Here at Field Associates, we hear lots of reasons why our various clients run their businesses the way they do. One of the things we hear time and time again brings up a big red flag for us – doing what it takes to survive, making a short-term sacrifice for long term gain, paying your dues. What are these things? Alternative ways of an owner saying they’re not being paid enough.
We’ve never seen a business fail because the owner was being paid properly, but we’ve seen plenty of businesses fail because the owner was not taking home a cheque. If you’re not getting properly rewarded for your efforts, you are bound to lose interest and focus, and this can cause serious problems for a business – problems which would not happen if the owner was doing more than simply ‘going through the motions’.
Owners are not running a business to actively damage their lifestyle or to provide a charitable service. Most owners are in fact running a business for exactly the opposite reason – to improve their lifestyles through earning more money! So you have to ask yourself the question – if your business isn’t paying you to at least support the lifestyle you had when you started the business, why are you operating it the way you are?
It’s not a question off your work ethic, or how many hours you’re putting in or even how much willpower and drive you have to succeed. Have you ever seen a hamster in its wheel? It has focus, drive and exerts plenty of effort, but it never gets anywhere.
So if you’ve found yourself in this situation, it is definitely time to re-evaluate your business model, because the red flag is waving, and you should be trying to find out why. Come in to Isis Business Brokers for a free consultation, and see if we can’t suggest a few reasons! Call now on 01865 784462 to find out how we can help you today.