As a business owner, it’s completely normal to experience fluctuating levels of passion, energy, and success throughout your career. These changes to the way you feel about your company are often the result of factors outside of your control. In some cases, these factors can be managed. In other cases, though, these distractions could be leading you straight towards disaster.
If your business is stuck in a rut, it could be the result of a factor that’s outside of your control. Below you’ll find the top rut-causing factors and how to know when it’s time to cut loose. (These tips are tailored for those in the transportation industry, but they are applicable to owners across nearly every field of business.)
Economic distress
In today’s recession, economic distress is common among businesses. When their company is struggling, business owners often make the unfortunate mistake of refusing to face reality. And while in some cases, last-ditch efforts like marketing campaigns and layoffs can allow a company to survive long enough for the owner to make lasting repairs, in many cases, these efforts are met only with failure.
The fact is, many business owners who are trying desperately to fix their companies would be better off simply selling. You might not have the time or resources to fix your business, but someone else probably does. A competitor, for example, might be willing to purchase your business for a fair price in exchange for the strategic benefits such an acquisition will provide them. So if you’re considering simply “Going down with the ship,” consider making a sale instead.
Limited resources
There’s a lot of truth to the statement, “If you’re not growing, you’re dying.” So if you’ve built your business as far as you can with your limited resources, perhaps it’s time for you to pass the torch to someone who can help your company grow even further.
If this doesn’t resonate with you, then consider it this way: You know that you can take your business no further. You have done all you can with your available resources. You can either sell now, or you can wait until after it’s peaked. Which do you think will benefit you and your company more?
Owner burnout
To quote the expert business brokers at Tenney Group, “Burnout doesn’t discriminate.” Burnout, or an absence of enthusiasm or passion for your company, can strike regardless of what stage of business you’re in, whether you’re running a successful company or a struggling one. While some periodic lack of enthusiasm is completely normal, if you’ve been feeling burned out for a prolonged period of time, it could be time for you to reevaluate your options.
If you’re chronically burned out, you’ve probably fantasized about walking away from your business on more than one occasion. But such a step can be exceedingly difficult, and the thought of abandoning your life’s work can be terrifying.
Consider this, though: By sticking around when you want to leave, you’re hardly doing your business any favors. Your lack of energy and passion at work, whether you realize it or not, will likely translate into a lack of creativity and initiative. In time, owner burnout can wreak havoc on the value of your business. In all likelihood, if you’re utterly burned out on running your company, it’s probably time for you to move on.
Change is never easy, especially when that change involves selling your business. But while selling won’t be right for every business that’s stuck in a rut, for many, it’s a great solution. Selling at the right time can benefit both buyer and seller in more ways than either is able to anticipate. So if your company – transportation or otherwise – is falling flat, consider contacting an expert business broker like Tenney Group to discuss your options.
Excellent tips. Describes me to the dime!