How are you measuring the price you pay as a business owner?

Perhaps the price you pay is constantly in the forefront of your mind, or maybe you’re moving along in absolute bliss.

There is a fine line between focusing on what you need to do to ensure you have a healthy attitude towards your business and the way it makes you feel, verses the way you as the business owner allows the weight of the business to impact you, your life and your businesses performance.

The age of the business and the experience of the business owner is also a key factor to consider, statistics show that very few small businesses are profitable in the first couple of years of business. A year is a long time for a business owner to shoulder the weight of the business, provide for their family or lifestyle whilst constantly adjusting their offering to get their business’s services out into the world, never mind two or more. The support network around the business owner is also key for its future. Research by Fundsquire in the UK demonstrates that 60% of businesses fail before year three.

Business owners that I have connected with have experienced numerous issues connected to the price they pay as a business owner. Popular themes identified were time, sanity, health, stress and cash. These themes can be all interlinked and working through each one can help business owners to find more cash. Not only that, owners have found that by reviewing the activities of a business and establishing the impact they are having on the owner has strong links to the productivity of the business?

So what could you do to assess the price you pay as a business owner?

Firstly, identify the physical and mental impact the business has on you. As the driving force of the business everything comes from you and the buck stops with you.

Take some time over the course of a couple of weeks to monitor how you physically and mentally feel when working in or on your business. Please note that also includes thinking about your business when you’re not working. Remember how we physically or mentally feel can be positive or negative, look out for both.

Look out for any themes or reoccurring patterns. Then look at whether these are connected to any particular activities or systems in your business. As business owners we all have parts of the business we’d really prefer not to do given the choice, however someone’s got to do it if you can’t delegate it to anyone else. Conversely, we all have parts we love to do, that someone else could do for us.

As business owners we have the power to amend our ways of working too. The hours you invest in your business come from your decisions to do so. Therefore now is the time to establish what works and what doesn’t? Do you have a better day when you’ve been able to carry out your routines with minimal distraction? Was it getting the kids to school smoothly or getting out walking the dog before you switched on work mode.

Once you have identified any themes or patterns, what can you do to take action to change these? Remember to look at your positive patterns, how can you replicate these more in your business. Undoubtedly there will be negative ones also, what can you do to lessen the impact of these activities? Ask yourself are they really necessary? What benefits do they bring your business?

Business owners connect with me when they want the tools to prioritise and prosper, so that they can focus on what will bring their business profit giving them back time, independence, and the space to create their freedom. Book in for a chat online to see how my coaching services can help you or your business.