Did you know that your business could go through a midlife crisis? Discover How to Recognise the 3 Levels of Your Business Midlife Crisis.
We’ve heard this terminology used in relation to people. There’s generally the stereotypical middle aged man buys a convertible, and dates a 20 year old woman. But it’s important to understand that similar factors in our lives can affect the business itself.
You see, the business is not an inanimate object. It’s a living, breathing, evolving entity because it’s made up of people, made up of you, the business owner. So it’s important to understand that it can often go through levels of crisis.
The 3 Levels Of Your Business Midlife Crisis
In this video, I’m going to talk about Discovering how to recognise the three levels of your business midlife crisis which are:
- You’ve peaked early
- You’ve hit the Roadblock
- You’ve changed, you’ve evolved and you’ve grown.
When the business, or we as the owners, have come to a head and we’ve stopped, our business can become stagnate. The issue is often we’re not really sure how to identify why that’s happening, or even if it is happening
We get so deep within this business that we lose track of it.
This framework can be used to help you identify roughly where your business is at and what you might need to bring in to make that change so as to become unstuck.
Level 1 – You’ve Peaked Early
And that means just that, you’ve come out hard and fast, you’ve smashed it. Now everything is just stopped. The symptoms of this include the following:
- You’re basically just treading water
- You’ve got no new ideas
- You can’t replicate or duplicate what you’ve done previously
- Your business is heading to the end.
How to approach this Stage:
- You need to let go of what you did before and you need to develop a new formula.
- Understand that something needs to evolve here.
- Stop trying to replicate what you did before because it’s obviously not working anymore.
- Acknowledge that the current business as it’s stands, just won’t cope, and will need to change
Level 2 – You’ve hit a roadblock.
This is a good indication that something needs to change. But we also need to acknowledge that we’re not always open to that. But the roadblock leads to that new realisation that we need to change.
The symptoms of this include the following:
- The business has stopped,
- It’s just not working anymore.
- There’s a sense of change needed
How to approach this Stage:
- Take a step back and look at what needs to change within the structure itself.
- Do we need to bring in a new product or service to complement or to override what we’re doing at the moment.
- You need to develop a new direction, make it new and improved.
So the roadblock means that, Guys you just need to push forward with something else.
Level 3 – You’ve Changed, or you’ve grown
This generally means that something about you yourself, as the business owner, has changed. So possibly you’re no longer in alignment with what you’re doing within that business.
Therefore, that we now understand that the business needs to change. How to approach this Stage:
- The Business might need to restructure
- It might need to develop a completely new direction.
- Create a new focus and strategy
- What do you need now to bring into this business, to pull yourself back into alignment with what you’re doing and why?
Remember, that it’s possible that the reasons you started this business 3 or 5 years ago have now changed or evolved. Your circumstances have changed, your belief structures and values may also have changed.
So What Now?
This framework can be used as a guide to help you identify where your business might be stuck and understand why it is happening. It allows you create the steps you need to move forward and grow your business.
It’s not impossible to do, but it’s definitely something that every business needs to go through. These are all very normal things, a lot of us go through it, I’ve been through it myself, but there are ways out of it as long as you identify it early and start taking that positive action to change.
I’d love to hear where you’re at right now in your business, so feel free to send me a message, drop a comment here or book in a Business Strategy and Vision Coaching call and we can have a chat about where your business is stuck right now, and how we can create a plan to nurture and evolve it to that next stage.