Following from the previous article here are some other warning signs that suggest that it may be worth investing some time reviewing the business strategy.
Warning sign 1 – Stress and hassle
You can develop your business so that is stress free by having great customers and employees. If you are experiencing stress as a result of your business it could be that you have too many of the wrong type of customers or you need a different management approach.
Warning sign 2 – Business too dependent on the owner
If a business is too dependant on the owner it means the owner is tied to the business and may suffer from work life balance issues.
Warning sign 3 – Owner is not taking enough money
As a business owner you have the ability to determine what you take from your business as a wage and profit share…here are some signs that you are not taking enough:
- Not setting aside enough for your retirement
- Do not have six months money in cash
- Not having private medical cover
- Need a loan to buy a car
- Have a personal overdraft or use credit cards
- Not able to overpay mortgage
- Not able to enjoy the holidays you want
Warning sign 4 – Not motivated
Your business maybe making good profits, you could be taking lots of cash out of the business and not stressed but you may not be fulfilled.
Does your business have a purpose? Do you feel you are making a difference?
If you would like to review your business strategy get in touch.
Image from Flickr by Andrew Klimin