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End of a Year, Start of a Decade*

We are looking dead straight into 2020, right around the corner.  How did that happen?  The expression “the days are long, but the years are short” rings particularly true to me this year.  As we close out the year and the decade, it’s a good time for reflection on where things stand as a business owner.  At the top of my list for this holiday season is to proactively take time to reflect on the state of the business and what the next year and next decade look like.

Here are some thoughts to get you started:

  • Most importantly…Are you doing what you want to do?
    Do you love it (you don’t have to like it every day)?  You may have started your business and things may have grown significantly or gone in a different direction from your original intent.  While this isn’t necessarily a bad thing, it’s a good time to take a hard look at what you are doing and ask if it’s what you want as the owner.  Is it time to retire?  Sell?  Buy another company?  Pivot into different offerings?  Different clients?  View the turning of the calendar as a new opportunity to reinvent your company or reinvigorate it.
  • Strategy.  Does it exist?
    Are you following it?  If not, why?  Do you have an exit plan?  What steps are you taking to meet your goals?  Now is the time to really think hard about if things are working, what could be tweaked, what you want to accomplish and how you’ll get there.  We all know that things change rapidly in business (hourly somedays!).  When was the last time you pulled your head out of the tactical and really spent some time on the long-term strategy?  Not a corporate off-site with a ton of PowerPoints….but time by yourself reflecting and thinking?  Pull your head out of the day-to-day.
  • Scale.  Are you scalable?
    If you meet your goals or make significant progress towards them, do you have the support to deliver?  What do you need to do that?  Scalability is critical to success should things start to pop quickly.
  • Partners. Do you know your own?
    We all need them. Do you have the right ones that can help you in the next phase of your company?  This isn’t just teaming partners (though we’ve got a platform for that), it’s the right advisors, right support and even the right mentors.
  • Well-being. How’s your health CEO?
    It’s an overused buzz word but damn if it doesn’t impact everything.  Are you burnt out mentally and physically?  Are you taking care of yourself?  A reminder that money is just an asset.  Your health cannot be bought.  Your overall well-being and wellness are what will allow you to enjoy the success you worked so hard for.  Figure out what works for you in terms of stress management and overall health.
  • Gratitude. Do you take time to appreciate your life and the people in it?
    No one got to the top alone, no one built a successful company alone.  Are you truly grateful for the opportunities you’ve been given?  Are you grateful for your life?

Taking time to truly appreciate what you have is important and contributes to your overall well-being.  Your well-being contributes to being a better partner to others.  Having partners to leverage allows you to scale faster and with better results.  Scalability leads to a strategy that will actually work.  Put this all together and, you’ll love what you do.  Be better in 2020.

*While “technically” we understand that a new decade begins 1/1/2021, we’re all about those round numbers. (Thanks, Frank!)

Accidental CEO

What’s an accidental CEO?  Are you one?

You may or may not know the type.  They’ve spun out of government or a large integrator and had a good consulting gig as a 1099.  They are well connected with their customer (they used to be colleagues) and they deliver.  Since they can deliver, they are asked for additional resources.   They, in turn, hire their trusted network.  Within a few years, they’ve built a 10-20 person show churning $2-10M.

Everything is sunshine for a bit.  The SME/CEO is still billable, doing what they love.

Inevitably, the business side of the business rears up.  The SME finds themselves running a company of highly technical folks, spending most of their time on administrative tasks – cash flow projections, recruiting, contracts, minutia.  They spend less time on customer delivery and more on the day-to-day running of the company.  Their customer becomes frustrated as the SME can’t deliver the same level of service.  The employees become frustrated as their trusted colleague is always busy with other tasks and is often unavailable.

Finally, and perhaps most importantly, the SME-turned-CEO wakes up wondering how things got to this state.  They hate their day-to-day life.  They hate not delivering to the customer and find themselves questioning why they are running a company.

If this sounds like you, let me be the first to tell you the following:

  1. You are not alone, by a long shot
  2. It’s not uncommon at all
  3. You need to decide on your path forward before you completely lose it

There are several options that can move you out of this state, but before you can move forward, you have to take a hard look in the mirror and ask yourself what you want out of your career and what success looks like to you.  For some, it’s a dollar figure in their checking account.  For others, it’s flexibility in working on high-value work.  Still for others, it’s in cultivating a culture that they want.  Regardless of the answer, knowing your definition of success can help guide your path.

Admittedly this is a difficult step to take (aren’t all first steps that way?). Luckily you don’t have to go it alone. BOOST has the resources, personnel, and experience to help guide you through this process. Whether it be executive coaching in the form of mentoring or strategic planning from a whole-business perspective, BOOST can help. Let’s sit down over coffee and discuss your next steps. [email protected]