Owning a business can be hard. Business ownership can provide great rewards, but it can be stressful and challenging. The thing is that it can be unrelenting, and eventually business owners will run out of …….. zest, passion, excitement, and drive… or “mojo” – unless something is done. Proactive action is the key. Don’t lose your Mojo.
Here are a few examples of some pro-active things that business owners can do to retain their mojo:
- Take regular breaks and holidays
- Have good advisors who will consult and advise
- Celebrate small victories
- Work on the business – not in the business
- Attend conferences, seminars and functions
- Read positive books
- Create and implement a long term exit strategy
Â
Â
Â
An Exit Strategy is an important tool for business owners. Not only for the obvious benefits of having a plan, but because having a plan does so much psychologically to provide motivation and direction for business owners.
At Benchmark Business Sales we meet hundreds of business owners each year, and often when we meet with business owners they are “burnt out” and ready to sell. Most business owners reach “burn out” after about five years – not very long really….
We find that the business owners who have developed an exit strategy, and who are following that plan, are much more motivated and excited. This is because they have direction, and they know why they are putting in the effort, and what the ultimate reward will be when the plan is implemented.
The incredible thing is that the business owners who have a plan and have direction, are the ones who will sell their businesses for the best price, in the least amount of time.
It doesn’t matter if you are a long term business owner, a new owner, have just started a business, or looking to buy a business…. Having an exit plan in place is the best way that you can avoid losing your “mojo”.
Benchmark Business Sales and Valuations
