Whether you’ve been in business for one year or a decade, you will inevitably have periods where relentless graft is necessary. But what happens when you’ve skied off the ramp at high speed and are ready to land back on earth?
As we’ll explain below, regaining balance quickly after growth spurts is essential not only for our personal health, but to maintain the momentum of business success.
It is reported that 60% of businesses do not make it past 3 years of trading. Therefore, taking stock after periods of growth allows us to adjust course and determine whether our original goals and plans are still aligned. Without it, we risk letting success control us, rather than the other way around.
Here are 7 ways to maintain momentum, continue your success trajectory and avoid burnout along the way.
1.Prioritise your personal life
Over a third of business owners are working longer hours than before the pandemic. And waking up at 4am worrying about your business every night is not sustainable.
In the growth phase, we focus so much of our attention on executing the tasks required. Before you know it, your business has had a fantastic 6 months, you’ve forgotten a friend's birthday and missed a hundred small moments with your loved ones.
Most of us start a business to live a better life. Whether it’s to earn more money, gain financial independence, or to choose our own hours. What no-one tells you is how all-consuming it becomes if you’re not taking the wheel. Prioritising your personal life during business success is imperative to ensure it’s adding value and not replacing what you hold dear.
2. Learn the art of delegation
A common pitfall of being a business owner is not being able to step away. However, if you’re unable to delegate, the business can only grow as big as your own capacity.
Delegation involves trust which can be difficult to give if you have previously done everything yourself. But whilst you may think you’re the only person who can do a certain task, the likelihood is, you’re not.
Write down every process in your operation so they can be replicated with the same (or near enough) outcome every time. This makes them easy to delegate to a virtual assistant, a freelancer or a new employee.
3. Join business communities
Sometimes our friends and family may not understand our situation as a business owner. But business ownership doesn’t have to be isolated or lonely. Find communities which keep you motivated, inspired and supported.
Networking groups are common across the UK. In all kinds of industries and niches. No matter what sector you’re in, you can bet there’s a group for that - or one waiting to be made!
Finding other people who are equally passionate about business and creating an extra layer of support to lean on, in good times and bad, is key to maintaining momentum. Plus, when it comes to hiring new employees and outsourcing services, having a room full of credible recommendations saves a lot of time and effort!
4. Rewrite your financial plan
Consider re-evaluating your financial plan when your business has gone through a major change, such as rapid growth. Keeping your balance sheet in check is crucial not just for your stress levels, but so you can continue building your business.
Around 30% of startups fail because they run out of cash, with 18% failing because of cost and pricing issues.
Ensuring you have the capital available for any new goals that have arisen (as a result of your recent success) will allow breathing space to hire new staff, invest in new equipment, or simply maintain a steady cashflow. On top of this, consider if your running costs are the same as they were. Does your current pricing reflect this?
5. Seek help early
Another common pitfall is not asking for help early enough. At the very least, this results in more stress. At its most severe, not seeking help can result in business failure.
The fact is, you are the expert when it comes to your business and industry. But owning a business does not mean you have to become an expert in everything. Those who try are simply spending valuable time that could instead be used to further hone their operation.
From accounting to marketing, technology to sales, the secret to maintaining business success is to accept you are not always the best or fastest person for the job. So seek help from other professionals early - even before you really need them. Asking for help when it’s too late only ever limits your options.
6. Set small, regular milestones
As with any project, a strategy is the best way to know what you need to do and when. Further to this, goals and milestones are essential for tracking progress and staying en route to success.
Productivity hacks have become a huge trend in recent years and it may take some trial and error to find what works best for you. But one thing they all have in common is breaking down big goals into smaller, achievable milestones. And the largest goals often require regular commitment to much smaller tasks. For example, an annual turnover can be broken down into a daily sales goal.
7. Celebrate often!
Whether you’ve hit all your milestones this week or just completed your best ever monthly revenue, celebrate your achievements often. When we’re slogging it out, day in, day out, it’s easy to let the small victories pass us by. Celebrating doesn’t take away from all that is left to do. On the contrary, it can go a long way to motivating us to push for what’s next.
Need help with your finance goals?
At Coria Commercial Finance, we help businesses secure the finance they need for sustained and controlled growth.
Chat to us today about your plans for 2023 and how we can help you get the support most suitable for your business.