Are you taking enough time out?

Published by Dan Daly on 10 July 2019

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Running your own business can be great fun, extremely rewarding and fulfilling. When times are challenging, it can also consume all your waking hours, be intensely frustrating and impact on all those around you.

And it is in those challenging times that it is easy to forget why you started out on your own in the first place. Was it to have control over your life and take as many holidays as you wished, when and where you chose? That didn’t happen, did it? Was it to earn sufficient income not to have to worry about the bills? Funny how demands on that income rise in line with available cash, isn’t it?

Most of us running our own businesses would never go back to being an employee unless we were forced, so the advantages must generally outweigh the challenges and we hope that we’re building something of value that can ultimately mean that retirement will be more comfortable for us and our families.

But when you arrive daily at your workplace it is all too easy to immediately be drawn into the day to day issues, sorting out short term customer problems, dealing with staffing issues, or just trying to keep up with the regulation that is imposed on us for the good of society.

If we are to maximise the capital value of the business, it’s really important to step back and focus on the factors that make up that value and, often that’s not simply profit maximisation. Brand values, market perceptions and turnover sustainability may count for more in the long run than chasing the next deal; enticing and satisfying as that can be.

So if there’s one resolution you should make before we plunge into next autumn’s business cycle, it should be to take some time out, away from the coal face, away from the distractions of endless e-mails and telephone calls. Just sit back and invest some time and thought to contemplate how best to maximise the value of the business you’re building, whether you are going to sell it or pass it on to the next generation. I find whether alone or in a small group of trusted advisers, away from the usual place of work is a better place to cover strategic matters like this. It will probably be the best investment you ever make.

For guidance on how to maximise the value of the business you’re building, or to arrange a free initial consultation please contact Dan Daly on +44 (0)330 124 1399 or by email at daniel.daly@krestonreeves.com

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