Are you new to the business world and wondering what to expect? There are many benefits and challenges that come along with venturing out on your own. But with some expert guidance and advice, you can be prepared to navigate through it all so you can stay focused on your vision. Read on to learn about some of the hardest things you’ll have to face a business owner and how you can mitigate them.
Dealing With The Unknowns
One of the hardest things you’ll have to face as a business owner is dealing with the unknowns. Every day there will be new challenges and obstacles to deal with. Business is never predictable, no matter how prepared you are. The truth is you’ll never be 100% ready, but you can be close to it if you’re able to get into the right mind frame to tackle challenges and find solutions. One of the best ways to navigate through the unknowns is to put a routine in place that helps you get into the right mindset each and every day. Whether it’s an early morning trip to the gym, a brisk walk or a yoga session before work, taking the time to get focused and ready to crush those obstacles, can really make all the difference in your success.
Being On 24/7
When you’re a business leader, you have to be “on” 24/7. For some, this is one of the most difficult aspects of being a CEO. Even if you’re sick, you still have to answer those business calls and show up for important meetings. Even if you’re at a wedding or on vacation, you need to be available for when emergencies arise. But it’s important to learn how to unplug and unwind too. Failing to do this can lead to burnout, which can impact all aspects of your life and business. Many business owners swear by creating personal time each day to take care of their physical and mental health. This means making time for physical activity, meditation, healthy eating, social gatherings and sleep. Taking time to recharge can really make or break your business.
When you run a business, people will come to you every day with new ideas and opportunities. Sometimes those ideas can be very useful, but other times not. As a business leader and visionary for your company, it’s important to stay focused and true to your business plan, which means you need to learn to say no from time to time. It’s not always an easy thing to do, but you have to do what is right for your business.
Learning To Delegate
When you’re the President and CEO, you’re expected to be the go-to person for the entire business. This can often make you feel like you’re on an island all on your own. But you need to learn how to delegate more and create strong teams that you can trust. Getting the right people on board can help substantially. As a business owner, you need to be able to rely on your team to take care of things when you’re not there. Having a great support staff will allow you to spend more time doing the things that really matter as a CEO – growing your business and working on the vision.
Scaling At The Right Time
In business, timing is everything. There comes a point when you have to expand, build teams, and make important plays to get to the next level. This can create a lot of stress for business owners. One false move can put you out of business, but one right move can propel you forward. Learning to scale at the right time is difficult. Fortunately, there are mentors and other business owners out there who have gone through the same things that you are facing. Joining a business networking group and getting a coach or mentor can help you anticipate challenges and learn how to make better-informed decisions about when to scale and how.
President and CEO of Envolta, David DiNardo, knows first-hand what the biggest challenges are and how to combat them to stay focused and grow your business successfully. David is the owner of Ottawa’s fastest-growing accounting firm, Envolta. In 2018, he ranked 6th on the OBJ’s list of the City’s Fastest Growing Company, with three-year revenue growth of over 600%! And this year, we’ve acquired Picco Accounting, which will catapult both the company’s revenues and team numbers. Check out his video here on what he has to say about tackling growth and how he keeps focused, even when faced with the toughest challenges.