As a business owner, it can be tempting to say yes to every opportunity that comes your way. After all, taking on new business is often seen as a sign of success and growth. However, just because you can, doesn't mean you should.
Taking on new business without careful consideration can harm your mental health and your business. For example, if you take on too much work, you may find yourself stretched too thin, which can lead to a decline in the quality of your work, missed deadlines, and unhappy clients. Additionally, taking on work that isn't aligned with your values or goals can lead to losing focus and direction, unwanted work-related stress, and pressure on your mental health.
Ultimately, this not only hurts your business in the long run but can create mental health challenges within the workplace that don't need to be there.
With a wide range of experience, I sometimes find it hard to define what I am, and the term "generalist" is sometimes used. The ability to turn my hand to a wide range of tasks and look at them from multiple lenses is a superpower, but it is also my "kryptonite". Sometimes I say "Yes" when I should have said "No". By the end of 2023, the resounding message in my head was, "Just because you can, doesn't mean you should", and I should NOT have said yes to all the opportunities I was offered, but I did. I stepped out of our core business and took on work that didn't align with what we did.
I have done burnout before. Halfway through January the fog, over-thinking, and mental blocks are starting to clear. The pendulum that slides along the mental health continuum has settled back to an even flow, and it is time to reassess the business plans for 2024. The theme for this year is to streamline and synthesize, get back to the core business, and clearly define who we are and what we do.
Before taking on any new business, it's important to take a step back and consider whether the opportunity is truly a good fit for your business.
#1 - Is this opportunity a good fit for our business?
Ensure that any business opportunity aligns with your goals, leverages your core business competencies, and is financially viable. Conduct market research, assess risks, and consider scalability, regulatory compliance, and long-term sustainability factors. Shortlisting opportunities that align with your values and company culture increases the likelihood of success.
#2 - Do we have the time and expertise to do it well?
Before pursuing an opportunity, assess whether your business has the time and expertise to execute it effectively. Overcommitting without the required resources can lead to suboptimal results and adds to workplace stress.
"The key is not to priotise what's on your schedual, but to schedual your priorities" – Stephen Covey
#3 - Does it align with our values and long-term goals?
Ensure that any opportunity aligns with your company's values and long-term goals. Pursuing opportunities consistent with your core business principles enhances alignment and employee morale, contributing to sustained success.
#4 - What might be the downsides of taking on this work?
Consider potential downsides before committing to new work. Identify risks, resource challenges, or conflicts that may arise. A proactive evaluation helps you develop strategies to mitigate issues and make informed decisions.
#5 - What is the potential strain on our team?
Evaluate the potential strain on your team before taking on new tasks. Consider workload, skill alignment, and capacity. Ensuring your team can handle the additional responsibilities promotes efficiency and prevents burnout.
Improving decision-making increases business success and workplace wellbeing for the entire team.
While taking on new business can signify success and growth, it's essential to do so carefully and thoughtfully. By taking the time to consider whether an opportunity is a good fit for your business and managing the workload effectively, you can ensure that you're growing while protecting your employees and yourself from workplace stress. If workplace stress and mental health challenges affect you, your team, or your business, Click Here.
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