FIVE WAYS YOUR BUSINESS OWNER'S WORLD IS CHANGING - Why you need to think about it

Do you feel the earth moving under your feet? Every business owner is experiencing change. But each of you responds in the different way. Some anticipate and adjust – experimenting with new approaches and new processes. Others ‘hunker down’ and keep doing what worked, hoping that it will work again.
But the change is often so significant that ‘fine tuning’ what you used to do may not be enough. If you are unable to ‘meet your market,’ your company’s future is in doubt. Here are five ways change is occurring – some external, some internal.


Your Customers’ Buying Patterns are Changing Some are outsourcing, often overseas, products they bought from you. Some are abandoning old products and old production methods and no longer want the items your company used to sell to them. Or their product mix has changed and they aren’t buying as much from you that they used to.


Technology is Changing Your customer wants you to provide a better or different product/service - or produce it faster or cheaper. If you don’t or can’t meet their needs, they’ll find someone who will and you’ll lose that income stream.


Communication Methods are Different Face to face contact is still important to stay in touch with your current customers to understand how their needs and buying patterns are changing. You also need to be ‘out there’ finding prospective new customers and understanding how your markets are changing. In addition, you need to get the word out via the internet and the new social media. In addition to our web site, other electronic media (face book, blogs, newsletters, etc.) are essential to help prospects learn about your company’s unique capabilities.


Your Employees’ Attitudes Are Changing They know what’s going on in the world and in your markets. If they don’t see the company changing with the times, they get scared and start protecting their interests – working slower to make each job last, being unwilling to try new ideas, Or they leave your company to find new opportunities – often with the best people going first!


You Are Changing, Too Maybe you’re ‘running out of steam;’ losing your passion for this work. Maybe your knowledge and experience don’t match the changing world. Maybe you are ‘playing not to lose,’ no longer willing to take risks; not wanting to invest money in new methods, new equipment and training for your people. Maybe you don’t want to ‘get out there’ to meet with your customers and prospects – which brings us back to the first point!


The bottom line is that you need to ‘think bold and act bold.’ What used to work may not be good enough for your company’s survival and future success.


For you, the owner, its essential that you step back from your day to day problem solving and take a long term, big picture look at the new environment your company is operating in. And you may have to set a new direction to succeed in these new times.

Or, maybe, its time to face the fact that you and your company no longer fit in this changed world. If that’s the case, its time to transition into a new phase of your life: one that fits you and matches this different world.

Making that transition, as daunting as it may seem, is better than going down with the sinking ship!

TRANSITION - The Next Phase of your Life

Business owners – and other executives – often have a difficult time retiring or making the transition out of their current role into the next phase of their life. They ‘keep on doing what they’re doing’ because they get great satisfaction from their work – and, unfortunately, because they have no idea what else they what they could do.



Often, their financial advisors have helped them prepare, financially, but they are not ready, emotionally, to take that next step into the next phase of their life.


Daniel Pink in his new book “Drive” introduces some fascinating ideas for managers who want to be better leaders and developers of their staff. Looking deeper, his ideas provide clues for business leaders who are contemplating their personal work-life transitions. Here, briefly, are Pink’s keys to motivation:

• Autonomy – “Autonomy over task (what they do), time (when they do it), team (who they do it with), and technology (how they do it).
• Mastery – Becoming better at something that matters. “Challenges we face are uniquely matched to our abilities.”
• Purpose – Working on ‘a cause greater and more enduring than ourselves.’

This approach, rather than the ‘carrot and stick’ method, is what brings out the best in people and produces better results, according to Pink.


I believe that these were what business owners searched for when they made the decision to own a business. They may not have been aware but, as some subconscious level, they were looking for a work situation that would give then independence to follow their passion, build on their strengths and have control over what they do – to have autonomy, mastery and purpose in their life. Income potential was important, too. They may have expected to make more money but many business owners made a decision that to ‘go out on their own,’ even if working somewhere else would pay more.


But there is a downside to their thinking. Business leaders stay when its time to move on. For the same reasons they decided to start, they can’t let go. They hold on for too long – when it’s time to step aside and let new people lead – younger people with more energy, a willing to take risks and use fresh approaches to match new challenges. The company they created begins to decline, eroding their investment when they need to be ‘harvesting’ it to build their retirement nest egg.


The trouble with retirement is that it is viewed as an end – when a person stops doing something that gave meaning to life, and sees doing ‘nothing’ for the next 20 or more years. That’s not something to look forward to so they ‘stand pat.’


I prefer a process I call ‘Transition.’ Transition involves planning ahead – discovering what about life (in work and elsewhere) gives great satisfaction and build those factors into a new lifestyle – one they can look forward with optimism and enthusiasm.


What’s the key to making a successful transition? Finding something new that offers you fulfillment and a feeling of satisfaction. Daniel Pink’s three motivational factors: Autonomy, Mastery and Purpose are a good starting point.


Transition begins with choosing your new life purpose – and building it into the next phase of your life. The key questions is: What will you do that merges your passions, your strengths and an opportunity to serve to live a life that is meaningful and satisfying to you?


Maybe it’s an unfulfilled dream or a hobby. Maybe it’s for money – maybe it’s not. Maybe its full time – maybe its something that you do at a slower pace that matches your energy level while giving you time for other pursuits; exercise, reading, gardening, family, travel, etc.


Purpose is not just a hollow kind of ‘doing nothing.’ Purpose is something that is distinctly ‘you.’ Choosing it will take time. It’s important to start planning long before you leave your current work. I have worked with clients who took several months to sort things out and make a personal, lasting decision that best suited them.


Autonomy and Mastery evolve out of a clear purpose. Your purpose guides your decisions about what you will do, how you will work, and who you will work with. Over time, you will build on your unique skills to develop the mastery you need to achieve your chosen purpose.


What is there about your current life that excites you, that you enjoy and can build on to create the next phase of your life? How will you create your future doing something that gives you satisfaction and enables you to build a special combination of personal Autonomy, Mastery and Purpose?
What is your personal transition plan? I help business owners develop their work/life transitions into the next phase of their lives. I can help you. Contact me to set up a complimentary session to explore your options.


pkwendel@aol.com – 716 434 8688
www.peterwendelgroup.com

LETTING GO OF WHAT DOESN'T WORK

A couple of days ago, I tried to fix a leaking faucet that was keeping me awake at night. I worked on this kind of faucet many times so I was confident I could fix it easily. I got the right parts, right tools and went to work.

Everything came apart without a problem. I nearly had it back together when I was stopped dead. I couldn't put the cap back on! I tried a whole bunch of times but couldn't finish the job.

Finally, I gave up and walked away in frustration and disgust - and a bit of anger. What should have been a half hour 'piece of cake' was an incomplete project. What made it even worse was that the sink was the one that Janie, my wife, uses. A bad situation! I didn't want to leave 'broken' for long.

So the next evening, I tried again. In two seconds, I realized my problem and after trying something different - putting two parts together in the opposite sequence - the thing went together like clockwork! I was done in five minutes.

It reminded me of trying to solve algebra problems in high school. I'd come to a point, get stuck and, no matter how times I tried, I couldn't solve the problem. Later, I'd come back to it will an open mind, not trying to solve it the 'old' way and solved it in a flash.

I don't do algebra anymore but the lesson is still there. Sometimes when we get struck trying to solve problems the same old way over and over, we make no progress and get frustrated. The key is step back, forget the old approach and try something new. Often that's all it takes to be successful - think about the problem with a 'fresh' approach.

That same lesson applies to other parts of our life, too. Remember the old saying "If you keep doing what you're doing, you'll end up with what you've got."

This is true in planning your life transitions whether a new job, a new career or retirement. When you are moving into a new phase of your life, the odds are that what worked in the old situation won't help in the new. Difficult as it is to do, you have to let go of what you've been doing and do something different.

You have to let go of your old assumptions, old rituals, old methods, sometimes even old relationships to move on.

What kind of change do you want to make in your life or your work? What isn't working that needs to change? Take some time, choose what you want to create, let go of what you're doing now and try something different.

The future will be different than the past. It can be a step forward if you, like me fixing the leaking faucet, try something different.