Local business owners and leaders share how to OWN your business
The dream of building a business that gives you flexibility, fulfilment and financial freedom is a common one. This is certainly true in Warwickshire, where 5,117 new companies were launched in 2021 alone*. This entrepreneurial spirit should be celebrated; however, in many cases, the business owners who seek financial and personal freedom through their businesses can end up becoming trapped in them. With the ongoing pressures that have been put on every industry from the fallout of the pandemic, Brexit and the cost-of-living crisis, many business owners will be feeling isolated and unsure about what steps to take going forward. Here, three local business leaders share their advice on how to own your business before it owns you - in even the most difficult periods.
Mick Copas, Director of Active Mobility in Stratford Upon Avon, which supplies products and expert advice to support accessibility for disabled and elderly customers, started his business to gain control over his own destiny.
“I was made redundant twice in my corporate career, and I vowed that I would never have to go through that insecurity again. Owning a business is not easy; however, it is manageable if you continue to have a growth mindset. It’s easy to get complacent the longer you operate your business, and you need to work smarter and not harder to get the outcomes you deserve. Think about what systems and structures you can put in place to make your offering more effective. It took me a long time to get to this approach, but it paid off, and I now only work four days a week. If you don’t know how to do this, I would recommend looking for support from an external business advisor or service – the difference it makes is life-changing.”
Sean Duffy is the owner of Midland CSB: a Warwick-based company which installs a variety of outdoor sports facilities.
“My biggest bit of advice would be to find someone you trust who can hold you to account. I used to waste so much energy in the wrong places, doubting myself and my team, and not knowing the way forward. As business leaders, we know the answer, but sometimes we’re afraid to take the steps to make the changes. For me, finding a business coach whom I had faith in allowed me to turn things around. At the time, I knew how to install the best sports pitches in the country, but I didn’t know how to run all elements of my business. Since I started this relationship with a coach, I have halved my hours in the business, and my mental health has improved significantly.”
Local business coach Kevin Riley of ActionCOACH Warwick works with Mick and Sean and companies throughout Coventry and Warwickshire on freeing themselves from their businesses. Here are Kevin’s top tips on the changes you can make to push your business to the next level despite the ongoing challenges of 2022:
1. Delegation, delegation, delegation. I find that many business leaders who have developed their businesses are still doing multiple job roles. This diverts you from the vision of pushing your business further forward. Appointing a sales or marketing manager can free you up to lead your business rather than potentially being the reason the business gets left behind.
2. Speak the language of business. Business is a language which you must learn. Clearly, as your business grows, so should you. There is an incredible assortment of books to help you progress. Atomic Habits by James Clear is one of my personal favourites. As part of encouraging this growth, we have a monthly BookCLUB to build a community of business knowledge, where we also meet up to have a meal in a local pub - learning can be fun!
3. Break boundaries by setting goals. Setting goals can be an impactful way to refine your focus. The more you are willing to push and challenge yourself, the more you benefit over the long term. But so you don’t feel overwhelmed by one large goal, break it down into smaller targeted tasks as focusing on what you can control makes a huge difference.
To find out how ActionCOACH Warwick could help your business, please visit https://warwick.actioncoach.co.uk/ for more details.