When You Feel Tired

Fatigue. A lot of us are feeling it right now. Life as we know it has changed drastically and frankly, it’s exhausting. As business owners, there are several things that can cause that oh-so-tired feeling as well as sleepless nights. The important thing is to recognize the feeling instead of just letting it drag you down and then determine a way to combat it. Below are some common triggers of fatigue we often see in business owners and some ideas on how to get beyond it:

1. General ownership: Owning and running a business isn’t for the faint of heart. When your business is creating fatigue in your life, it’s time to look for a solution. Sometimes you’re in startup mode, and it’s just to be expected. You’re expending significant energy and there is no choice but to push through; it’s part of the process. Other times you’re dealing with a difficult employee or a decision and it is weighing you down. Maybe it’s a year when business is slow or you find yourself growing too quickly. During these times, it’s important for you to have someone you can talk to and gain an outside perspective. We recommend joining groups of like-minded business owners to share with people who will understand what you’re going through and be a second set of eyes or ears. You can find mentors through the Chamber of Commerce, join a group like Vistage or Entreleadership, or even hire a business coach.
2. Crisis: Most businesses will go through a period of crisis at some point. Right now, most of us are seeing a significant impact from Covid-19. Sometimes the crisis comes in the form of losing a key employee, a fire, or a health challenge. During a time of crisis, it’s a good time to pause and take a good look at the business holistically before determining a way forward. You might find some opportunities to make changes that you would not have been forced into seeing if you were not in crisis. Right now, we’ve seen restaurants pivot to only offering carry out or delivery service. We’re seeing manufacturers switch production lines to be able to make personal protective equipment. If you experience a fire, you may rethink how you rebuild your facility from a design standpoint (assuming that’s still the best option). When a health challenge comes your way, it may be time to sell your business or focus more on cross training and redundancy. With a little patience and creativity, most crises can be overcome.
3. Deal: In a buy/sell transaction, the process can bring on fatigue for buyers and sellers. In order to combat this, make sure you find a business broker you like and trust. You’ll be spending a lot of time with your broker and emotions can run high. Life usually gets in the way and they’ll be going through that with you as well. A good broker will 1) help set expectations so you know what is coming down the pike in the coming days, weeks, and months; 2) coach/counsel you along the way, even when your landlord is wreaking havoc or the lender needs “one more thing”; and 3) shorten your sales cycle. There is a phrase in business brokerage that “time kills all deals”…fatigue on the part of the buyer and seller is a real threat to a successful sale.

If you find yourself experiencing any of the above challenges, please reach out to us. We’re here for you and your business whether it’s dealing with ordinary stressors, a crisis, or a buy/sell transaction.