All of us can hang on too long to a business that no longer fulfils us.
We tell ourselves things like ‘I just need a break and I’ll be more inspired when I’ve had some time out’.
We ignore the facts that are telling us to let go, like financial indicators across the board.
We let emotion win, and fail to let go because we are attached to what we have taken years to create.
We listen to other people, who won’t let us let go by saying things like, ‘but what would you do…?’
We fear the hard decision and what it will entail.
I’m not advocating letting go without a good reason, and sometimes all it takes is an adjustment to reconfigure things slightly and feel the love again!
- Ask yourself these questions to identify if you love your business enough in its present form to keep going as is.
And when you’ve answered them, ask yourself why you have answered that way – is it an emotional decision, do you fully believe your own answer, have you answered from a place of knowing or of hope?
|Situation||Is this statement applicable to you? Yes or No?|
|Your business has had minimal growth in the last 3 years|
|Your business has declined in sales over the last 3 years|
|You find it hard to be motivated every day to keep going on your own as a solopreneur|
|You find it hard to be motivated every day to keep running the business and pushing the team along|
|Getting bigger has caused more problems than joy|
|You don’t really like servicing the clients you have now|
|The work you are doing doesn’t really engage you any more|
|Your business needs you to invest (in people, technology, IT, etc) in order to remain competitive but you struggle to commit to that|
|You feel overwhelmed at the thought of going through new accreditation procedures for your company|
|It’s been a while since you’ve had any company wins which you find demotivating|
|You struggle to see a vision for the future of your business|
If you love your business enough, there won’t be many questions which you have answered ‘yes’ to.
If there are any, you will want to work through any situations (that are relevant to you) required.
However, if most of your answers are ‘yes’ then you may not love your business enough to keep going in its present form and need to change it up or let it go completely. If you have a team of people relying on you then the best response would be to rework where it is a viable option.
- Make a decision to take the next step
Whether you let go or rethink your business, what stops you from doing either may be the knowledge that enables you to take that step. Maybe you don’t know what your options are. The fear of not having a ‘Plan B’ could keep you anchored to the spot.
- Do some research and get advice on both options – letting go or reinventing.
- Think carefully about the cost to you financially, professionally and emotionally of not doing anything.
- Look at the pros and cons of both options.
- Think about the future and what you would like to happen next.
- Shore up finances where possible as you are likely to need them for both options.
- Make a decision.
- Get help where you need it.
Move forward – and start to feel inspired about your decision.