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business journey with the right people

The Journeyman Series: Part 2 – The Power of People

Written by Eastwood & Co on .

In our first article, we discussed the preparation and planning needed before embarking on a new business venture or opportunity. We talked about the tools and strategies necessary to ensure your journey starts on the right foot. Today, we’re looking at another crucial aspect of the journey – the people.

Running a business can often feel like a lonely journey, especially in tough economic times like the winter economic hardship we’re currently experiencing in New Zealand. But you don’t have to go it alone. Surrounding yourself with the right people including accountability partners, truth-tellers, and those who offer different perspectives, is vital to your success.

The importance of surrounding yourself with the right people

On the business journey, having the right people around you is essential. Accountability partners are like a compass, keeping you on the right path. They ensure you stay focused and committed to your goals, providing the discipline and motivation needed to keep moving forward. In challenging times, it’s easy to lose sight of your objectives, but accountability partners help you maintain your course. Hiring a business coach can be an invaluable move in this regard. A coach not only holds you accountable but also offers expert guidance and support. They help you set realistic goals, develop strategies to achieve them, and ensure that you follow through.

Equally important are truth-tellers. These are the people who will give you honest feedback, even when it’s hard to hear. These individuals are crucial for identifying blind spots and making informed decisions. Unlike friends and family, who may be inclined to sugar coat the truth to protect your feelings, truth-tellers provide the candid, unvarnished feedback that can drive real improvement and growth. Truth-tellers can take various forms in your business network. Advisors and mentors bring a wealth of experience and a more detached perspective, allowing them to provide unbiased and constructive criticism. A good numbers person is also invaluable, offering not just financial advice but a clear-eyed view of the health of your business because they look at the numbers and trends that count. Their insights can help you spot potential financial issues and opportunities before they become significant problems or the opportunity is lost.

Moreover, fostering a company culture where employees feel free to voice their opinions and know they will be heard is essential. Encouraging open communication and creating an environment where feedback is welcomed can lead to valuable insights from those who are deeply involved in the day-to-day operations. This culture of honesty and transparency can uncover issues that might otherwise go unnoticed and ensure that everyone is aligned with the business’s goals. By surrounding yourself with these types of right people, you ensure that you’re continuously receiving the constructive feedback needed to steer your business in the right direction.

Prioritising mental health and wellbeing:

Mental health and wellbeing are so often overlooked with building your venture. Business owners are under immense pressure to perform, meet deadlines, and keep their companies afloat, especially during challenging times like the current economic climate. This relentless pressure can lead to burnout, stress, and other mental health issues. It’s crucial to have right people around you who will tell you if you’re pushing yourself too hard.

Balancing the demands of running a business with maintaining your mental health is essential. While there are undoubtedly times that require more effort and work, it’s important to recognise when to step back and recharge. Having a support network that includes family, friends, and colleagues who understand the importance of mental health can provide the encouragement you need to take care of yourself. These individuals can help you strike a balance, reminding you that your wellbeing is just as important as your business goals. Remember, a healthy, well-rested mind is more productive and creative, which ultimately benefits your business in the long run.

The role of peer advisory boards:

Peer advisory boards play a crucial role in the journey of a business owner, especially in tough economic climates. These boards bring together business owners from different industries and backgrounds to share experiences, offer mutual support. Unlike traditional networking groups, peer advisory boards focus on deep, candid discussions about real business issues. The diversity within these groups leads to new solutions and fresh ideas that can help you tackle business challenges.

Recently, in a session with The Alternative Board in North Auckland, the value of these perspectives was clearly demonstrated. Despite everyone feeling the pressure of the current financial environment, the value of ideas and insights that emerged were phenomenal. Peer advisory boards provide a platform for discussing business challenges with peers who are not partners, family, or friends, offering unbiased and practical advice.

Additionally, peer advisory boards offer a strong network of support and accountability. Members benefit from the collective wisdom and diverse perspectives, leading to innovative solutions and strategies for navigating tough times. These boards also help build long-term relationships based on mutual trust and respect, turning peers into a trusted circle of advisors. If you’re curious about the benefits of peer advisory, I invite you to join a free sample board in August. This is an opportunity to experience first hand the value of being part of such a group.

Strengthen your business journey with the right people and support

The journey of being a business owner is not one to be undertaken alone. Surrounding yourself with the right people provides the tools and support need for business success. At Eastwood & Co, we’re here to help you build that network and navigate your business journey with confidence. Together, we can support each other through the good and bad, ensuring that no business owner has to journey alone.

Special invitation to Auckland business owners.

Join us for a FREE sample board in August.

Calling all Auckland business owners. We’re running some FREE sample boards in August. This is a great opportunity to experience a peer advisory board and learn about the value that can come from the power of collective wisdom. Register today at www.eastwood.co.nz.