What No One Mentions About Handling Business Transitions
Something I focus on as an investment advisor is helping clients prepare for and manage transitions. My job is to do this from a financial standpoint, but I can’t discount the mental and emotional preparation needed not only to endure the shifts but, more importantly, to make the shifts.
For business owners, there are many transitions we experience as we evolve. For example, shifting from a solopreneur to building a team, expanding from a single office to many, and growing the company’s footprint from regional to national are just some of milestones that both excite and challenge us.
Pre-transition, many of us don’t think too much about how a shift might affect us dimensionally. We may know to be prepared financially; but we don’t know to develop the mindset necessary to navigate the transition, or the emotional hardiness needed to withstand the ebbs and flows of uncharted territory.
Due to this, many fail to make necessary moves.
It’s scary, it’s uncomfortable, it’s new, it’s challenging, it’s uncommon, etc. – all valid feelings, and all reasons to get ready on all fronts.
So, what does it take to get ready? The list of chores depends on the person. However, developing an entrepreneurial mindset is a universal requirement.
1. Have a clear vision. Decide exactly what you’re going to do – notice I said what you’re going to do, not what you want to do – and why it’s important for you to get it done.
2. Figure out what it takes to keep you disciplined. Both the blessing and the curse of being an adult is that no one is going to make you do anything. So, you have to hold yourself accountable to stick to the plan you created.
3. Learn how to calculate and navigate risk. There is a risk/reward tradeoff to everything. As you move from any phase to another you will have to make decisions that could expose you to avoidable risk in exchange for possible gain. Understanding the risks and planning ahead could help you more confidently evaluate your options and be at peace with the outcome of whatever you choose.
4. Consider the long- term. Next to comfort, short-sightedness is the enemy of growth. Barring an emergency, avoid making moves that only address where you are today or how you feel today. Think about how your decisions could impact the future and what future possibilities might you create. Play chess, not checkers.
5. Commit to seizing opportunities. Whether you believe in fatalism or free-will, you can’t argue that this is your one life. THIS is the one chance you get to pursue whatever it is you want.