Remember when you first had the idea for your business? Excitement, adrenaline, and motivation fueled your actions to bring your vision into reality. Sleepless nights, nail-biting episodes, and perhaps midnight calls were part of the journey to success.
How do you feel about your business now? Are you passionate about serving the needs of your customers? Are you excited about the opportunities to expand your customer base or market share?
If you answered "No" to any of these questions, it's O.K. There's no judgment, and indeed, all entrepreneurs go through a downturn in their business. But how can you get your passion back?
There are three ways to assess your current level of commitment to your business.
If you have lost passion for your business, take a few moments, and think back to why you started your company. What was it that made you excited? Has the problem that you solved morphed or changed into something else?
Your passion is felt by your management team, your staff, and your customers. If you, as the head of the company, aren't passionate about what service is offered, everyone who interacts with you will also be listless.
When I first created Growth to Exit® in 2015, I was passionate about helping entrepreneurs successfully exit their companies. Because I sat at both sides of the negotiation table, representing buyers and sellers, I have developed a unique perspective.
However, I ran into an issue because my firm's legal fees can run into six figures. While I knew our services were worth it, there were many business owners I couldn't help because of the cost of our services.
We pivoted and created the Growth to Exit® digital course . It provides the same strategies I share with my clients for a fraction of the cost. If I had stayed focused on the solution (providing legal services to clients) and not the problem, I would have missed an opportunity to help more people.
When you own a business, there are many tasks and roles that you may not enjoy. Take a step back and determine how your day is spent – on what you love to do or the nitty-gritty details you dislike.
You are the visionary and the strategist. You have to have space in your day to assess situations, create solutions, and marshal resources.
Successful entrepreneurs are strong and independent leaders with an extreme work ethic and the ability to manage high-stress levels. They're able to deal with complex issues, multitask, have a high degree of self-confidence (tempered with humility), are excellent judges and managers of people, and are talented salespeople.
Your business survived 2020. Now it's time to reassess where you are, your goals and aspirations, as well as whether you want to continue. Spend thoughtful consideration of the impact on your family, your lifestyle, and your time. Many business owners do not take the time to determine why they were selling their company. Setting clear goals, being proactive in grooming your company, and deciding to move onto another life phase is part of this process.
Did you know that there are buyers who are looking for well-run companies? The Growth To Exit course takes you step-by-step and shows you what serious buyers expect to see in a business they will pay top dollar for.
Your company is the product. Growth to Exit® is the process. The Buyer is your customer.
THIS INFORMATION IS FOR GENERAL INFORMATION ONLY. IT SHOULD NOT BE CONSIDERED LEGAL ADVICE AND DOES NOT NECESSARILY REFLECT THE OPINIONS OF TSG PUBLISHING. YOU SHOULD NOT ACT ON INFORMATION RECEIVED FROM GROWTH TO EXIT® WITHOUT FIRST SEEKING ADVICE FROM YOUR LEGAL COUNSEL.