveless relationship. There is no joy, and nothing that happens within the company will be fulfilling until you do the internal work.
Love Beyond your Business
Our priorities in life change. Both the business and the individual shall evolve. Your business is no longer the priority because you want to explore other avenues. You have the memories, and the time together has built your character, possibly why you have decided to go on another adventure.
You have control over how this love affair will end. Does it become a family legacy, or do you cut ties to someone willing to compensate you generously? You must have a structure to gain the right interest for the asking price. Organisation is critical because no one will invest in a legacy of problems. What you have chosen to turn a blind eye to will be brought into the limelight by the new owner. Do you want to risk a heavy discount?
Make your business look attractive at all times so that you catch the eye of others and have options when the time comes to say goodbye. Much like when building a business, you want to ensure you are on a level footing and not caught up in reactive emotions.
Get an audit of your business so you can start that exit strategy.
The love for your business can be compared to love for your forever home. When you first purchase it, passion can make you blow the budget on the reservations and get the way you imagine. You raise your family, entertain friends, making all kinds of memories. But your home is still bricks, mortar and possibly wood.
It will not protect you and your family if you don’t maintain it. And regardless of the property prices and your fond memories, a potential buyer will only offer the going rate, taking into account the renovation they will have to undertake. So keep on top of the maintenance and they may be swayed by the quaint stories you share because they won’t be distracted by the toxic waste they will inherit.
Well, that is it for another week. I do hope you enjoyed the month of love. However, you chose to spend it.
As always, I won’t keep you any longer than necessary. When you’re ready to talk more, book a Sip & Chat.