April 24, 2023

5 Tips To Take The Stress Out Of Your Family Owned Business

Running a business can be one of the most rewarding, but also stressful things that any entrepreneur has to deal with. Many business owners end up telling us that they are most stressed because they feel like the business is running them, rather than them running the business. If the correct systems and processes are not in place, the business can consume your life and you end up over-reacting to too many problems, rather than being proactive in growing the services for your clients. After working with many business owner clients, we have narrowed down the five most important tips so you can feel like you are running your business, rather than the business running you.

  1.       Have repeatable systems and processes in place.

Having the correct systems in place can help create structure in your business and allow you to scale. We have found implementing the EOS (Entrepreneurial Operating System) to help create structure and system implementation. One quote that I really love is “discipline creates freedom”, and this is very applicable to a business having the right systems. If you have processes in place for a way to do something inside of your business, this allows everyone in your business to prioritize what is most important, which ultimately leads to more freedom to do things that you like. Having a structured process in place for anything removes the decision fatigue so you can operate in a clearer headspace, leading to more creativity.

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  1.       Adopt technology and do not run from it.

Most successful business owner clients we work with have adopted and not run from technology. This is becoming more and more important as artificial intelligence is growing rapidly. Many people fear that technology could replace the value that their business provides, but the best entrepreneurs are able to use technology to make systems more efficient and save time. A good analogy of this is a surgeon using a robot to perform surgery. The robot does not replace the surgeon, but allows the surgeon to be more efficient and get to angles that they are not able to with the human hand.

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  1.       Turn your business into a rainmaker.

Typically in small businesses, there is a sales team that is responsible for bringing in new business, and can be highly effective. We have found that the most profitable and fast-growing companies we have seen grow mostly from word or mouth. This can be done most effectively if the service or product you are offering is impeccable and provides so much value that your client/customer wants to tell their friends and family about it. Inbound referrals tend to have much higher close and retention rates than a prospect that comes from an outbound call. This ties back to tip number one in making sure that the right systems are in place to allow for a repeatable experience for your client/customer. It is very hard to keep an excellent experience a secret.

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  1.       Create a one ship mentality.

The most successful businesses we have seen operate in a one ship mentality. To continue the analogy, all team members are rowing in the same direction, and if one tries to row in a different direction, that will slow down the entire ship. One way to do this is to ensure accountability is high and there is no politicking back and forth. Everyone has a clear understanding of what their role and responsibilities are. Internal competition can also be destructive if it is used in the wrong ways. Competition is a good thing for productivity if it is used for the greater purpose of the company. Using an analogy of a professional sports team, during the week they have to practice and compete against each other, but on gameday, everyone is on the same “ship” and the competition is against the other team. The same concept is true for a business. Everyone has to be on the same team and competition can best be used if competing against an outside competitor for the greater good of serving your clients and driving your mission forward.  

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  1.       Learn how to elevate and delegate.

Most successful business owners are very good at delegating. Each team member has a clear role and career trajectory, allowing the business owner to delegate as many responsibilities as possible. A good exercise to go through is to write down 100 things that you could delegate to get off your plate in the next 12 months. Many business owners struggle to go from practitioner to business owner because they are used to wearing many hats in the start up phase. Once you are able to master delegating, you realize there are very smart people that can do the task better than you could in the first place. This allows the business owner to spend time on high level activities that cannot be replicated.

Running a successful business with a greater purpose can be one of the most rewarding things any entrepreneur gets to experience. Implement these 5 tips to get your business to a point where you are running it, instead of it running you, and you could see your business begin to scale at a record rate.

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