How to Stay Motivated as a Business Owner
Every business should have a plan in place to help the business owner(s) focus and stay the course. As an entrepreneur, it is challenging to handle the financial side of your business and personal life as well. It is easier to just put it off ‘until later’. In fact, only 40% of business owners have used a financial advisor’s services. Approximately 30% do not know how much money they will need to retire and less than 25% do not have a succession plan for their business.
When your business is on a roll and doing well, you find that new clients are coming in quickly. However, that can come to an end just as quickly as it started, and you might find yourself with a slow period of the business. When business is booming, it is easy to stay motivated and be enthusiastic about a profitable business. When business slows down though, motivation and enthusiasm take a dip.
Building a business requires a lot of hard work and effort so staying motivated all of the time is just not feasible. There are strategies that will keep motivation levels up so that your business can continue to grow.
Think About the Why
Think about why you started the business. Was it to gain autonomy and work for yourself? Build to support your family? Was it because of a great opportunity in a new industry? The emotional ties as to why you started the business will help you stay motivated. The reasons that you started the business can increase your motivation to keep going. When you find yourself struggling to get motivated, consider the big picture. Remind yourself of the progress you have made since you started. Write it down and post it so you see it every day. Finding motivation within your own successes works.
Focus on a Goal
Focusing on a new goal, or revisiting an existing one, increases the chances that motivation levels will stay high. Break down long-term goals into daily or weekly actions in order to keep the process moving in the right direction. Working toward a goal can help you focus your attention on the positive and larger goals for the future.
Chances are, there are some accomplishments or goals that have been reached, even during slow times. Focus on those positive moments in order to gain momentum again. By celebrating the success of your company, you’ll find motivation to continue pushing.
Sometimes business owners might feel the pressure of handling situations alone but by surrounding yourself with positive people who will give you perspective can make all the difference. Many small business owners struggle with the same issues that you have. In fact, many large business owners do as well. It is motivating to understand that all business owners go through this in order to be successful. Engage in a CEO/entrepreneurial group or start one on your own to find out others’ experiences. You can find mentors that have gone through the same as you have that can provide inspiration.
You certainly are not the only business owner who has gone through a rough patch. Others who have been in similar situation can provide insight as to how to overcome challenges. You may get some fresh ideas on how to handle your situation.
Make the Most of Your Downtime
When you are not at work, you can still find things that are motivating. Read positive influence books, watch inspirational videos, or listen to inspiring podcasts. These will redirect your thoughts from negative to positive.
If you are really in a rut, hire a business or life coach. Entrepreneurs are the high-performance athletes of the business world. You wouldn’t try out for the Olympic team without a great coach, right? Hire a coach to keep you motivated, stay on track, and focused on future growth.
It can’t be about work all the time, though. Make time to get away to get perspective. Reflect on your life and the opportunities that you have that others don’t. You are creating jobs, change, and influence that you should be grateful for.
Motivate from Within
You can find motivation from external outlets like the ones mentioned or you can find motivation from within. If you know what inspires and motivates you, you can use that to get back on the right track. Whether it be working out, listening to music, or spending time with friends, finding inspiration from within is another way to get going.
If you can find an activity to motivate you, you do not have to rely on outside sources. Activities that you find motivational can contribute to your success. Every business has a downturn but finding ways to overcome them is the key to staying motivated. Your attitude is the first step in turning the situation around.
Your Trusted Partner
Through our Flexure Foundations Program, we focus on the business owner and seamlessly meld their personal and business financial planning needs to achieve financial freedom. We surround business owners and their teams with business experience, technical expertise, mentorship, and insights that help them gain clarity on their entrepreneurial journey.
To learn more about our business financial planning contact us for a FREE, NO-OBLIGATION consultation with our financial guides.