Has Covid killed your passion in your business?
From cutting global emissions, sparking a baby boom, killing off flu, or government scientists becoming household names – the Covid pandemic has had some unintended consequences.
But for most business owners, the consequences are darker: with rapidly changing business models, political uncertainty, and huge financial pressure causing stressful days and sleepless nights.
The evidence is worrying, with a third of SME bosses struggling to switch off and 28% too demotivated to restart their business. After such extraordinary change, thousands of entrepreneurs have simply fallen out of love with their business or industry.
Furthermore, there is emerging evidence of huge personal sacrifices and risks burdening business owners, where one in five have taken out a personal loan or remortgaged the house, and 14% have not paid themselves.
We are not just talking me-too start-ups or sleepy firms in declining industries. The team at CapEQ has lost count of the conversations with owner-directors in ‘winning’ sectors with plenty to look forward to, but for whom – after recessions, key staff leaving, or sudden red tape – this is simply a crisis too far.
Five ways to reassess your business goals
Understandably, these owners feel trapped by their responsibilities. And while there is no silver bullet, here are a few ideas for those worried they have lost their business mojo.
Remember your original goal. Why did you start doing what you do? If you wanted financial security and have largely achieved that, it’s perfectly natural to question what to consider other things to do in your life and career.
Take care of yourself. Nothing will change unless you deal with anxious feelings. Sort out your sleep patterns, take more care over what you eat and drink, and get some exercise.
Talk to your other half. You may not discuss the detail of your business with your partner, but it’s very useful to remind you of other life goals – that round the world trip, more family time, or just enjoying your money.
Stop blaming others. If you have caught yourself ranting at suppliers, competitors, or even your team, remember they could be the solution to you moving on.
Seek neutral advice. If you have had enough of what you are doing, get some impartial professional advice on your options. Knowing how to sell up and move on, whether to stay and diversify or promote a management team and step back could be the new goal to get you out of the doldrums.
Why now is the time to rekindle that spark
Whether your business or industry is in crisis or not, now is a natural time to pause and consider what really matters to you, before your next investment cycle kicks in, or your competitors steal a march on you.
We are all rebuilding, but what for? As the late comedian, Robin Williams reminds us: “You’re only given one little spark of madness. You mustn’t lose it.”
CapEQ is here to help. Contact James/Mark/Doug for a free no-obligation chat to explore the pros and cons of various options. About us | CapEQ | CAPEQ