Reflect on your business. Think about what should be improved.
Hey, I’m Michael Eckstein 👋, and this is ‘Ordinary & Necessary’, a weekly newsletter about the boring business topics that don’t get enough traction on the web, but will help you manage and grow your business. You signed up on my website. If you’d like to unsubscribe, just click the link at the bottom of this email. No harm, no foul, I’d love to have you back sometime.
Thanksgiving weekend is one of the few times business truly slows down during the year. It’s four days where everyone silently agreed to only check their emails every now and then. Four days to see family, chat with friends, and eat too much food (and, maybe casually drink too much too 🤫). It’s also four days to take a step back from your business.
This time to reflect can be just as important to your business (and personal) success as slogging away during the workday because it helps you see the bigger picture and get a better understanding of your business. Afterward, you’ll be able to create a more purposeful business strategy that will guide your business in the direction you want it to go, instead of wherever it decides on its own. On the other hand, if you don’t take the time to reflect and let your business grow unchecked, it’ll grow like a weed, in whichever direction it wants, and you may never reach your goals.
Things to think about:
What stresses you out – Work doesn’t have to be stressful. There’ll always be tedious tasks, but overall, it should be relatively enjoyable. What parts of your business stress you out? Can they be outsource or somehow minimized?
Type and quality of clients – Not all clients are the same. Some are more complex, others simpler. Some are easier to deal with, and others are nightmares. Are you happy with your overall type and quality of clients? Are you attracting the right kind of clients? Should you change your marketing?
Niche and area of expertise – Sometimes, when your business grows unchecked, you can accidentally pigeonhole yourself into a niche or area of expertise. Do you enjoy your current niche? Or, would you rather push into another one?
Workload – Similar businesses can have totally different workloads. Some owners only work 9-5, while others work nights and weekends. Does your current workload match up with what you want? Do you need better project management and client boundaries?
Revenue and Profit – Let’s face it, we’re in business to make money. Are you making enough? Saving enough? Has your spending outpaced your income and needs to be reigned in?
Personal goals – Your business exists to provide for your family and help you live a better life. That includes your personal goals and lifestyle. Is your business helping you achieve your personal goals? Could it?
Action Item: Spend some time to really think about your business (not the client work). Are you happy about the direction it’s moving in?
Have a great weekend and stay safe!
P.S. How was your Thanksgiving? I made pot roast and ate too much cheesecake.