Why do UK business owners fall out of love with their business?
In a survey conducted by the printing company, Vistaprint, it was found that one-third of small business owners across UK, Canada and the US no longer have the motivation or the passion behind running their business. The top reasons for this in the UK were: the stress, unexpected lack of income and lacking the security of a regular salary.
At TAB, we’ve been working with thousands of business owners across the UK and have found a lot of them are lonely and overwhelmed. Plus, their business is not delivering what they want out of life. Hence, they fall out of love. Does this sound like you? It might be that you need some extra business support. In fact, here are three reasons business support will reignite your passion for the business you loved when you started.
Find Business Support from Other Business Owners
There is nothing quite like getting support from peers. They have experienced the same emotions, personal challenges and business obstacles as you have. Begin talking to people you know who also own a business. Discuss your concerns and frustrations and ask them for the solutions they’ve found. You’ll be surprised how much business owners can learn from each other.
Think about joining some business forums to ask specific questions relating to the challenges you’re facing. Here is a list of business support forums that you might find interesting.
However, the best way to utilise the wisdom of other business owners is by meeting them face to face in a facilitated meeting – an advisory board. At an advisory board, you meet with business leaders and they can help you identify opportunities and solve challenges in your business. Not only that, but you’ll make great friends who reassure you that you’re not alone in this. In fact, 85.5% of our members strongly agreed that the advisory boards add real value to their business.
Personal & Business Accountability
There are many reasons why entrepreneurs choose a business coach. One is so they can be hold accountable to take the necessary steps and actions for their business to grow. A growing and improving business is likely to make you fall back in love with it. This is where business accountability can be a crucial aspect of business support.
It’s not just about accountability for your business either. Business support is also about supporting you, as a person. So, it is important that wherever you find your business support, make sure they are holding you accountable for taking time out and maintaining a good work/life balance.
TAB Members have found that the accountability from their TAB business coaches and advisory boards have made a big difference to their work/life balance. For example, Nichola Stott from Erudite Agency Ltd said,
‘With the additional accountability and coaching, I’ve found I’m leading the direction of my business and there’s much less reactive work. Progress has been rapid and changes I’ve initiated have all led to growth in the business metrics and a far better work life balance.’
Celebrate Your Success
To fall back in love with being a business owner, you need to celebrate the good times and have your supporters celebrate with you! Whether this is recruiting someone new into your team, meeting a target or celebrating a 10-year anniversary. Get the team together and give yourself that much needed pat on the back.
For example, our TAB Facilitators often celebrate ‘Champagne Moments’ with their members. These are moments where a business owner meets a significant achievement in their business or personal life. So, as part of our business support service, we celebrate them!
Why not do this for yourself? If you achieve a target, buy yourself something nice or take someone out for dinner. Recognise your achievements and don’t just focus on every growing to-do list or the negatives.
So, are you in need of some business support so you fall back in love with your business? Do some looking around and find what’s going to work for you. You might be interested in how to combat the feelings of loneliness in business or discovering the 19 reasons you need a business owner advisory board.
If you’re intrigued by the business support services that we offer here at TAB, don’t hesitate to get in touch or find your local TAB Facilitator to find business support and advisory boards near you.
Finally, just remember, there’s a reason you started a business and you can make the change. That change could be asking for support and acknowledging that you don’t have to be alone in business.Find Out More About TAB