Are you and your business stuck in a rut? Have you held on to tasks that you could delegate? Has it crossed your mind that you won’t be able to pass on your business, sell or retire? Is everything changing around you, while your business isn’t?
Chances are you are damaging your business.
It probably feels uncomfortable letting go, but you have to. Let’s look at what a rut could look like for your business, and how we can help you get out of it.
What are the signs you are in a rut?
Look out for these signs:
- a feeling that something needs to change
- you’re spending too much time on routine tasks
- it’s often easier to ‘do it yourself’ than delegate
- the business results are usually ‘okay’ but not really improving
- you haven’t planned your exit strategy (even if you / your business is relatively young).
Get change started by making informed decisions
Often we stay stuck in a rut because of lack of information. With good data, it becomes clear what you need to do, and easier to take the steps you need.
For instance, we often see clients who have two or three business streams. Typically one is doing particularly well, and makes up most of their profits. The other streams may be doing ‘okay’ or creating a loss, which brings down overall profits in the business. Where clients were relying on annual accounts with a single profit figure, it’s easy to coast along. But once the data has been analysed, it becomes clear that the under-performing streams cannot continue as they are.
Sometimes our clients have a ‘gut feeling’ about the issues in their business, yet they don’t make a change until they have the data. Why? When they have up-to-date accounts and confidence in the figures, what felt like a risk becomes an informed decision.
What next?
The good thing is you know something needs to change. So what next? What changes will you make? Do you have the capability in-house? If you decide to make changes, perhaps bringing in the right people or changing strategy, when can you cover additional expenses? How will you broach the subject with family members or your business partner? Will you be listened to, and will they be receptive to new ideas?
Our team specialise in working with co-owners and family businesses. We’ll make sure you have the best possible information to base your strategy, and help you agree that strategy with each other.
When you’re dealing with your business partner, spouse or other family members, having a trusted professional involved can help take some of the emotion out of the decision-making process. We can facilitate the communication between you.
If you’re ready to get out of a rut, let’s get you out of it! Get in touch or book our Business & Xero Review today and let’s re-focus.
