Your Business Is Doing Well. But Are You?
I had a fascinating conversation with an independent retailer this week.
He's built a fantastic business. One he should be incredibly proud of.
But he's working over 100 hours a week.
And when you consider the hours he's putting in against what he's taking home, the rewards simply don't reflect the effort.
But it wasn't the hours or the money that really struck me.
He wants his life back.
And the saddest part? He's built a successful business, but he's not enjoying the success.
I suspect a few of you reading this know exactly how he feels.
Being Good at Your Trade Isn't Enough
Most independent retailers start their businesses because they're good at something.
Maybe you're a brilliant butcher. Perhaps you know everything there is to know about running a farm shop, sourcing fantastic products or looking after customers.
You know your trade inside out.
But here's the problem.
Nobody ever taught us how to run a business.
We learned how to buy, sell, produce and serve. We learned how to work hard. Really hard.
But managing people? Understanding margins? Building systems? Marketing effectively? Planning for the future?
Those are completely different skills.
And if we're not careful, we end up building businesses that depend entirely on us being there.
Every day. Every decision. Every problem.
Sound familiar?
My Slightly Unusual Education
I remember decorating a room in my house back in 1996.
Paintbrush in one hand, cassette player running in the background, listening to a chap called Jay Abraham explaining the three ways to grow a business.
At the time, I thought that was perfectly normal!
Surely everybody spent their spare time learning about business while decorating the house?
Turns out they didn't.
But looking back, I was doing something incredibly important.
I was learning the skills that nobody had taught me.
And nearly 30 years later, I'm still learning.
Because being good at your trade and being good at running a business are two very different things.
What Do You Actually Want From Your Business?
This week I've been revisiting my own T.E.R.M.S. for 2027.
It's an exercise I use to think about what I actually want my business to deliver for me.
T.E.R.M.S. stands for:
T. – Time: How do I want to spend my time? More holidays? More time with family? Fewer hours at work?
E. – Energy: What gives me energy, and what drains it? Am I spending enough time doing the things I enjoy?
R. – Resources: What people, systems and support do I need to make those things possible?
M. – Money: How much do I actually need to earn to enjoy the life I want?
S. – Sanity: What's keeping me awake at night? What needs to change so I can switch off and sleep better?
They're simple questions.
But when was the last time you actually sat down and answered them?
Not what your business needs from you.
What you need from your business.
That's a very different conversation.
