Every business has a life of its own. It is supposed to be born by an individual and outlive the individual. It should have its own allowance, savings, investments and be able to pay tithe or give to charity (depending on your religious inclinations). A business is not supposed to slow down or die simply because one person is unavailable (ill or dead).
If you have to close down your business to go on vacation, maybe it’s time to re-examine your management structure.
Closer home, if your business will lose access to all its clients if your phone gets lost or its memory card gets corrupt, you are not allowing the business to live.
Think of your business as it exists today. Is it malnourished? Does it suffer low self-esteem because of you? Is it confident enough to take on other giants in the same industry? Does it have savings? Investments?
Is your business crying under the weight of serving you and your employees? Can it pay your salaries from its earnings? Is this the time to cut down on staff? Should you get a full-time job, yourself? Should you dedicate your free time to starting another business that will bring immediate returns?
Or, should you embark on reaching new markets with your products? As your employees do door-to-door marketing, can you get online and attract new clients? Do you have the skills required to take the business to the next level? Do you need to employ a competent manager? Or, do you need to return to school yourself?
There’s a lot that your business can achieve, if you let it live. It will become a global brand, alive for many generations, if you supply it with all the ‘nutrients’ it needs; and in the right quantities, too.
What will you do differently about your business from today?
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LIMER™ Personal Finance Coach