Are You Holding Your Business Back?
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Are personal priorities holding your business back?
Hello and welcome to this week's episode of the You Can Podcast. I'm your host, Sarah Jolly Jarvis. And today we are going to be talking around, are you holding your business back? It's a big balance. It's a massive balancing act between your personal priorities and your business growth, particularly when you run your own business. And so that's what we're going to be talking about. Are you expecting your business to fund your lifestyle before it's really fully grown and in a position where it can do that? So we're going to talk about personal priorities and whether they are out of sync, out of balance with where your business is and where you want to take it. So what we'll cover is balancing those personal priorities like renovations, like holidays, like life, but also why it matters. So many early stage entrepreneurs unknowingly sabotage their progress because they take too much money out of the business and expect it to develop and grow on too little resources.
What common mistakes do entrepreneurs make?
This all came about really because I was talking to a business owner who I was asking them, you know, how's it going? They've been going now about just under a year and they were telling me that, you know what, I'm disappointed with the amount of leads that I'm getting. My audience isn't a bad size, but I'm just not getting the conversions that I was expecting at this stage. and so obviously it's sales i love sales so i was straight in there asking all the questions and what came up for me was when i asked them around what have they done so far to make changes with this and actually i saw a post out on linkedin this week about you know people when they want to do better at something than when they want to improve if you want to learn
a musical instrument you go out and you get lessons and that might not be formal lessons but you'll go on the internet and you'll you'll download youtube and watch loads of videos and all that kind of stuff to kind of get an understanding of what you need to do and that can be the same thing in your business is you can't expect your business to improve or your skill set around something to improve without doing some learning right better understanding it or at least doing supported practice. And so when I said to this person, you know what, what have you done? And they were like, well, I haven't done anything because we've had a lot of costs. We've been away on a big holiday and we've got another one coming up and we're in the middle of a house renovation.
that for me was really like whoa you know wait a minute what is your house renovation what is your holidays got to do with your business now i am like you know a big fan of going on holiday and taking a bit of time out and having the opportunity to kind of re-look at things um and so you know you could argue that a decent holiday will provide you with a new perspective on your business etc etc help you come back energized you know you can't run on empty etc etc but When you start prioritising multiple elements like that over your business and your business doesn't have the funds to invest in itself because it's supporting those activities where what I tend to call them, whether it's a little bit too
black and white, but I tend to say, well, actually, activities like that, activities which are non revenue generating activities, they're not going to help your business. They're not going to help you move things forward. So holiday, as harsh as it sounds, it's not a revenue generating activity. You could argue with a holiday that it gives you a new perspective.
How can personal expenses affect business growth?
You could argue with a house renovation that new doors and windows. are going to help you feel better. But in reality, they're probably not the best investment for you to make if you want your business to develop and grow. For example, if you're struggling with your sales, if you're not able to reach new audiences and really need to run paid ads, etc., etc., then spending your money on new windows is probably not going to be the best investment of your finances, but people do it. And why do we do it? Well, a lot of the people that I work with, they come from a corporate background and they are used to a particular amount of income. And obviously, you know, with that level of income that you have, you tend to live to that level.
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Chapters
6 chapters
1
Are personal priorities holding your business back?
0:05–1:02
2
What common mistakes do entrepreneurs make?
1:02–3:35
3
How can personal expenses affect business growth?
3:35–4:38
4
What are non-revenue generating activities?
4:38–17:21
5
How to manage expectations for business growth?
17:21–17:43
6
What strategies can help balance business and personal life?
17:43–19:41
Speakers
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