Stay with me for a second ... I know it sounds like a silly question. But just for a moment, think about it.
What would your business say if it could talk?
Would it say it loves serving it's clients? Would it say it is in love with the product, the service and the team delivering them?
Would it say that it is hungry? Hungry for cash or sales?
Would it feel abandoned by it's owner? Would it want to remind the owner (you) of the passion and fun you both shared?
Would it be hurting because it knows that your heart isn't in it anymore? Like a relationship that has gone stale, would it feel your interest and passion has waned?
Worse yet, have you moved on in your mind to another business and just haven't shut this one down yet?
Would your business wonder "what went wrong?".
Running a business is not easy. Sure, we entrepreneurs start-out filled with enthusiasm and big plans. We cannot wait to get up in the morning and get going and we stay up late working on it. We spend endless hours thinking about it.
But after some time, it becomes less of a joy and more of a chore. It becomes work. Gritty and never ending, work. Soon, there aren't enough hours in the day to get everything done.
And in 20% of the cases, these new businesses are abandoned in the first year, according to Nerdwallet*. While most businesses will find short-term success, only a handful have long-term staying power. Just 34% of businesses make it to their 10th anniversary, according to the Bureau of Labor & Statistics data.
As a small business management consultant and fractional CFO I encounter these exhausted and frustrated business owners every day. I help them. I give them the information they need to understand and manage their business. Over the years I have learned why this decline in enthusiasm happens:
Lack of knowledge on running a business.
It kills the enthusiasm FAST.
Most would not line up to run a marathon without preparing. Starting a business from scratch is WAY LONGER than running a marathon and that is exactly what business owners do: head to the start line with little or no preparation.
Preparation is the missing ingredient. It does not guarantee success, of course, but it certainly helps.
This is the first blog in a series where I will fill in the blanks for small business owners and provide vital information to keeping the business alive and well.
In many cases, it will rekindle the love affair with your business and perhaps save it's life.
Your business will thank you for reading each blog and following the steps it outlines. What have you got to lose? Your business - that's what.