Most people believe that the why behind the business is one of the key factors that moves everything forward. This means one thing—that you are the biggest asset of your business, and the reason goes beyond the fact that you are the founder. Rather, it is because you intimately know the motive behind your business, why it aims to solve customers’ problems in the first place, and how its positively impacts your community as well.
This is proven by a study conducted by Purdue University, stating that founder-led companies are more likely to be innovative. These businesses can generate 31% more valuable patents than enterprises where founders do not play a significant role any longer. Bain & Company supported this finding with their own research, stating that the way the founders built and grew their companies on the inside can influence its long-term success on the outside.
With all these in mind, business leaders are urged to set some time aside to focus on themselves, their growth, and their balance as all these can influence their company’s path.
Cultivating skills and strengths
Having a growth mindset is crucial for any founder. In a survey conducted by Harvard Business Review, 65% of the respondents believe that investing in continuously acquiring and fine-tuning skills should be a priority. Even Deloitte’s 2019 Global Human Capital Trends report reveals that the reskilling and learning are important due to evolving work demands and technological advances.
As the company grows, it is best to set aside time to build skills. A business can only go so far with its current range of offers and expertise. Upskilling becomes even more of a necessity as a venture matures, especially since trends are ever-changing and this can have a direct effect on consumer demand.
For business owners, this is an opportunity to let strengths flourish. The 80/20 rule, also known as the Pareto Principle, states that 80% of the results come from the 20% of effort poured in to achieving that output. If this is to be applied in a business venture, one can imagine the possible success and growth brought on by the 20% of effort a CEO spent on upskilling can lead to.
Striving for balance
In today’s hustle culture, many have cultivated the habit to continuously push themselves forward. While determination is an admirable trait, hustle culture does have its own downside. More than the health risks caused by long work hours, stress can have a substantial effect on any business.
In fact, a study shows that self-care can lead to long-term business success. In the United Kingdom alone, stress costs companies around £1.24 billion and 105 million lost days every year. Moreover, CB Insights was able to pinpoint 20 reasons why startups fail and found that burnout was one of the causes 8% of the time.
If one is to achieve success, balance should be considered. Business owners should not give into the call to do everything on their own. As you specialize in one skill, this is where outsourcing can start proving to be valuable.
Take the time to share your vision with your team and how it can merge well with their respective strengths. As you learn to segregate which duties you are confident you can fulfill effectively, you will also discover which ones will flourish better if left in other people’s hands.
To conclude, you are what keeps the company tied together and that makes you valuable in the growth of your enterprise. As you invest in your business and employees, it is also crucial to invest in building strengths and prioritizing balance in your daily life. While your company expands, take every opportunity to grow along with it.