Running a business isn’t for the faint of heart. You’ll face challenges and difficult decisions. Some of your ideas may turn out to be failures. But it’s these moments that test your mettle and help you discover who you really are as an entrepreneur.
Over the years, I’ve worked with business owners from all walks of life and industries. Based on these experiences, here’s the advice I would give business owners.
Find Healthy Ways to Deal with Stress
Every business owner faces stressful situations at some point in their career. In fact, Truist’s Small Business Pulse Survey found that 57% of business owners are somewhat or extremely stressed.
We tend to label stress as a bad thing, but that’s not always the case. The occasional rush to meet a deadline, launch a new product, or expand into a new market can be exhilarating and motivational while still being stressful.
But when stress becomes chronic, that’s when it becomes a problem. Chronic stress can lead to burnout and make it difficult to make decisions with a clear mind.
Finding healthy ways to manage stress is key.
- Prioritize your mental and physical health.
- Pencil in time to rest and recharge.
- Create a more balanced work schedule – and stick to it.
- Set boundaries. If you’re on vacation, be on vacation. If you’re done for the day, leave work at the door.
- Build a strong support network and reach out for help in times of stress.
Running a business is rarely smooth sailing 100% of the time. In times of stress, it is crucial to find a healthy coping mechanism. Experiment with different strategies to see which ones are most effective for you.
Learn to Identify the Root Causes of Problems
Like so many other business owners, you have a lot on your plate. When problems arise, the simplest solution is to put a band-aid on it and get back to work.
But when you take this approach, you’re only treating the symptom – not the root cause of the issue. It’s only a matter of time before that band-aid falls off, and you’re faced with a similar problem again and again.
A better approach is to learn how to identify the root cause of the problem, create a plan to solve it, and put that plan into action.
Finding the root cause isn’t always an easy task and may require some serious reflection. At the least, it requires asking several questions. What may seem like a simple issue on the surface may actually be a significant and complex problem underneath the surface. I call this the iceberg theory – What you don’t see below the surface may be much bigger than the problem above the surface that you see.
But taking the time to address the root cause will solve the problem for good and free up valuable time that you can spend focused on core tasks.
Get Comfortable Hiring and Delegating
You can’t do it all – and you shouldn’t want to. Running a business has many moving parts. If you’re bogged down by the mundane and tedious parts, you’ll be too burnt out to focus on the things that will help your business grow.
Hiring and delegating can help solve this problem and allow you to transition from being an owner-operator to CEO.
I recently talked to a client who was facing a major dilemma with hiring and delegating. His primary challenge is that his revenue isn’t consistent enough to hire someone. This particular client runs an auto body shop. He loves working on cars, but admin work eats up his time.
So, we explored different options to solve his dilemma.
- Can we train an existing team member to handle some of your admin work?
- Can we replace a mediocre worker with someone who is a better fit?
- Where and how can we find the right person to hire?
- Can we bring in someone from a trade school?
As a business owner, you have to be open to making difficult decisions that will help you grow and achieve your goals. Often, that means having to hire and delegate, even if you have to find creative ways to make it work.
When it comes to delegating, make sure that you clarify what you want them to do. Don’t get hung up on their process. Stay focused on the results you’re looking for.
You can often train new skills to someone who has the right attitude and work habits. It never works the other way around.
Be Okay with Making a Bad Decision
If you’re constantly afraid of making a bad decision as a business owner, you’ll find yourself paralyzed and unable to make any move.
It’s natural to be worried about the consequences of your choices, but fear can stop you from growing and may even make it difficult for your team to do their jobs.
Jack Welch, CEO of General Electric, once said, “Good leaders are right 90% of the time and great leaders are right 60% of the time.”
How can that be possible?
Often, you have to make a decision before you have all of the information you’d like to have. Great leaders will get just enough information to make a decision and run with it. Other leaders will wait until they have all of the information, and at that point, competitors have already done it.
You need some info, yes, but don’t be afraid to make a decision just because there are still some unknowns. It may turn out to be a bad decision or the best decision you ever made for your business.
And if it doesn’t work out? Life will go on, you’ll learn, and you can adjust going forward.
Write Your Own Definition of Success
What’s your definition of success? So many business owners try to measure their success against benchmarks set by other people. But you need to define success on your own terms – and that doesn’t always have to include growth.
I work with a wide range of business owners from sole proprietors and small shop owners to larger businesses, and some of them don’t want to grow significantly. They’re content where they are, and that’s okay.
Success doesn’t have to be defined by the car you drive, the house you own, or the size of your business.
I recommend writing down your goals and putting your vision into words. Have an honest conversation with yourself and ask yourself:
- Will this goal truly make me happy and why?
- Is this what really matters to me?
If the answer is yes, then you can keep this vision in mind when times get tough and you question whether you’re doing the right thing.
Don’t Be Afraid to Ask for Help
Every successful business owner has a support network, whether it’s advisors, outside experts, or a mentor.
You need someone to help you define what success means to you and help you make informed decisions to achieve that version of success. A good advisor can help you avoid pitfalls and become successful much faster.
Ultimately, no business owner is strong with everything. The key is being humble enough to recognize which areas are your weaker points and bring in individuals to help in these areas.
Final Thoughts
It takes courage to build and run a business. But it’s important to find healthy ways to cope with stress and learn how to address the root causes of problems to solve them for good. You need to be comfortable taking risks and occasionally making bad decisions, and be ready to hire and delegate early on.
But most importantly, you need someone in your corner to help you on this journey.
One thing I can help you do is avoid making bad decisions and reach success quickly. I can also ask the right questions to help you get to the root cause of problems that are arising in your business.
To learn more about growing a business or to schedule an appointment, click here.