3 Signs That Your Relationship With Your Business Has Gone Bad
Most of us have been in a relationship that started out with such promise. The sweet scent of romance was in the air constantly and when you met that certain someone, everything that they said and did was so charming that it was practically intoxicating. It seemed that you simply couldn’t bear to live your life without them. Over time, however, the cracks begin to show. You began to realize that maybe they weren’t the person you thought they were, that maybe you were projecting facets of their personality to them that were either hugely exaggerated or were simply never there. Over time we realize that the relationship has gone bad and that neither of you can be at your best while you’re still in it.
The exact same is true of businesses.
As new entrepreneurs we take to our businesses with passion and fervor. We bring our unique skills, experience and perspective to bear, crafting the business in our own image. Because we invest a lot of our own time and effort (and in many cases capital) into our business, we forge a very personal relationship with it, and we can’t imagine our lives without it. There are some circumstances, however, where you may notice that your personal relationship with the business has soured. Before you know it, you’re looking up how to sell your business or considering asking your partners to buy you out. If you notice the following, it may be time for you and your business to part ways…
You’re getting out less than you’re putting in
This is the nature of the beast in the early days of trading. You’re working hard to keep your overheads low and your profit margins high and inevitably this requires the sacrifice of your time and possibly your money, too. If, however, you still feel that you’re not getting what you deserve from the business despite your constant efforts, it may be the right time to sell up and move on to your next project.
You’ve lost your passion for the business or product
It’s easy to be passionate in your first few years of trading when everything seems new, exciting and full of potential. It’s difficult, however, to sustain this passion over a period of years or even decades. Over time, the business that once had you bounding out of bed with enthusiasm every morning can eventually become tiresome. Passion is the key to success in business, and your business deserves better than a CEO who lacks the passion to help it grow and prosper.
The team just isn’t the same
Many nascent businesses are buoyed by the camaraderie between the team of people who brought them to life. It’s their enthusiasm and shared sense of accomplishment that gives the brand its sense of personality and makes building it such a pleasurable experience. Inevitably, however, businesses experience employee turnovers and key members of personnel jump ship not because of ill will but because their careers take them in different directions. As a result, you may feel increasingly alienated by the new team that has arisen to replace your former comrades. If this is the case, now may be the time to bow out and let the new team take the business in a new direction.