Balance growth and satisfaction

A management consultant is on holidays on a tropical island. He notices a local fisherman who sells out of fish every day by noon. He approaches the fisherman and suggests a four point plan to sell more fish and make more money. Getting some subcontractors to fish for him will increase production by 25 percent but then moving to a fleet will double production in just six months. A joint venture with another shipping company will see the man become a millionaire within ten years.

The fisherman asks what the fourth step is. The consultant says he will be able to retire, do some fishing in the morning, have a siesta and then play with his kids. The fisherman replies, “but that is what I do now.”

As we hurtle into a new business year it is important to stop and think about how you want to live and work in 2011.

I have written in the past about the importance of working on your business, not just in it. Focussing on making a growing profit or at least a growing return is important but should it be the only consideration in business decisions?

I have been doing some work with a coach who has been focussing me on earning more profit. She says that with a raft of changes I can earn double what I am earning today. The process has challenged me to make some good changes but I have also rejected a number of suggestions.

When I go back to my passion and the reason why I started my business, I get tremendous satisfaction out of doing one on one coaching to help challenge and inspire people to be better leaders.

I realised why I, someone who is pretty efficient and a good implementer, was dragging the chain on some of my “essential” reforms. They were not true to my values or passion.

Many small business people aren’t always just in business for the money. Some enjoy the flexibility that owning your own business can offer and some enjoy practising their craft on their own terms. A hairdresser loves to cut hair. A gardener gets great satisfaction out of building a great garden or simply mowing the lawn perfectly for a client.

There is a lot of the owner in every small business. I’m going to make sure there continues to be balance between my passion, enjoyment and business growth.

Here are four lessons from the wise fisherman.

1. Remember why you started your business
2. You can’t always run a small business like a corporation
3. Make sure there is still time to do what you love
4. Take advice but make your own decisions about what’s best for your business and for you.