The scariest things about running a business
As Halloween approaches, we are looking at fear in business. What are you most afraid of? What gives you nightmares? Are you scared your business will fail? My latest article investigates the scariest things about running a business and provides insights to help you face your fears and deal with the scary parts with more confidence.
The affirming definition of FEAR is False expectations appearing real, but sometimes our initial response is more like F**k everything and run.
The brain developed fear as a way of saving our lives, it is therefore something we need to listen to, but the initial response is always going to be one of flight or fight, flee or freeze.
This is what our reptilian brain does in order to keep us safe. We need to acknowledge that and then engage the rest of our brain to review the situation and decide what we should do. Fear is simply an instinctive response that says, “Proceed with caution”.
Running a business is all about making a choice, spending money on the right things, employing the right people, and getting the right advice. However, too much choice can be both frightening and paralysing.
In my experience, these are the scariest things about running a business; the areas that constantly worry the businesses owners I work with:
1). Running out of cash
2). Running out of time
3). Rejection
4). Compliance with HMRC and other regulations
5). People
If the above are not dealt with correctly, they can ultimately lead to losing the business. No wonder business owners get so scared! Below I have broken down those fears along with a few titbits of advice…
Running out of cash
Cash is the lifeblood of a business, and money worries are the most likely to keep a business owner up at night, but here knowledge is definitely the major weapon in your arsenal. Get a cashflow statement in all areas of the business.
Have a plan for the times when cash is low. Either cut back spending, increase revenue or have a buffer in the form of short-term lending arrangements.
Running out of time
Time is the one resource that we all have in common. We cannot get more time, despite Sci-Fi films saying we can. In real life, we don’t have a time-turner. We can only control our choices and our boundaries and manage whom or what we give our time to. Tools we can use include default diaries, delegation, and systemisation.
Rejection
Many people fear rejection more than anything else. This stops us from asking for the sale, the referral, the dedication from an employee, or the one thing that will make a difference in our business. The only thing that can overcome this fear is having a “why” big enough to conquer the fear, or a bigger fear that dwarfs the fear of rejection.
Get a clear vision of the future you want to achieve and a strong picture of the consequences of failing to act.
Your ‘Why’ and your ‘Vision’ are the two things that will help you to defeat the fear of rejection.
Non-Compliance with HMRC and other regulations
Alliances are your best strategy with regard to compliance fears. Find a great accountant, lawyer, or another expert who can guide you and keep you up-to-date, relevant, and compliant. Identify the specific fear or worry and find the expert that can help. Networking groups are excellent for this.
People
One of the scariest things about running a business is dealing with difficult types of people. Here’s my Halloween guide to the nasties (people) who hide in your business:
Zombies – Employees who sleepwalk throughout the working day, doing very little except infecting others with their apathy and disillusionment with life
Werewolves – Customers to come out once a month and create havoc, demanding the impossible, insulting your staff, and disrupting your business.
Vampire – Taxes that suck the lifeblood out of a business and need to be managed with assistance.
Banshees – Staff and support who are constantly wailing about disasters, they are loud and insistent and can be difficult to ignore!
Sirens – Would be suppliers that lure you in with sweet songs of success, promising the earth and delivering a watery grave.
Mummy – They have been around the business forever, and although the business has moved on, they can’t or won’t, and keep trying to turn the business back to the past.
The Grim Reaper – the ultimate harbinger of the end, with visions of failure and closure of the business.
Witches – unpredictable maverick employees who will sometimes wield their magic to great effect in the business, or could just as easily create problems and unknown consequences.
Mummy – They have been around the business forever, and although the business has moved on, they can’t or won’t, and keep trying to turn the business back to the past.
The Grim Reaper – the ultimate harbinger of the end, with visions of failure and closure of the business.
Witches – unpredictable maverick employees who will sometimes wield their magic to great effect in the business, or could just as easily create problems and unknown consequences.
Flesh-eating Ghouls – Employees, customers, and suppliers who constantly and persistently follow you, eating away at your time and disrupting your plans.
Trolls – stakeholders in the business to are too dumb to see the vision and strategy you are creating and yet are strong enough to derail your plans.
There are many ways to deal with each of these nasties, too many to go into right now but simply recognising who they are and what they are doing to your business is a good starting point in knowing how best to deal with them.
If your business is facing one or more of these fears or nasties, then who are you gonna call? Well me of course! I am the expert you need to show you how to deal with fear head-on, face your demons and defeat those nasties! Request your complimentary discovery session today, before it’s tooooo late whah ha hah.
Try out our 3-minute business quiz and see if TIME, TEAM or MONEY should be your next key focus
