Staying motivated as a business owner

Being a business owner requires you to be skilled in various areas of your business to achieve long term success. This is especially true for small business owners who don’t have the resources and infrastructure when compared to larger business.

It is for this reason that small business owners often take more of a ‘hands on’ approach and get involved with most aspects of their business. Planning, marketing, sales and customer support are just some of the areas that most business owners are focusing their time on.

However, an area that doesn’t get lots of attention when it comes to analysing small businesses in particular, is the role of motivation. As we have discussed in previous blogs, business is about people as much as it is about a great product/service or processes. Ultimately, it is people that drive businesses forward.

Motivation is a key component of being successful in business. As more and more business owners get involved in the day to day running of their business, they frequently sacrifice their time and aspirations to take care of the here and now.

While it’s important to be involved in the operational side of the business, it’s just as important to ensure that as a business owner, you’re driving your business and not letting your business drive you.

With that being said, the focus of this week's blog is to shine some light on the need to stay motivated as a business owner.

What is motivation?
At its core, motivation can be defined as, “the reason for actions, willingness, and goals.” When you are operating your own business, you have considerably more flexibility over your time, decisions and lifestyle when compared to full time employment.

For some people, this ‘freedom’ can actually work against them as they have less structure when compared to being an employee. In the corporate world for example, you need to show motivation and willingness at work in order to fit in, complete your daily tasks and ultimately gain a promotion.

However, when you are the business owner, it’s difficult to look for external factors or people to provide your source of motivation. Instead, that motivation needs to come from within and that is something we will explore in this blog.

Being demotivated as a business owner
Motivation as a business owner can propel you and your business forward. It can often be the catalyst for developing a new product/service or acquiring a new skill that can prove very useful in the future.

In contrast, being demotivated can actually do a lot of harm to any business owner and his/her business. For example, demotivation can result in poor business performance, stagnation and even feed into the work ethic of employees.

As a result, a business can often start to go backwards and this can spiral out of control if it is not addressed properly.

So how can you stay motivated as a business owner?

There are lots of ways to stay motivated as a business owner and we have a devised a list that you can start implementing and actioning from day one.

1. Revisit the reasons why you started
One of the best source of motivation is to actually examine why you started your business in the first place. Taking a step back and actually reflecting on the reasons for starting a business can be a great way to reinvigorate yourself.

For instance, did you start a business because you wanted to earn more, achieve a work/life balance or simply build a lasting legacy? Regardless of what your initial reasons were, it’s important to reconnect with those emotions and use them to fuel the next stage of your business’s growth.

2. Review your goals
A business owner without direction is a business owner and business that is drifting. Reviewing your goals ties back into the point above about taking a step back and reflecting. By reviewing your goals, you can understand whether you are making progress towards your targets and what you need to do in order to achieve success.

Your goals, especially if they are realistic but achievable, can be a great focus of motivation. They can actually help you channel your time and energy in the right way. In addition, the feeling of achievement can help you fuel more development.

3. Prioritise tasks into key parts of your day
Research has shown that we are most active and productive in the morning. As the day progresses, generally, our energy levels and concentration diminish. Therefore, it’s important to recognise that where possible, key activities should be tackled in the morning.

To boost your motivation, you should aim to structure your day in a way that helps you become most productive. For example, tasks that require a great deal of thought such as devising a new marketing campaign should be done in the morning. Less creative tasks like admin work should be scheduled in the afternoon.

This will ensure you are breaking up your day and adding variety whilst still focusing your energy on key tasks. As a result, you will ensure your motivation levels remain high throughout the day and working week.

4. Try new things
Exploring and experimenting with new things can be a great way to stay energised and motivated. For example, setting aside some time each week to learn a new skill is a great way to keep things fresh as a business owner.

For example, you can learn a new marketing concept such as SEO (search engine optimisation) or even a different language. This will help you feel as though you are developing and moving forward.

By trying new things, you actually develop additional skill sets that can be deployed across your business. They also let you step away from your core activities and give you a renewed sense of purpose.

5. Take holidays
As business owners, we are often conditioned to work every day and feel a sense of guilt when we take time off. However, taking holidays and breaks are crucial to avoiding burnout and fatigue. Just like spending time way from the office in employment is crucial to recharging your batteries, the same can be said for being a business owner.

Going on a short break or holiday and spending time with family/friends can help you refocus your energy. Everyone needs a mental and physical break so you can actually concentrate on something other than the business.

It is important to recognise that your business will not fail or fall apart if you take a break or step away from the business. This is where having the right processes, systems and people in your business can really help you.

6. Stay active
The final source of motivation we wanted to highlight was the need to stay active. Regularly exercising for instance, can help you clear your mind and tackle the day ahead with a positive mindset.

Staying active can ensure you are maintaining a healthy lifestyle and this can feed into your physical and mental wellbeing. It provides you with the energy you need to stay the course and build a long term business.

As we’ve highlighted in previous blogs, being in business requires you to take a long term approach rather than focusing on the short term.

Summary
Motivation as a concept is a crucial component of long term success for a business owner. It can seem difficult and sometimes daunting to retain motivation but by implementing some of the tactics discussed in this week's blog, you can stay motivated as a business owner.

Having the right motivation can have many tangible and intangible benefits to your own personal development as well as the progress of your business. The key is to recognise areas and time when you are becoming demotivated and take immediate action.

Here at iOB Business, we recognise the importance of motivation when faced with the reality of being a business owner. Therefore, our business model ensures our partners have the motivation, goals and processes they need in order to achieve long term success.

To find out more about how you can launch a successful Digital Agency and help local businesses please contact a member of our team today.

Until next time, take care.