In case no one has told you recently: it’s okay to take some time to stop focusing on growing your business all the time, and just focus on maintaining what you’ve built. If you believe a lot of the “experts,” growth should be your only business goal; if you’re not growing, they’d have you believe you’re failing. The truth is, however, that 100% growth 100% of the time just isn’t sustainable – and if your business isn’t sustainable, that’s the real problem.
You may find yourself reaching the point where you’re very comfortable with your business where it is right in that moment, and you’re ready to just keep that level going. Other times, you may need to take a season or two to just hold your business where it is, because the things going on in your life outside of work need more of your attention. In any case, sustainability is a perfectly acceptable business plan. Being in a constant state of stress about your business is the thing that’s really not sustainable; if that’s where you are, it might be time to take a step back and focus on maintenance.
Questions to ask yourself when you’re evaluating the sustainability of your business:
1. Does my income meet all of my financial needs? Whether you want your business to supplement a household income or pay every bill, is it able to do that every month with consistency?
2. Am I happy with my income? Do you feel good about what you make, and do you feel it’s worth the amount of time and effort you’re putting into your business in order to earn that income?
3. Am I able to maintain my desired lifestyle? Remember, YOU get to decide what success looks like in your business, so now it’s time to decide: do you feel successful with the income you’re earning?
4. Am I working a schedule I’m comfortable maintaining in the long term? Does your business schedule suit your lifestyle? Are you working a reasonable amount of hours, or working yourself to death? Can you keep up with your current pace over the next several years?
5. Am I happy with the people I work with? This includes your clients or customers, employees, contractors, colleagues, and mentors. Are you surrounded by people who light your enthusiasm from within? Do you enjoy the people you communicate with in order to run your business?
6. Am I confident and content with the actual work I do? Think about the daily tasks you have to complete in your business as well as the services you offer your clients. Do you actually enjoy doing those things, day in and day out? Would you be happy doing them for the next five or ten years?
7. If I lost a client or customer, could I replace that income? The thing about sustainability is that it does require some growth; however, instead of growing bigger each year, you’re just growing to replace anything that changes or is lost. If you are able to replace clients when you lose them, then you have a sustainable business.
Once you can say “YES” to the questions above, then you’ve got a sustainable business. It’s time to just keep doing the work you’ve been doing, growing to replace or replenish rather than to increase and expand. Make sure to check in regularly with your measurable outcomes so that you know you actually are sustaining your current level of business, and you’re good to keep going for the next season or all the seasons to come, whatever you choose to do.
If you’re not quite able to confidently answer those questions, I’d love to help! Click here to schedule a call and see if for the Operations Engine, a group coaching program where we will work on fixing any misaligned GEARS in your small business. We’ll figure out where you need to make any necessary changes in order to get your business to full sustainability, and also identify the areas that are already working exactly how they should be.