Succession: Why don't they own it, like I did?

The struggle to get established and grow a business is a well-trodden path.

However, it's a lesser-known fact that once a business reaches a certain level of maturity or even success, a whole new set of challenges can emerge that nobody ever talks about, ones that can be more insidious and far more harmful than any of those struggles of the early days.

Imagine a scenario where you've fought relentlessly over several years, faced adversity, challenges and problems, but then eventually (like magic)...

YOU become that overnight success that everyone talks about, finally managing to build a business that's doing remarkably well. You've reached a point where you now employ a team of 4-5, maybe even 10-15 people, with a turnover of around £1m, maybe even £2m.

Everything seems to be working fairly well, like a well oiled machine.

Yet, here lies the problem: You "the business owner" are now enjoying the fruits of you're labour (and why not, you've earnt it), managing to take some time off, going on holidays, and indulging in some of those luxury purchases.

But, while you bask in the rewards, the business is slowly grinding to a halt, not growing as it should, maybe even going backwards.

It just doesn't feel right anymore.

The harsh truth is that. You're just not as present as you once were, not networking, not as active, not speaking to customers, not speaking to the team, and it's becoming increasingly frustrating, trying to work out what to do for the best.

The solution seems apparent: it's obvious, to jump back in again. But, the energy that once fuelled you're drive is depleted, the energy has gone. The spark that once ignited you're passion has vanished.

You wish the team would be as focused on growth as you once were.

So, What's the answer?

In summary, this article will delve into how the lack of a shared vision is holding you're company back, holding you back. It held me back too, until I realised that there was a different way and it's called Success GPS

Here's the cold harsh truth:

Nobody really knows what is expected of them, where the company is heading, and the staff don't feel like it's their journey.

The Illusion of Success

Success is often seen as the ultimate goal for any business owner. After the countless sleepless nights, the relentless hard work, and the daunting risks, the idea of reaching a point where the business is flourishing, and life becoming easier is the dream. But, as many successful entrepreneurs find out, this dream can quickly turn into an absolute nightmare.

This story of your business journey is not an unusual one. After years of hard work, sacrifice, and dedication, you will have achieved a level of success that many people can only dream of. You’ve built a business that’s not only surviving but thriving, employing a dedicated team or teams, generating significant revenue. Life is good. You can finally afford the luxuries you’ve always wanted, take time off, and enjoy the finer things in life. However, as you indulge in the rewards of their success, the cracks begin to show, the foundations start to crumble.

The Problem Emerges

The business, which was once growing steadily, starts to stagnate. Revenue plateaus, growth slows, and the once clear path to success becomes obscured. You finally realise that the company is no longer evolving; it’s stuck in a rut. Panic sets in. You try to diagnose the problem. The answer seems clear: You just need to dive back in. You need to rekindle the fire that once drove them. However, you soon realise that the energy they once had is gone. The passion that fueled you're drive has dwindled. You are stuck in a cycle of frustration, unable to find a way out, even questioning their own purpose at times. What is the point?, What am i doing this for?, What do i actually need?

The Lack of a Shared Vision

The root of the problem lies in the lack of a shared vision. In the early days of the business, you had a crystal clear vision of where you wanted to go and how to get there. Every member of the team was on the same page, working together towards a common goal. However, as the business grew, this vision became diluted. You've very slowly become disconnected from the day-to-day operations, leaving the team without direction.

The Impact on the Team

Without a shared vision, the team is left feeling lost and demotivated. They don’t know what is expected of them or where the company is heading. They feel like it’s not their journey anymore. As a result, productivity suffers, and the business begins to decline. You're now getting increasingly frustrated, blaming the team for the lack of progress. You're even failing to see that the problem lies with you, Not the team!

Rediscovering the Vision

The first step in overcoming this obstacle is to rediscover the vision that once drove the business forward. You must take the time (make the time) to reconnect with you're passion and purpose, to remember why you started the business in the first place. Only then can you effectively communicate this vision to the team and reignite their passion.

Communicating the Vision

Once the vision has been rediscovered, it must be effectively communicated to the team. Every member of the team should understand what is expected of them and where the company is now heading. This will give them a sense of purpose and direction, motivating them to work towards the common goal.

Leading by Example

You have to also lead by example, demonstrating you're commitment to the vision through your own actions. You must be present (and really present), actively involved in the day-to-day operations of the business, and lead from the front. This will inspire confidence in the team and encourage them to do the same.

Fostering a Shared Purpose

Finally, you should foster a shared purpose within the team. You need to create an environment where every member feels valued and appreciated, where their contributions are recognised and rewarded. This will create a sense of belonging and ownership, motivating the team to work together towards a common goal.

Conclusion

Success in business is not just about reaching a certain level of revenue or profit, quite the contrary - It's about people. It’s about having a shared vision, a compelling vision and a common goal that motivates and inspires every single member of the team. Without this shared vision, the business will inevitably stagnate and decline.

I've learnt the hard way over the last 20 years, success can be far more harmful than those early days struggles. But by rediscovering the vision, effectively communicating it to the team, leading by example, and fostering a shared purpose, they can overcome this obstacle and take their business to new heights.

THIS - is what we do at Forward Thinking - East Lancashire

We work with you and your teams to redefine what that compelling vision of the future looks like, yeah sure, we'll set some goals. But the magic is working together as a team, get your board together in the same room, plan this stuff together. Get your managers involved.

Interested?

Then get in touch here - Forward Thinking - East Lancashire . We offer free a 90 minute Business Mapping Session, so that we can understand what you're trying to achieve.

This is so achievable. Trust me "I did it", so can you. It's all about re-framing your purpose and your mission and then sharing your journey.

PEOPLE.DO.WORK