Your commitment to your business is evident every day. The work and effort you put in is what’s made you successful, but beware! The “work trap” may be waiting for you!
What’s the work trap?
As a hands-on business owner, so much of your time is spent working IN your business, increasing profitability, managing risks, strengthening marketing, managing the day to day responsibilities. None of these are bad things per se, but they can often hinder the time you spend working ON the business in preparation for the next generation. That’s when you’ve fallen into the work trap. You haven’t taken the time to answer questions like, “How much income do I need to retire?” or “Do I want an inside or outside sale?” Leaving these questions unanswered leaves your business, and all those who rely on it, at risk. If you become ill or unable to run the business unexpectedly, without a plan you can’t control what happens to your business.
How can I avoid the trap?
First, stop waiting for work to slow down. Chances are the daily pressures of your business have kept you up at night more than once. These pressures can be the loudest, but that doesn’t mean they are always the most important. Time isn’t always guaranteed, so stop telling yourself succession planning can “wait till tomorrow,” because, as we all know, tomorrow never comes.
Second, adjust to change as it comes. Flexibility is crucial to running a business, as in life. The vision for your future needs to evolve, all while keeping your Designed Destination in sight. We can’t predict the future, but we can take precautions. Planning is not a one-time event, it’s necessary to adjust with changing circumstances. Having a plan everyone can trust can help you avoid making a poor decision in times of panic.
Finally, don’t get lost in the vocabulary some advisors use, as their messages are often misguided and uninspired. Ownership Conversion stands as the ultimate growth challenge, directly connected to the work you’ve put into growing your business since its founding. A successful Ownership Conversion Plan requires you to set a destination then design strategies and take actions that can get you there.
Your entrepreneurial spirit isn’t lost in this endeavor. In fact, it’s that spirit that has helped you reach the success you have today, but don’t let your spirit become a liability.
Worried you’ve fallen into the work trap? Let’s talk about it!