How To Get Your Business Mojo Back
February 15, 2012 by Steve Hogan
Filed under Business Recovery
Tired and frustrated, sick of answering the phone (it’s only bad news), your customer base is weakening and the lingering effects of the GFC (I mean how much longer can we put up with this?) are leaving you disheartened?
And it gets worse. The bank is looking for a meeting to “see where you’re at” (how many more meetings do they need?) and the tax repayment plan you initiated only three months ago looks like it’s not going to be met this month.
Running your own business can seem like a great idea (and it was fun) but it’s becoming very difficult and it’s not much fun now.
There seems to be simply not enough demand around for your products and everyone else’s for that matter.
So how are you going to manage over the next 12 months? Because it IS going to be tough for at least another year.
What’s going to motivate you, other than fear of failure and the bank or the ATO breathing down your neck?
Who’s going to drive you through the constant struggle of cash flow, repayment programs and the battle to ensure there’s enough in the bank to pay wages?
Simple answer: YOU are!
You better start looking for that self-belief you had when you started your business, because only you can help you make it through.
Even the great Austin Powers who had his mojo stolen by Dr Evil needed a friend to let him know he hadn’t lost it; it was always there, it had just been hidden inside him.
You need to do an Austin Powers in your business.
Sometimes to renew and reinvigorate your business you have to look at the leader (that’s you) and honestly assess how you’re doing.
Are you giving off negativity to your staff? Looking beaten up or depressed? Lacking concentration?
If Austin Powers needed a hand, then so might you.
Top tips for getting your business mojo back
Here are six ideas for getting back in the right frame of mind to skilfully guide your business through choppy economic waters:
- Hire a business mentor. Give yourself someone to talk to, someone who will put your toes to the fire and keep you focused.
- Install an Advisory Board; a group of people that will keep you challenged.
- Get a ‘cold eyes’ review of your business from a business advisor who can see the business issues that you are ‘blind’ to.
- Revisit the cashflow forecast you did six months ago. Compare it to bank statements of the same period. I bet your forecast was closer than you expected. It’s amazing the benefit of a cash flow forecast – they tend to become self-fulfilling!
- Kick start your day with exercise. It’s great for the adrenal gland and putting a much needed positive bounce to your step.
- Pat yourself on the back for surviving the first four years of the GFC. Yes – it’s now four years old.
It’s particularly lonely at the top. There’s no one to confide in about your concerns or talk honestly to about the business.
When business gets tough you need to turn to people you trust. Sometimes you need others to help you through.
Close and trusted business friends are usually happy to talk (and sometimes flattered that you would think of them to turn to). Don’t be afraid to admit you’re in a bind and welcome their advice.
If you still need assistance, look for professional support; someone who is well credentialed and regarded in the local business community, and take some time out to get comfortable with them.
Steve Hogan is a Director at Vantage Performance – an award winning, national business transformation and turnaround firm with proven success in solving complex financial, operational and people performance issues. www.vantageperformance.com.au.
Twitter: RichardDunks
says:
Great article Richard – the perspective provided by external eyes is so important!
Posted by Stuart Hayes via the LinkedIn Group Interim Management Australia
http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&discussionID=95128414&gid=3184137&commentID=70027860&trk=view_disc&ut=0vSyCQKaXejR81
Thanks Stuart, I appreciaet your feedback!
Regards,
Steve
Twitter: brisrocket
says:
Good topic. Richard has a great addition – revisiting WHY you went into business in the first place can also be a great motivator. Thanks for the article Steve!
Hi Andrew,
It was Emma’s addition actually, copied over by my colleague Richard!
The point you both make is spot on. Cut out all the noise, and in one sentence (to yourself) why did you do this in the first place – and if you were subsequently succesful back then, what is stopping you being successful now?
Thanks Andrew!
Twitter: RichardDunks
says:
Great article. Another tip might be to remember back to why you started your business in the first place. Recapture the conviction and enthusiasm you have for your product/service. That energy will rub off on those around you – your employees, your customers. If you aren’t excited about your business, who will be?
Posted by Emma Gow via the LinkedIn Group Queensland University of Technology ALUMNI
http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&discussionID=95128421&gid=79809&commentID=68896448&trk=view_disc&ut=040IPTUhPpa581
Hi Emma,
Absolutely right! A little recollection of why we went into business in the first place is often lost years later.
In talking to a client yesterday I made the very point & asked could your “mojo” be found again? The response was “of course’! but then they quickly pointed out that they were ten years younger when they started out!
If the drive has been dulled over the last four years its quite understandable; if this is the case, we then need to empower and motivate others to drive the business in your stead.
You are quite right, positive or negative energy that you give off rubs off on others – I see this frequently.
Thank again for commenting again.
Excellent article. The point that could have been explored a little more (and closer to home for many business owners), was ‘trust’, yes find someone else you can trust to talk to about your business, but what about your self trust? This may not seem obvious at first, but if you’ve slipped away from your initial focus and drive for your business or have had some negative experiences you may be feeling a little less confident about your abilities as a business owner / leader.
As Vanessa Hall, author of ‘The Simple Truth About Trust in Business’ says, ‘Trust is Fragile’. If Trust is our ability to rely on someone or something (and that includes ourselves) to deliver an outcome – then maybe we’ve had a few too many ‘negative’ outcomes and are in a self perpetuating cycle of diminishing self trust. If we don’t trust ourselves to deliver outcomes, then why would anyone else trust us?
Developing the characteristics of a Trustworthy person (Vanessa’s model) and demonstrating these consistently is often the first step to turning your business leadership around. Openness & transparency; honesty & integrity; being genuine & authentic; courageous & decisive; reliable & proven and finally, empathetic & caring will all help you as a trustworthy business owner / leader and in building a brand that is trusted.
Hi Sue,
Thanks very much for your commnetary; I will grab a copy of Vanessa Hall’s book.
You are quite right & I see this lack of self trust on a regular basis.
I read an article yesterday that timed the GFC at 4 1/4 years & to be honest, this is going to be the norm for some time yet.
A lack of self trust is corrosive to owners. The small tasks take longer to complete, the big ones never get done, the tough calls are avoided.
Much of my role is stakeholder management – with the biggest stakeholder being the owner director. Mentoring, supporting, being co-council and a trusted advisor is an enornmous part of the SME turnaround strategy.
Thanks again for your commentary.
Twitter: mfingland
says:
A very pragmatic article with some really good tips.