We all have those days and weeks when we feel like throwing in the towel. However, when that path of frustration becomes a well-worn rut, then burnout is imminent. As an ambulance business owner, burnout comes with many risks, for your health as well as the health and success of your business.
Step 1: Avoid Owner Dependence
Early in business ownership, many ambulance business owners assume that pouring all their time and energy into their new acquisition is the best way to ensure success. However, as many former workaholics know, an imbalanced life often leads to lessened motivation and creativity.
Micromanaging every aspect of your business is not the answer. In fact, it can be a major problem. In fact, a healthy company will continue to function well even when its owner is absent. By developing written policies and procedures and delegating responsibilities to worthy employees, you can provide the leadership and direction that your business needs to thrive.
Step 2: Promote Strategic Growth
Once you have policies and procedures in place and have learned to delegate, you can leverage your new-found freedom for your business’s advantage. By taking time to step back and examine your business from someplace other than the trenches, you’ll be able to see areas of potential expansion and growth. From that perspective, you can develop a vision for the future and then brainstorm and research ways to make those dreams come true.
Step 3: Keep Personal Finances Separate
When you own a business, separating your business endeavors from the rest of your life may seem impossible. However, keeping your business finances separate from your personal finances is a reasonable expectation. Starting out with separate business accounts with credit cards and separate checking accounts can help you to keep careful records. You can write your own pay checks out of your business account and deposit them into your personal account, still keeping the two separate.
While the added hassle of opening extra accounts and writing out pay checks for yourself may seem like unnecessary extra steps, you’ll be glad for them, in the long run. Keeping personal and business finances blended can lead to an accounting nightmare as well as personal credit issues, lower business valuation, and—of course—burnout.
Step 4: Know When To Sell
You may thoroughly enjoy the transportation business and expertly run your ambulance business, but it still may be time for you to get out. Not only does the industry fluctuate, but your interests and abilities are constantly changing, as well. And that’s okay.
Instead of waiting for a younger family member who might or might not want to continue in the family business, perhaps you should consider selling to an outside company like most business owners do. Before burnout has become a reality, you can contact The Tenney Group to develop an exit strategy to keep your business value high as we help you find and pursue possible selling options.