The Truth about Business Growth: Enough is Enough

TTTMBF growth

The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the sixth article in a monthly series on Making Business Fun: This article is about the myth of business growth and it’s the 10th Truth

The last article explains what it takes to be the Leader of a fun business and you can read it here

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. All of my books and other resources are available for free here

Building (and growing) a Fun business: Enough is Enough

Everything we’ve been taught about business growth is a myth

too much growth ois too much

More is not necessarily better

Over the years, I have been on a journey in my thinking about entrepreneurship. Part of this has involved noticing a nagging feeling that I later realised was coming from a deep discomfort around the business world’s obsession with growth.

My second book is called “The Ten Truths for making your business grow” [you can download it for free here]. Whenever I re-read sections of this work, I still come away feeling excited and pleased with the content. However, pausing on the term “great growth company”, specifically, makes me realise that I have stopped believing in the business growth myth and the entrepreneurial model.

Here’s what I now believe to be true:

  1. A business doesn’t have to grow to be healthy.
  2. Enough is a good place to be.

The Myth

The myth sounds something like this: Every healthy business must grow and a business that doesn’t grow, dies.

TTTMBF singging from the same song sheet This is a foundation principle of business, capitalism and society at large. Every business coach, guru, mentor, consultant, author, academic and MBA student will tell you this. I admit that until not long ago, I sang from the same songbook too.

Today, I realise that the principle sounds good but is wrong… quite wrong. I am reminded of the quote by American journalist HL Mencken, “For every complex human problem, there is a plausible solution that is simple, neat, and wrong.”.

I don’t know who first stated that businesses must grow (and by extension, that more growth is better than less growth), but I do know that this “rule” is dangerous rubbish that has caused all kinds of damage to business owners, their families, their friends and society.

In fact, I think the idea that a business must grow or else it will fail exists alongside a number of other nonsensical notions on which we base the management of our society, such as celebrity worship culture and the basic belief that nothing is ever enough.

Never Enough

In the 21st century, we are never: thin enough, rich enough, good enough parents, educated enough, successful enough, beautiful enough, clever enough. And we are definitely never good enough as business owners. Well, unless we get to sell our business for $100 million or more.

The list of role models that we are told we must aspire to usually includes grass-roots entrepreneurs turned gazillionaires, such as Richard Branson, Steve Jobs or Larry Page. Don’t get me wrong, I think these are all amazing individuals, but I know many other people who are just as inspiring, yet they will never become billionaires (probably not even millionaires).

My Favourite Client

I have a client who is a plumber. He has three vans and employs three people. He might end up hiring one or two more people and having one or two more vans over the next few years but that’s probably where he will stop growing. He may continue to operate his plumbing business for the next 20 to 30 years and then, possibly, one of his kids or employees might take over. In any case, someone will probably run the same business in almost the same format and size for the bulk of this century and beyond.

His business isn’t dying, though. Far from it.

My client’s business is providing him, his family, his employees and their families with a good, meaningful and rewarding life – a life that allows him to feel proud, look after the people he cares about and do the stuff he wants to do.

In my eyes, this is a perfect model of a business that sustains the owner and everyone in the business and will do so for years to come.

The Little Voice

Now, I haven’t talked about this with my client specifically, but I can guarantee there is a small part of him, the little voice in his ear, the famous critic on his shoulder (mine is called Ted, by the way. What’s yours?), who will be whispering:

“You suck as a business owner.”

“You obviously aren’t fit to polish a true entrepreneur’s boots because a proper business owner would be well on his way to dominating Australia with offices and operations everywhere, ready for a lucrative take-over by Lend Lease or some other conglomerate like that.”

“You suck.”

What does your little voice whisper to you in the quiet moments?

We are told by all the self-help gurus, business coaches and entrepreneurs who have already “made it” that we have to have an “abundance mindset” and that there are unlimited growth opportunities offering unlimited money for everyone.

TTTMBF enough tropical island All we have to do is think right and have the right attitude: “Screw It, Let’s Do It”, as the title of one of Richard Branson’s books suggests, and you too shall have an island in the Bahamas!

Allow me to be blunt: You will not have an island in the Bahamas, and nor will I, but you know something? That is perfectly okay. Who needs all that sun, sand and sea without 4G mobile reception anyway, right?!

Daring Greatly

Brene Brown says, in her book “Daring Greatly: How the Courage to Be Vulnerable Transforms the Way We Live, Love, Parent, and Lead”, that the opposite of scarcity is not abundance. She states that scarcity and abundance are, in fact, two sides of the same coin. Instead, the opposite of scarcity is enough, or sufficiency.

And it is. In time, my client’s plumbing business will enable him to employ a full-time admin assistant and then spend two days per week no longer “on the tools”. This will probably be “enough” growth for him.

That doesn’t mean the business goes to sleep and stagnates. There are all sorts of things that can be improved and run more smoothly. There are efficiencies to be gained and his people can get better. The business can steadily become more profitable as well. The challenges don’t stop, life doesn’t stop, but business growth can.

The Abundance Fantasy

When we are told to let go of our scarcity beliefs and embrace the abundance mindset, we are sold a fantasy. The pressure to embrace this mentality sets us up to feel bad about ourselves. It sets us up for failure and shame.

There is only room for one Richard Branson and one Donald Trump on this earth. 99.99999999999% of the rest of us are not going to become billionaires.

Neither you nor I will likely sell our businesses for $100 million. This book may end up being read by 100,000 people, for example, and it is possible there might be one or two in that group who will sell their business for some enormous amount of money. The rest of us will simply arrive at the end of our lives and have to find another way to measure how well we’ve done with the 75 years (hopefully more!) we were given.

The Entrepreneurial Myth

The entrepreneurial myth has done us all a lot of damage. We walk around with feelings of inadequacy, guilt and shame because deep down we know that we are not going to be the next celebrity entrepreneur and wealthy venture capitalists are not going to stake us with a few million dollars, only to cash out a few years later.

Stop it.

Enough is a great place to be. As Brene Brown says in her first TED talk, “You are enough.”

Your Homework (The Fun Kind)

So, I want to encourage you to ask yourself what “enough” looks like. What constitutes “enough” for you in your business? What do you need to achieve in your business that would mean you would be content with your achievements?

[INSERT CONNECTION/INTRO AND HYPERLINK TO NEXT BLOG POST AS CTA]

Next Month, I’ll be talking about what next and how to make it all come together for you in your business

More on this topic:

 

The foundations of a Fun business

TTTMBF hedgehog professor

The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the second article in a series on Making Business Fun: Building a fun business starts with Why; Purpose, Passion and Profit.

The first article in the series, explaining why Fun in Business is the key to building a business that sustains you for years to come is here

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. All of my books and many other resources are available for free here

Building a Fun Business: The Foundations

Introducing the hedgehog

introducing the hedgehogOne of the greatest business management books of the last 20 years is called “Good to Great” by Jim Collins. The book explores what makes average companies become great, and a number of the conclusions translate just as well into the world of small business. In particular, I have seen time and time again with clients, friends, colleagues and in my own business that what Jim Collins refers to as the “Hedgehog Principles” are the absolute foundations upon which to build a Fun Business (and a business that sustains you for years to come).

The Big Question of Small Business: Purpose, Passion and Profit

I call it The Big Question of Small Business: Why does your business exist and why would anybody care? The answer is all about the three Ps: Purpose, Passion and Profit.

Jim Collins in his book talks about the simplicity and single-mindedness of the hedgehog.

In order to stay alive, hedgehogs do one thing really well: roll up into a spikey ball when under attack. They do this over and over again, never tempted to vary their approach. The Hedgehog Principles state that a long-term successful business must be able to answer three questions unequivocally and, like the humble hedgehog, never waiver from its commitment to the answers. The three questions are about Purpose, Passion and Profit and together they combine into the one big question I mentioned above, The Big Question of Small Business and

Many businesses can answer one of the three, some can answer two, but very few can satisfy all three. Long-term sustainable success is absolutely dependent on there being complete clarity for all three questions at once.

1) Purpose: A Fun Business Strives to be the Best in the World at ‘Something’

I'm the best there is Question 1: What will we strive to be the best in the world at, day in and day out, without fail?

In the 21st century, it is simply not good enough to answer this question the way most business owners do:

“I give really good customer service.”

“My prices are fantastic.”

“I provide great products and services.”

Why? Because all of your competitors are saying exactly the same thing. Customers want to know what makes you different to everyone else. If you don’t clearly communicate the answer to the first Hedgehog Question, you are essentially leaving it in your customers’ hands to work out what sets you and your competition apart.

Oh, and I know it might feel a little unrealistic to aim to be “the best plumber in the world”, but you can sure as hell strive to be the best plumber in your world (perhaps your suburb) and for your narrow niche or sub-speciality.

Remember, customers always want to know what’s in it for them.

2: Passion: A Fun Business is Passionate About That ‘Something’

passion in business Question 2: What are we absolutely passionate about and will happily jump out of bed for, day in and day out, year after year?

Many business authors have written about the importance of this question:

“People don’t buy what you do, they buy why you do it.” – Simon Sinek (It All Starts with Why)

It’s Not What You Sell, It’s What You Stand For – Roy Spence

There is no doubt that there is deep truth in these statements. People want to know what you stand for: your core values and beliefs. It is this information, more than anything else, that helps them decide to do business with you over your competitors.

You can be passionate about so many things in relation to your business: making people smile, being a trendsetter, helping people achieve their dreams, building partnerships, or even seeing people improve their diet. These are passions that can be clearly connected to and expressed in the purpose of your business, and customers will understand why they’d want to do business with you.

If you don’t care about your business then your customers certainly won’t either, so you must honestly consider what gets you out of bed in the morning and how that relates to what your business does. Oh, and let me give you a hint: your passion for making money won’t do as the answer to this question (sorry!).

I promise, if your passion and your business purpose coincide, you will find it so much easier to take the next steps to building a Fun Business that sustains you for years to come.

Remember, it’s not what you sell, it’s what you stand for.

3: Profit: A Fun Business Makes Sustainable Profits from That ‘Something’

tttmbf profit Question 3: How can we create a long-term sustainable economic model around the answers that we gave to questions one and two?

This question is actually more complicated than it seems, and most businesses never really sit down to work it out properly.

Firstly, just because we are passionate about something and we are the best in the world at delivering that something doesn’t guarantee we can build a business out of it: Is there enough of a market to win consistent work in your area? Do you need to expand into other complementary services or build a flexible team that can manage peaks and troughs in demand?

Secondly, a business must make money to survive. How much money the business needs to make is a complex question to answer. Your business will likely need to provide for your financial needs, and it will also need to make enough profit to provide a return on investment to the shareholders or investors (even if that’s just you and your financial input). A business also needs funds to grow – actual cash that you can use to pay your bills. Businesses in a growth phase will be particularly thirsty for cash and the best way to quench it is by having profits.

Thirdly, it’s important to think about your business’ ability to generate steady long-term profit and cash flow. In other words, if you don’t think about the sustainability of your business model, you might end up with a flash in the pan. A good rule of thumb is to ensure that your business is not reliant on one customer for more than 10% of its revenue.

Finally, the last reason why a business must make profit: Making money is a lot of fun. It is simply a heap of fun to make money and to see the balance sheet grow!

Remember, a business that doesn’t generate profits and cash is a hobby.

Your Homework (The Fun Kind)

If you make sustainable profits from doing something you are passionate about and committed to being the best in the world at, all the steps towards building a Fun Business will fall into place – I promise. And the way I see it, if you are not in business to have a lot of fun then I suggest you find an easier way to make a living!

Still eager to stick with this messy-and-tricky-yet-incredibly-fun entrepreneurial stuff? Ask yourself the following question today:

  • What first steps can I take in the next few weeks to focus my business on the three Hedgehog Questions?

More on this topic:

 

The Ten Truths: Why does Fun in Business Matter?

TTTMBF fun dashboard

The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the first article in a monthly series on Making Business Fun.

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. You can access all of my books and many other resources for free here

When Business is Fun, Everything is Working

Fun as a business management tool.

what has fun got to do with it The reality is that most small business owners operate in a constant state of overwhelm and stress. We feel that, at some level, our skills don’t cut the mustard, and we often have no idea where to focus our (very) limited time when faced with seemingly endless priorities.

Sound familiar? This is why “Fun in Business” matters. If your business is fun, you won’t be overwhelmed. If your business is fun, everything is working: you’ve got time to do the things you enjoy, your staff are happy, you’re making money. Need I say more to entice?

Let me show you why Fun is an incredibly powerful business management tool that helps you build a business that lasts, sustainably.

Fun Is the Way Out of Overwhelm

Fun may seem like a very strange and whimsical concept to focus on when we’re talking about growing a business. After all, isn’t fun reserved for time spent socialising at the pub or lazing about on tropical islands? Events that happen outside of business hours. Experiences that are paid for by your business, but otherwise entirely unrelated.

Perhaps not. In fact, I believe that Fun in Business is actually a hard-nosed business management principle. It is that deep sense of reward and satisfaction you get to feel as a result of building a business that hums along like a well-oiled machine.

Anyone else tired of focusing on all the serious stuff? The things that get drummed into us by patronising business management books and gurus? IT systems, contracts, staff management, sales and cashflow are all very important things, of course, but – in my humble opinion – they’re not where we must start.

We must start with fun. Why? Because if your business is fun, it means you

  • are making money
  • have enough time to do what you need to do
  • are proud of the stuff your business makes or delivers
  • know exactly where you’re going and why
  • have happy customers
  • have engaged staff
  • have balance in your life.

In the beginning, when we are first getting started in our business, there is usually a high level of that kind of fun around. Everything is new, exciting, adventurous and challenging. However, after a while, the real world comes rudely a-knocking and we suddenly find that

  • we aren’t making as much money as we thought we were going to
  • we haven’t been able to take our daughter to soccer training
  • our clients haven’t all become our greatest fans
  • our staff aren’t the perfectly aligned human beings that we expect them to be.

When this realisation sets in, we start to feel like we have become a slave to the business. We get worried that the light at the end of the tunnel may not be sunshine.

We try telling ourselves that “Rome wasn’t built in a day” and we “have to take the rough with the smooth” because, like Churchill said, “Never, ever give up!”. We push harder and longer, holding onto the hope that good times will surely follow.

This is Business Hell, and it’s where most of us spend our time: Chasing our tails. Managing crises. Operating as a “Jack of all trades, master of none”. Living in a constant state of overwhelm.

After 30+ years in business (and working with lots and lots of business owners), I have come to believe that the only way out of this overwhelm is to ensure that business itself is fun. Deep and meaningful fun.

Competing Priorities

One of the greatest challenges for businesses, especially small ones, is that there are so many priorities competing for your attention on a daily basis. It feels almost impossible to decide where to focus next.

Many business owners also lack confidence in their aptitude for certain business development tasks. After all, you started this endeavour on the back of your skills as a carpenter, accountant or architect; not your background in sales, marketing, staff management, etc. Nobody taught you how to write an operations manual or create a cashflow forecasting spreadsheet, did they?

The result? Most of us revert back to “picking up the hammer” (because that is the one skill we know like the back of our hand), managing crises and being reactive to whatever is thrown at us. Like I said, Business Hell.

A New Tool for Your Toolkit

fun-o-metre The concept of Fun in Business is an incredibly powerful tool, designed to keep you out of reactive crisis management mode so that you can focus on what is most important for today, tomorrow, next week, next month, next year and beyond.

Here’s how to use it in practice.

Think of a scale from 0 to 10. Let’s call it the Fun in Business scale.

10 on the scale? This past week in business has been so much fun that you can’t wait to get up and go to work. You’ve gone home every day with a big smile on your face. You’ve achieved great things. You had a wonderful time with your co-workers. Everything at work (or in business) has been just brilliant.

0 on the scale? Entirely the opposite. Your week at work has been simply awful on every single level. Pass the vino now.

Now ask yourself the following questions:

  1. What number on the Fun in Business scale would you give your last week at work (or in business)? Let’s say 4.6.
  2. Thinking ahead, what number on the scale would you like next week to be? Perhaps a 5.
  3. What one, two or three actions can you (or we, as a team) take to progress from 6 to 5 on the Fun in Business scale, next week?

These questions, asked consistently, will cut through all of the crises and competing priorities, leaving you relentlessly focused on the next most important thing that must be done in your business.

These questions, answered individually or within a team (anonymously and with the results averaged), will set you up for having hugely productive conversations about how to make tomorrow just a little more fun than yesterday.

I promise, when you commit to building a Fun Business by regularly asking yourself these pivotal questions, you will have taken the first step to building a business that sustains you for years to come.

Remember, a business that isn’t fun won’t be around for long!

Your Homework (The Fun Kind)

Now, I’ve got a hunch that you’re a hands-on kinda person, so here are some actions for you to take that will help make your business more fun. Answer the following questions and start thinking about how you can make intentional changes. The results will be more illuminating than you might think!

  1. Make a list of the 20 most fun experiences or most exciting times you’ve had in your business.
  2. Write down the 3 things you like most about your business.
  3. Write down the 3 things you like least about your business.

More on this topic:

Next installment:

Read the next installment about the Foundations of a Fun business here

Your time, your kindness and your No, is what creates success

a cup of self love

The Three Secrets to Building a Beautiful Business and Life

self esteem and kindness

Have you ever felt overwhelmed, frustrated or stuck in your business? My guess is that most of us have, and, if you haven’t, then you’re either knee-deep in denial or some kind of entrepreneurial unicorn. (If you fit into the latter category, feel free to move smugly on to another blog post… but not before you send me your secrets!)

When we first start out on our entrepreneurial journey, we’re told that success is all about the sensible, hardnosed principles and business buzzwords that you’ve likely heard a bazillion times: visioning, leadership, delegation, systems, planning, KPIs, and more. Of course, all of these things are crucially important, but there are three key principles that matter even more.

Three Unrecognised Factors for Success

I believe there are three undervalued and almost unrecognised factors for business success that are far more important than all those clichéd examples put together. These are the secrets to getting unstuck, stepping out of overwhelm and finally building the beautiful business and life that you deserve.

So, what must you learn?

  1. Your time is your business’ most valuable asset.
  2. It’s okay to say “no”, often.
  3. Be kind to yourself.

And that, my friends, is it.

Simple, right? Too simple for some of your sceptical minds, I’m sure. In fact, I can feel the eye rolls and smirks burning through the screen, but don’t write my theory off just yet! Your beautiful business (and life) is on the other side of listening to, and applying, what I’m about to share.

Maximising Time: Your Most Valuable Asset

In my experience, most business owners believe their most valuable asset is their staff, customers, intellectual property, stock, equipment or buildings. All of these things (or people) are incredibly valuable, for sure, but time is the only asset that is truly limited. You can never get more time – no matter how much you try to beg, borrow, hire, buy or steal.

Your time – spent fully focused on the stuff that really matters – is an asset almost as rare as rocking horse droppings.

In order to build a beautiful business and life, you must learn to become greedy with your time. You need to repeatedly check in and ask yourself questions like:

  1. Is this thing the best use of my time right now?
  2. What would happen if I didn’t do this thing?
  3. Is there someone else who could be doing this thing instead of me?
  4. What would happen if I did this thing later?
  5. If I do this thing now, what am I sacrificing?

Trust me: it pays to train yourself to ask these questions, often. Make it a habit. You will always have a “to do” list longer than your arm. You will always have more demands on your time than you can physically fit into a good day’s work. That is, of course, if you aren’t an aforementioned entrepreneurial unicorn (in which case, why are you still reading?!).

In short: learn to do only the stuff that matters most.

Saying “Yes” to Saying No

There is no more important skill for a business owner than knowing how and when to say “no”. Why? For starters, it will help you out immensely with achieving point 1 (maximising your time), but it will also pave the way for making your business stand out from the crowd.

Marketing 101 says that every business needs a unique selling point (USP). That’s why it pays to know your fortes and play to them by turning other opportunities down. After all, “a jack of all trades is the master of none”. Focus on your fortes and you’ll reap the rewards of presenting a highly differentiated brand.

Here’s some homework to get you started. Practice saying “no” in front of the mirror and then make a pact with yourself to say it for real at least once this week – or better yet, today! Remember, it is possible to say “no” respectfully, clearly, calmly and without feeling guilty. This brings me to my next point…

Less Guilt, More Kindness

Do you frequently beat yourself up for procrastinating? Believe you’re inherently disorganised, forgetful and lazy? Think your time management SUCKS? Does a cruel voice in your head frequently tell you that you’re not good enough?

You’re not alone. Absolutely everybody (except psychopaths!) has that critical inner voice. Everyone lets their worries, anxieties and irrational feelings of guilt get the best of them sometimes. However, us business owners are particularly hard on ourselves. In fact, I often jokingly say that small business owners are the most guilt-ridden people on the planet because I hear these kinds of self-deprecating words so often in my coaching practice.

That’s why I saved this particular pearl of wisdom for last, hoping you would remember and digest it well. In my humble opinion, being kind to yourself is not only the most powerful antidote to self-sabotage, but your fastest path back to JOY.

Being kind to yourself is not just the most effective way out of feeling stuck or overwhelmed in your business and your life – it’s the only way.

When we allow negativity and feelings of guilt to take hold, we give ourselves ever bigger burdens to carry. We set the bar impossibly high and then we punish ourselves when we don’t hit the mark. We lead ourselves to the paralysing place of overwhelm with too many tasks to complete in too little time and no plausible end in sight.

An overwhelmed brain is not pretty. It’s extremely inefficient, scientifically proven to underperform at every level and an enormous waste of your incredibly valuable time. And while the devil on your shoulder is, in fact, a protective mechanism designed to keep you safe, that doesn’t mean it ain’t a giant pain in the arse. So, how do we overcome it?

The good news is that you are completely capable of dialling down the negative voice and freeing yourself of imposter syndrome (feeling inadequate despite your success). Our brains are surprisingly malleable, and it IS possible to break the habit of a lifetime. Begin by noticing it and catching yourself in the act. Be inquisitive about where the self-doubt could be coming from. Remain compassionate, judgement-free and patient with your perfectly imperfect self while you reframe those pesky misperceptions and then continue on your merry way feeling 10 stone lighter!

I promise you; this soft, cuddly kindness stuff is the most crucial and hard-hitting work of all. Silencing (or at least muting because it’s a work in progress for all of us, including me!) that inner critic provides the space for creativity to flourish and a new level of clarity and productivity to arise. Plus, as soppy as it sounds, you have every right and reason to give yourself a pat on the pack. You’ve made it this far. You’re alive. You’re learning. You’re growing.

Your Permission Slip

So, here’s your permission slip to stop, give yourself a break and smell the roses. Look at what you’ve already achieved. Tell that little voice in your head to kindly move along because you’ve got this, and you ARE good enough. Now, make a note of my TLDR summary below and then TAKE ACTION on the good stuff today.

If you’re feeling overwhelmed, frustrated or stuck and you want to build a beautiful business and life, you must learn to:

  1. Accept that your time is your business’ most valuable asset – and act accordingly.
  2. Say “no” regularly, calmly, respectfully and clearly.
  3. Be kind to yourself, above all else.

This shit works. I promise you.

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More about these topics:

AY: Mental health and wellbeing for small business owners

A healthy small business needs a healthy mind

In 2020 I was interviewed about this topic of mental health and well being and learning how to be kind to yourself by Donna White of Build Your Best Business in the USA.

If you want to build a beautiful business, learn to become kind to yourself.

In 2019, the Federal Department of Jobs and Small Business launched a project to improve the support of small business owners in the areas of mental health and wellbeing.

I was asked to take part in this project in various ways:

  • I attended and spoke at the departments national roadshow Small Business Fairs in Launceston and Hobart
  • I took part in one of 4 workgroups run by the department on improving the support for small business owners in mental health and wellbeing
  • I took part in the creating of 5 videos by the department on mental health and wellbeing in small business.

You can read more about the project on the departments website here

The 5 videos follow below. Besides myself, the other coaches involved in the project were:

The pressure points for mental health and wellbeing for small business owners:
Managing stress for small business owners
Stress, overwhelm, balance and wellbeing in family business
Pearls of wisdom about mental health and wellbeing for small business owners:

The key step to take control of your business and your life

How do I take control of my business
how do I take control of my business

Bang crash! Watch out! Duck! Hang on! Oh no! Here we go again!

My life as a business owner feels like a roller coaster ride, I’m hanging on for dear life half the time… How can I slow it all down a bit and take control of my business and my life?
Running your own business can feel like a constant juggling act and most of the time, all you do is hold on for the ride and try to make sure you duck at the right time. But it doesn’t have to be like that. Running your own business is never something you should because you want to have an easy life, because it’s never going to be easy. But you can make sure the business works for you rather than the other way round.

The Big Question of Small Business

It all starts with this question, The Big Question of Small Business:
Why does your business exist and why would anybody care?
Most business owners can’t answer that question clearly, in a single power sentence. And if you can’t answer that question, there is one really important thing you can never do, with confidence and clarity, and that is to say NO.

Saying NO is probably the one, most important thing that you have to learn to be able to do well in your business in order to to get off the roller coaster and to take control. I’ll give you an example from my own experience that happened to me only last week. That question, the Big Question I talk about above: Why does your business exist? My answer to it is this:
I help small business owners feel great about themselves and about their business, by helping them discover and build their own unique Beautiful Business and Life
That’s what I get up to do, each and every morning. So last week I received an email from the health and wellbeing officer of one of the Big Four Banks here in Sydney.  This person is running a personal wellness program for the entire staff of the bank in Sydney and she was looking for a coach to be involved with the program. The opportunity was enormous. This bank employs thousands, if not tens of thousands of people in Sydney alone and being offered a sponsored opportunity to get in front of all those employees is incredible… For the right person.

I wasn’t the right person for the job

And there’s the rub. I’m not the right person for the an opportunity. I work with small business owners, not with employees in the corporate world. Now I’m sure I could have done something for this wellbeing officer and made it work and I would have done a good job, I have no doubt about that, but I actually know someone who is much better equiped to take on this project. She specialises in working with employees in the corporate world to help them feel better about themselves and advance in their careers. So I thanked the Wellbeing officer and I introduced her to my friend and two days later, my friend had signed up the gig. There’s a good chance that this is the best gig my friend has landed in years and I am absolutely sure she’ll lay them in the isles… She’s brilliant at this kind of thing. I didn’t get the gig, I won’t make any money from the gig, but I also didn’t get the stress from doing something that wasn’t absolutely in my area of expertise. I’ve learnt over the years, that I’m really good at some things and not others, and I need to stick with those. My friend is really excited and will have a lot of fun with the project, probably make a lot of money and do really well. What’s more, she’s super motivated to return the favour and I have no doubt something will come my way at some stage that’s right up my alley. Learning what to say No to, and do it in such a way that means everybody is happy is absolutely a core skill if want to get off the roller coaster and take control of your business. So: Why does your business exist, and Why would anybody care about that? I’d love to hear, drop me a line. Cheers, Roland Hanekroot

Read more:

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The Ten Priorities; Priority #3: Having Fun

ten priorities fun in business

What is the only measurement that matters in business?

This is the third post in the series of The Ten Priorities: Laying the Foundations for a Great Business and Life. The third Priority is about Having Fun. The introduction to this series on The Ten Priorities is here.

If you could only measure one thing to know how successful your business was at any one moment in time, what would you want to measure?

Most business owners will mention profit. And profit matters a lot of course, if you’re not making profit you’re operating a hobby, not a business, simple as that. But there is something even more important than profit in your business, and that’s Fun.

Fun is all that matters in business

Fun is all that matters in business

You see if Business is Fun, it means everything is working. (read more about Fun in Business here)

  • It means you’re making money
  • It means your customers love you
  • It means your staff are highly engaged
  • It means you’re proud of the products or services your business provides
  • It means you have created the kind of balance in work and live that is important for you
  • And it means you’re engaged in something meaningful, bigger than you.

By focusing solely on money as the indicator of success in business, you are doing yourself and everyone else who is touched by the business a disservice.

Obviously, measuring Fun in Business is not as simple as looking at your bank balance and you have to get creative about how you go about measuring it, but it’s quite doable and it will change the way you think about building a Great Business and Life… I promise you.

For more information about to how to step out of overwhelm, get unstuck and start having Fun in Business again, click here

Next week Priority #4: Saying No

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BQ Overwhelmed and Stuck, take control of my Business

How can I be less overwhelmed and

feel happier in my business every day?

overwhelm stuck fun in business

The secrets to getting Un-Stuck, taking control, and making Business Fun again

Many small business owners feel frustrated, stuck and overwhelmed in business on a daily basis. They operate in crisis management mode, running around from this urgent problem to that emergency all day long, extinguishing brush fires along the way. (More about my Fun in Business coaching programs)

In the first years of business, you accept that all this running around and stress is par for the course, but a few years on, nothing much has changed, you’re still running around fixing everybody else’s problems and the stuff you really want to work on, for the long term development of your business, just keeps getting pushed back and back forever. More about being overwhelmed in business here. (By the way… if you’re in Tasmania, especially in or around Launceston …why don’t you check out the Launceston Business Masterminds workshops here)

Do you feel stuck as well as overwhelmed?

Most business owners have experienced that sense of frustration and overwhelm and the secret to building a Beautiful Business and Life, is to find your way around this state of overwhelm and take control of your business. The first step to getting unstuck in business is to start thinking differently about your business than you have until now.

I’ve written a series of articles called “The 10 Priorities for building a Great Business that Stands the Test of Time” as a guide in the process of getting out of being overwhelmed and getting unstuck. There is a page with videos and other resources dedicated to mental health and personal wellbeing for business owners here

On this page I want to specifically go into more detail about Priority #3: Having Fun

Did you know that all that matters in business is Fun?

Fun is the opposite of Overwhelm and being Stuck. When you’re having Fun, you’re not Overwhelmed and when you’re in Overwhelm, you’re not in control and you’re having Fun. The two are mutually exclusive.

And when your business is Fun, it means everything is working:

  • It means you’re making money
  • It means your staff are engaged and doing great work
  • It means your customers love you
  • It means you’re proud of the product or service you deliver
  • It means you’ve created a level of balance in your life that works towards your wellbeing.

So Fun in Business ought to be a key focus to help you move from crisis management and overwhelm to taking control and building your own  Beautiful Business  and Life.

Overwhelmed and stuck in business I’ve also written a book about Fun in Business, The Ten Truths for Making Business Fun. You can download it for free as Ebook or Audiobook here.

Fun is serious business

It may seem strange to make Fun the key focus in the development of your business. We’re generally told that the function of business, the purpose of business, is to make money. Hence we should make “maximising shareholder value”, making profit and generating cash in other words, our key focus. But in many years in and around business, I’ve come to believe that to really build Great Businesses that Stand the Test of Time, we need to think differently about business than we’ve been taught for the past 200 years.

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Conscious Capitalism and the Purpose of business

I like to quote John Mackey, the founder and CEO of Wholefoods markets in the USA. The company was recently bought by Amazon for US$14 Billion. Wholefoods made profit and paid dividends to its shareholders every year for its entire existence. In other words, John Mackey has established credentials where it concerns making money in business. Yet John Mackey wrote a book called “Conscious Capitalism” (more about the book here, as well as here), and in it he says this:

“Thinking that the Purpose of business is to make money, is as silly as thinking that the purpose of human beings is to eat food. We need to eat food, eating food makes us feel good, but we eat food so that we can do what we need to do on this earth. It is the same with business and profit. Business needs to make profit, and plenty of it, but it needs to do so, in order to fulfill its purpose, the reason it exists”

More about Purpose and Profit:

But, there’s a big but

So, yes, business must make money. The business must generate profit and cash flow, and it must work hard to maximise its return to shareholders. Undoubtedly… As I say in elsewhere in this website: “A business that doesn’t make profit, is a hobby.”

But:

  • If your focus is making money, there will never be enough. This year you might focus on making $100,000 profit, but as soon as you’ve made $100,000, you’ll want to make $200,000, and then $500,000 and so on. You will get overwhelmed, because there’s always more money to be chased.
  • If your focus is making money, why pick $100K or $500K, why not $531,629,23? or $496,187.42. Any number you pick will be arbitrary, and hence meaningless.
  • If your focus is making money, your brain won’t cooperate. To your subconscious brain, there is no difference between $100K or $150K. Your subconscious can not think in concrete concepts, such as numbers, it can only get engaged by emotional concepts.
  • If your focus is making money, you’ll wonder what it’s all been about when you’re on your death bed. Nobody has ever lain on their death bed and thought: “I wish I’d made more money”. I guarantee you that much.

How do you get beyond money? Take these four steps;

So, if you want to get unstuck, stop being overwhelmed and stop being a crisis manager in your business, you must start thinking beyond making money.

These are the big 4 steps to take to move out of overwhelm and into having Fun in Business:

  1. Ask yourself the Big Question of Small Business: Why does your business exist, and why would anybody care about that? (The Purpose question, more about the Purpose of Business here)
  2. Learn to ask yourself every week: How much Fun in Business did we have last week, and how can we make next week a little bit more Fun? (I’ve written about measuring Fun in Business in my book and also here)
  3. Develop a discipline around your time. Know that your time is the most valuable asset of your business. As a responsible business owner, it is your job to ensure that you look after your most important asset and get the best return you can from your assets. This means you must discipline yourself not to waste your time on things that are actually not all that important. (Read more about business owners and time management here)
  4. People: Get the right people on the bus, in the right seats, facing the right direction, and the wrong people off the bus. There is no greater cause of stress, overwhelm and frustration than people. (More about managing people here and here)
  5. Come to the Launceston Business Masterminds workshop series if you are in northern Tasmania
  6. I also offer a free Discovery process to business owners in Norther Tasmania and Launceston, follow this link for more information

Further reading about being overwhelmed, taking control and Fun in business:

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Making Money from Death and Hamburgers

making money

making money from death

How to build a great businesses that create not only money

McDonalds is the most effective business model to make lots of money from selling food in a restaurant setting.

I think we’d all agree with that statement.

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Does that mean I’m a fan of McDonalds? No not much, I am an admirer of the model and I make use of McDonalds from time to time, but I’m really really glad there are many other types of restaurants out there, besides McDonalds, even if they don’t make as much money or are as efficient. It would be a poor world if all restaurants were running a business model based on that of McDonalds. But if your aim in life is to make as much money as you possibly can from selling food, you can do a lot worse than read everything you can about the history and business philosphy of Ray Kroc and  The Golden Arches.

And the same goes for any other type of business you can think of, from funeral parlors to medical practices and everything in between. Ray Kroc, was a genius, there is no doubt about that and Michael Gerber and many other business gurus since have analysed the McDonalds model and explained how to apply it to every other Small Business out there.

Making money from death

If you own a funeral parlour and you want to absolutely make more money than anyone has ever made from burying people, read “The E-Myth” and apply every word Michael Gerber wrote about the lessons from McDonalds to your business with single minded focus and you’ll never look back … guaranteed.

But if you believe there are other things in life that are important to you besides making money from selling mince meat patties… Read on my friend.

But just like I would be sad (and we would all be very unhealthy) to live in a world where the only restaurants we can eat at are McDonalds, likewise I’d hate to live in a world where all the funeral parlours were run by 18 yr olds who were trained to ask me: “Do you want roses with that?”

The disconnect lies in the misunderstanding most business owners have about the Purpose of Business. Most business owners, business analysts, gurus and advisers will repeat the manta that the purpose of business is to “Maximise Shareholder Value”, to make lots of money in other words.

But if, like me, you believe that making money is a sad and short sighted reason to be in business, all kinds of things become possible instead of McDonalds.

Breaking the law

Don’t get me wrong, a business must make money. There are many things a business must do in order to survive however. It must operate within the law for example, but we would never maintain that the Mission of our business is to not break the law.

Similarly the notion of making money, the business must make money so that it’s able to do what it is meant to do. In other words, a business that delivers on it’s promise has a reason for existing far beyond “Maximising Shareholder Value”.

In the restaurant industry it may be that the reason for the existence of your business is that you are passionate about unexpected cuisine combinations, French with an Australian twist, for example, or maybe you’re passionate about the sustainability of food, or maybe your passion is about educating disadvantaged youth in the hospitality industry.

There can be many reasons you have started your restaurant. As long as the business makes enough money to be sustainable in the long run, it doesn’t mean you have to turn it into a McDonalds for it to be a great business. Your business is a great business, when it delivers you what you want from it, month in month out, year in year out.

Anchovies and chocolate

So please do yourself (and my stomach) a favour: don’t listen to others’ judgements about your business, and ignore the little voice on your shoulder that tells you to build a McDonalds, because I’d much rather come and eat your pig trotter rolls with anchovy and chocolate sauce than be forced to eat another Big Mac.

Here is the Big question (with a capital “B”) I’d like you to think about: Why does your business exist, what’s it on this earth for, and why would anybody care about that?

Answer that question, decisively, in one bold sentence, and your business and your life will never be the same… I promise you.

For more resources, and reading on strategies for growing your business follow this link to the first of The 7 Big Questions that all small business owners want answered

Family business: Husband and Wife as business partners

Family business husband and wife business partners

Family business husband and wife business partners

How do you ‘leave work at work’ when you sleep with your business partner?

Creating work-life-balance is the holy grail for all of us small business owners, but for husband and wife family business partners, being 100% ‘not-at-work’ can feel like an unattainable dream.

Husband and wife business partnerships can be really satisfying, they can be great vehicles for making money while allowing a couple to grow and develop together. But family businesses come with a unique set of challenges. (More about husband and wife family businesses here on Medium.com)

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Clients of mine, let’s call them Bill and Lauren, have built a construction company together that turns over about $10M per year. Bill completed a carpentry apprenticeship straight out of high school and went back to school in his late twenties to get a building diploma, before starting his building company and Lauren is a qualified accountant. Bill and Lauren got married 10 years ago and Lauren joined the business to take control of the finances, the admin and HR systems. Now, they’re both getting to their forties, they have two young children, a dog and a rabbit.

Bill and Lauren have an office away from home, but neither of them have been very successful at closing the office door behind them at the end of the day. Lauren generally goes home around 3.30 and organises things at home and Bill makes it home around 5.30 most days. The conversations around the dinner table are all about the various crises and challenges of the day at work and planning and worrying about the ones they see in the immediate future.

After dinner laptops

After dinner, both of them tend to sit on their laptops, to complete the stuff they’ve fallen behind on during the day. Bill to finish quotes and Lauren to manage the rosters and budgets.

In the morning, Bill has to be at the office or on site at 7.00 am every day (the building industry starts early), so he generally leaves home around 6 am and Lauren organises the kids before heading for the office around 8.00 am.

On the weekends, there are the usual commitments around the children’s activities and shopping, but most minutes that aren’t taken up by ferrying the kids from soccer to birthday parties or standing in line at the Woolworth’s checkout are occupied with work. Bill and Lauren’s conversations, their time and their brainspace is rarely completely free of some preoccupation with work.

Bill and Lauren never used to mind working hard and doing long hours, they’ve both always felt they’re building something valuable and important for their family, but over the past couple of years they’ve started to become worried that the best parts of family life are passing them by, that by the time they’ve finished building that valuable and important thing for their family, they will have missed out on what actually matters.

I often work with family business owners and this experience of not being able to ‘leave work at work’ is a never ending refrain.

Two sides to the coin

To be fair, there are two sides to this coin. Knowing that your husband or wife really gets what goes on for you in your role as a business owner can be a great feeling and help you deal with your challenges and stresses more effectively. Some of my other clients can only dream of really being able to share their work challenges with their partners regularly. The most often repeated complaint I hear from single business owners is that they feel alone and overwhelmed.

But that doesn’t make Bill and Lauren’s challenges any less important.

In the past Bill and Lauren have tried to set rules around bringing work home. But usually one or the other will have a crisis within a week of setting the rule, and before you know it it’s back to the old patterns again.

A new approach

We took a different tack 6 months ago. I’ve told them that it is unrealistic to imagine they’ll ever be able to close the door to the office behind them completely. What’s more, that’s not even desirable. It’s actually not so bad spending a bit of time after the kids have gone to bed catching up on some work, or preparing for the next day and it can be quite pleasant discussing the strategy for the week ahead with each other, on the couch on Sunday evening with a glass of wine in hand. This is the other side of the coin I mentioned above, it’s one of the things that can make family businesses special and effective, as much as they can be stress inducing. It’s all in the balance.

This is what we did 6 months ago and with few exceptions Bill and Lauren have been able to stick to the system.

  1. All Sunday until after dinner is a work free zone. Family breakfasts, outings, picnics, watching movies, playing games, walking the dog, catching up with family and friends. Sunday during the day is sacrosanct.
  2. On Sunday evening, the two of them plan their week from a work, family and personal perspective together. The only rule is that one of the evenings of the week is to be work free and just about the two of them. They can go out or stay in, but one evening per week is just for them, no kids no work no nothing else.
  3. Weekday dinners are family time, the 4 of them eat together at the dinner table, no TV and no work talk, until dinner is over and cleaned up

Permission to fail

The keys to the success of this system are its flexibility, the Sunday evening planning time, and the allowance in the system for failure. By acknowledging that in their life, every week is going to be different, by taking 15 minutes to plan each week, and finally by allowing that sometimes plans go awry and that when they do it’s not the end of the world, it just means you need to make a new plan again; Bill and Lauren’s life has transformed.

Being in business together is Fun again.

As I mentioned above I work with Husband a Wife business owners a lot, because I lived the husband and wife business partner experience myself. I have written about my own experience here. I only ever work with people I enjoy working with, but helping turn a family business around give me the greatest buzz of all. Have a look at my web page about Family business here and download the 10 point check list about marrying your business partner. If you are in a family business you might also want to have a look at Family Business Australia here. The website has some great resources for couples who are in business together. I have also created my own family business resources page here.

Please also feel free to check out some of my testimonials from husband and wife family business owners here. You may also find my article about laying the foundations of a great business interesting here

I also really like this infographic on the Business Families Foundation website here