Articles by Louise Woodbury

As you and your business enter into your second five years, beware of the symptoms of burnout. We know them all too well. We've been there. This is the time most business owners start thinking about selling. And, just because you feel you are done with the business is not a reason to put it on the market. Bottom line: if you do, you won't get what it's worth. So, here are five major symptoms to be aware of as you approach your second five years. Loss of passionYou feel as though you are trapped on a never-ending grind of work, work, and work. After going through the same old routine for five years, the passion has gone. While spending so much time at the coalface, you forgot that your original objective was to dig through it. Without your objective sin mind, you become like a ship without a rudder, going around in circles and getting nowhere fast. Without the spark which created the business, how can you light the fire? Lack of focusAt the start you had a dream and a goal and you knew why you wanted to get it. Not only did the goal pull you on, it inspired you, your team and your clients. However, as an entrepreneur, you see opportunity after opportunity and can get distracted from your core goal. And if you lose focus, so does your business. Lack of new ideasYou instinctively know the gap between you and your competitors has narrowed. They copy your product or service or, as a result of improved communications and technology, they are bringing in innovative ways of improving what you are doing. Your product is not new any more and you are in danger of losing your competitive advantage in the market place. Without fresh ideas, you are going to be left behind. Lack of skillsWith things succeeding, there are more people and a bigger business to manage. Your management skills are no longer good enough to take your business to the next level. A lack of planning can affect productivity and profitability. You know you don't have the capacity to master all the skills you require, and the solution is to bring in somebody who can help. But your ego doesn't allow you to admit you're out of your depth. The temptation is to put the foot on the brakes and hold the business to within your competencies. And to hold the reins more tightly than ever. Lack of adequate capital Like most small businesses, you're usually running close to the wire with limited funds. This puts pressure on introducing new technology, marketing initiatives and better human resources to improve products or services. You are feeling the pressure of insufficient capital but don't know what to do. These are all key symptoms of becoming tired of a business. The core issue here is that you are exhausted and lack energy. You are at least five years older than when you started and not had enough R & R, if any. Burning the candle at both ends, working on pure adrenaline and lack of mental rest has caught up and you are close to burnout. Most businesses go down not from being badly run but from the owner running out of energy. Your body may get used to all these years of work, work, work. You could even be numb to the subtle aches and pains, desensitised to your internal alarm bells. It's like the frog in hot water. As the water heats to boiling, he'll stay there because he won't feel the difference until it's too late. Next, the frog is cooked. The same principle applies to business owners who just keep on keeping on - day after day. You might think you are strong but... You may well be able to relate to some of these symptoms. But rest assured that all these problems can be addressed with time. Time to think, time to plan and time to reignite your passion. If you really want to sell, then plan to sell. Don't sell because you're 'done' with the business. By selling when you're sick of the whole box and dice, you're setting yourself up to get the lowest price possible.  And you deserve far more than that! Louise Woodbury, co- author of “The Invisible Entrepreneur - How to Grow Your Business by Taking 3 Months Off” and “The Invisible Partnership - How to Work with Your Spouse Without Ending in Divorce”

We know the person who knows your business best ... is you. Why?  Because, we’ve worked with many small business entrepreneurs who are, in fact, experts in their industries. However, when it comes to selling your business … are you mentally ready for this journey? The Invisible Entrepreneur, invites you to consider a new way of doing business.  And, it’s not about adding more information to your well of knowledge.  It's simply all about you ….. because after all you are the only one who can bring about change in your business. Consider that selling your business could be your personal Everest - your very own mountain to conquer. Right now, while you’ rereading this, you might not know exactly how you’re going to get there. But just as Sir Edmund Hillary got to the summit, you will too. When Hillary set out to conquer Everest, he knew three things. First, he had an understanding of the scope of the challenge he was about to undertake. It was one fraught with danger and could even cost him his life. You may feel like you're navigating a dangerous course by transforming your business so it is attractive to a potential buyer. Second, Hillary knew there was a lot he didn't know. But he knew he had to find the answers. No matter how experienced you are, no one has all the answers. Understanding your limitations doesn't make you less competent or less capable. The opposite is true. Smart entrepreneurs recognise their limitations and work out how to supplement any gaps in skill or knowledge. Third, beyond seeking out answers from his own resources, Hillary also knew it was possible that many alternative solutions could exist. Solutions that hadn’t even been considered yet. Solutions and strategies beyond his current reality. We all have blind spots. The trouble is we don't always know what they are. But we encourage you to remember that these blinds spots exist -and that the way to reveal and eliminate them is to open your mind to new solutions and new ideas. Or find a guide who can help you. Sir Edmund Hillary recruited help from Tenzing Norgay, an experienced Sherpa. Norgay knew the landscape intimately. Where inexperienced eyes would see a mountain of difficulty, he saw a clear path. He could identify the dangers and manage the risks. Finally, he could guide a mountaineer to the summit and then negotiate a safe return. You are not indispensable One of the biggest hurdles for a small business entrepreneur to overcome is the idea that their business can function without them. Many entrepreneurs don't believe this is possible. They believe their business is different. They sincerely believe they are the lynchpin and that it simply couldn't operate without them. For example: Does everything need your approval to go ahead? Do you believe that even small advertisements couldn’t appear in the local paper without you checking them first? Or that a quote on supplying goods or services to a client couldn’t leave the office without your signature? And are you insisting that copies of all booking slips for deliveries would be sent toy our in-tray so you could see that the order had been processed. Are you one of those people who simply must know what’s going on - who wants to have a finger in every pie because that helps you pickup on things that might fall through cracks? You may not be guilty of all these - but if you recognise some of these attributes, a good adviser, your Sherpa, will guide you. But...only if you are willing to listen. In preparing your business for sale, you're about to enter uncharted territory - but you are not alone. Your guide is right here in your hands. And, while it will take you out of your comfort zone and into unexplored areas of your life, it will steer you in the right direction. Louise Woodbury is the   co-author of The Invisible Entrepreneur.  You can order your copy from all major bookstores. ISBN 978-0-646-49043-4.www.take3months.com or Tel 02 9955 8888.