031: Is your business running you?
Listen Here and Now for 5 Strategies to Transition to Running Your Business
During the first couple years, your business runs you. You live like you’ve never lived before. Yet, you can’t do it forever. Join us as we share 5 strategies for transitioning to a more sustainable business.
Quotable of the Week
“If your goal is anything but profitability – if it’s to be big, or to grow fast, or to become a technology leader – you’ll hit problems.” – Michael Porter
If your business isn’t profitable, it won’t last very long – no matter how big or fast it is or how much you are a technology or thought leader. See #4 below how profitability.
Highlights from the Business Running You? Episode
When you first start your business you live like you’ve never lived before. Yet, you know you can’t do that forever. With having a baby, this is true for the first 6 weeks at least. With a new business, it can last a couple years. Then, you have to make changes.
We share 5 changes to consider in order to transition from your business running you to having a more sane life (a.k.a. running your business):
1. Hire quality staff.
Hire slowly but hire before you’re ready.
2. Set routines.
Have clear boundaries for when you work and when you do not work.
3. Say “No.”
Especially if you’re an ideas person, say “no” to every idea you come up with for at least a month but more like 3 months. Instead of adding new things, focus on getting better at what you already do.
4. Make profitability your #1 goal.
“If it’s not profitable, it’s not sustainable.” You cannot sustain a business that’s not profitable. At some point you need to figure out how to make enough money to run your business well. The sooner you get to profitable, the better… for your business and for yourself.
5. Consider giving up and moving on.
Don’t stay a “wantrapreneur.”
Perhaps with the profitability measure, give yourself a deadline. Perhaps, if you’ve been at it for a while, you say, “If I’m not profitable by 6 months from today, then I can walk away from this business.”
We’d love to hear from you.
It can be helpful to get a really clear picture of your personal and business financial situation in order to make decisions about how to run your business. We’d love to offer you a complementary financial analysis that will help you build your plan around your unique financial goals and concerns.
We’ll take you through the exact process we went through almost 5 years ago. This process transformed our financial future from an uncertain one to a future about which we feel super confident. We’d love to share the experience with you. To get started, visit businessactivistentrepreneur.com/firststep or text BAEFinancial to 44222.