Overcoming The Big 5 Frustrations Business Owners Face

Family-business-needs-to-address-issues

 
Remember the reasons you started your business?  Making your mark in this world.  Freedom. More fun. Control of your destiny.  
 
And then one day you woke up and it felt like you had an albatross wrapped around your neck.  You’re working harder than ever.  Your team isn’t clicking the way you want.  There is conflict within the family.  Money is tight.  And fun...what’s that? 
 
Unfortunately for many family business owners, they don’t experience the very things that attracted them to take the risk in first place. In fact, they are continually frustrated. 
 
5 Most Common Frustrations of Business Leaders
 
Here are the BIG 5 frustrations that keep a lot of business leaders up at night. Do any of these sound familiar to you?

  1. Control – The buck stops with you.  Then why does it feel like the business is running you, especially your own schedule? You’re working harder and longer hours.  And if you calculate your true hourly rate, you want to cry like a baby.
  2. Profit – The business is not generating enough profit and cash flow to invest in the people, training, technology, and equipment that your business needs to scale up.  The lack of profit is also the cause of why you cry like a baby when you look at your compensation or lack thereof.
  3. People – Not only is no one on the same page, there is no single page to get on.  There are alternate plans in drawers throughout the company.  There is no singular focus on direction. On a day-to-day basis, you feel more like you’re a referee rather than a business owner.
  4. Hitting the Ceiling – The business feels like it is stuck. At one time, the team and company were clicking on all cylinders, but for some reason it’s not anymore. Maybe not enough growth, or maybe too much. Maybe you’re not as efficient or as profitable as you know you should be. Or maybe you just want more balance in your life.
  5. Nothing is working – No matter how many great books you read or how many seminars you go to, whatever you take away from them to implement in your business doesn’t seem to stick.  You hear or sense your team saying, “Don’t worry, this too will pass and we’ll go back to doing things the same way.”

 
If these frustrations are part of your 2:00 am routine, here’s the good news – you’re normal.  Many family business leaders struggle with these issues. And while many family business leaders have these problems, some family business leaders don’t.
 
There is a way. Stay tuned…