Archive for February, 2015

Are You Running On Empty?

February 9, 2015

Many small business leaders started the new year with a burst of renewed energy and purpose.

As the economy has recovered, there is strong evidence this year’s activities have been particularly active. And it is borne out this year by some respected surveys.

But the downside of this is that these efforts can negatively affect management later in the year.

While a year of activity is not long, it can be exhausting, especially after five years of difficult struggles.

Therefore it important that senior managers pace themselves.

Let’s look at the broader picture.

Two studies conducted by Information Strategies, Inc., done 10 years apart, found small businesses:

* Tend to hire most in the first and fourth quarters.

* Start new campaigns, products, equipment purchasing, IT upgrades in the first quarter.

* Ignore, put off solving minor problems that become big situations later in the year.

Like their corporate brethren, in the first months of the year small business management is involved as new staff is added, marketing campaigns debuted, equipment purchased as well as other activities initiated.

These efforts are all to the good but there are reasons to pace new activities.

The most important reason may be that small business leaders get too busy and wear themselves out, according to experts.

In the rush to be proactive early in the year the following happens:

* Vital issues are sometimes not addressed properly;

* Management is distracted; and

* Problems are overlooked; and

* Most importantly, managers quickly become overworked.

This trend also sometimes lead to poor follow-through which affect the entire organization.

These include:

* Staff can’t absorb all the changes.

* Not all of the crucial elements are in place.

* Management has not spent enough time evaluating needs, applicants, etc.

* The desire “to just do something” takes hold within the organization.

Because management is a long-distance race, small business leaders should pace themselves.

Unfortunately, many small business leaders don’t.

One key element necessary to smart pacing is to carve out a work/life plan.

Experts in this area see as a tell-tale when coaching small business leaders.

One recent survey by leading travel card found that 93% of small business leaders had no set plans to vacation in 2015. The most frequent answer given “when there is a lull time for the company.” This compares with 51% of corporate managers have vacation periods already set.

Another example is the antidotal evidence of coaches that more admitted management mistakes are made in the fourth quarter than at any other time.

The lesson to be learned: small business managers need to look at the entire year and learn it is a marathon and not just a day-to-day race.