June 7, 2020
Should you close it down, or persevere? Many business owners were forced to sit back and reflect on their business during the pandemic lockdown around the world. I am sure many have come to the conclusion that their business is not working for them and they are faced with the decision to let go of the business or stay in it.
Making the decision to walk away from your business has never been an easy one and today I want to offer a perspective that will make it easier to make that decision.
#1. Do you love me enough to care for me?
Imagine that you go into a new personal relationship, you know what the other person wants, what their needs are and what makes them happy. You then take your time, money and attention giving all of that to them.
But here comes the rub. You NEVER EVER, tell them what you want in that relationship.
How would that be? It would be a one sided relationship. As one friend who is a social worker said, this is the basis for an abusive relationship.
But isn’t that how most entrepreneurs start their businesses? Isn’t that how the speakers and books teach us to start, the businesses and customers needs always come first. What about you and your needs?
The notion that it is all about their needs, need to come to an end and fast.
Just like in a real relationship you have to have your needs met too. So ask yourself, what is it that my business should give me. Get clear about it, as much as possible and then look at your business and ask yourself, openly and honestly, am I having my needs met? Will I ever have my needs met?
Food for thought: “Looking back at the comment about an abusive relationship and looking at the life of a typical entrepreneur, how many entrepreneurs are getting their needs met? – Let that sink in a bit. “
If you are not having your needs met, then you are faced with a few decisions. You can shape the business to cater for your needs by shifting the business model, financial planning and strategy a bit, or keep it and let it address some of my needs while I start another business that will fill the gap that the current business is leaving?
If none of the previous two options is viable, then you come to the last and final decision. Maybe I should let go of this business.
#2. You have done it before, you can do it again
If you have to walk away from an existing business then remain in the mindset of being in a relationship and apply the following perspective.
Everyone at one stage in their life had to walk away from a bad relationship. It can be a personal relationship, a boss, a supplier, a friend, family or even marriage. In 100% of cases when I asked people if they ever walked away from a bad relationship they said they were better off because of it. They are in a better place today than they would be, had they stayed in that relationship.
I want you to think of your worst relationship that you walked away from and ask yourself, how much better off you are today because of that difficult decision.
The same applies to your business. Walking away from a business that emotionally sucks you dry, drains your energy and motivation means that you can focus on new beginnings with fresh eyes, fresh dreams, fresh motivation and fresh enthusiasm.
I know this can be a very difficult decision and if you are struggling to make sense of the decision to close it down or preserve, then book a session with me. I helped many business owners make hard and difficult decisions about their businesses and they are better off for it today.
Click here to get more information: https://www.willemgous.com/willem-gous-business-coaching/ or email me at firstname.lastname@example.org
“The effect on my business has been fantastic. We have changed my management style to enhance and grow the business. Willem’s experience and unique approach to innovation assisted us in changing the business structure to an innovative and forward-looking company. We are operating much more efficient, serving clients better and providing solutions that are innovative and client-centric. Thanks to this approach, the Covid-19 lockdown had no effect on the business and offered additional opportunities.” – Wessie van Westhuizen | Business Owner, Willems & Van Der Westhuizen
Think about this
“Entrepreneurship fails the entrepreneur. Entrepreneurship is only focused on serving the needs of the customer, not the entrepreneur.
Look at the life and working conditions of a typical business owner and you see I speak the truth.
We must start with the entrepreneur first. Then they can create companies that create jobs, grow the economy and change the world.” – Willem Gous