Since its world sleep day today, let’s look at 7 top reasons I have come across (out of 100s of tiny reasons) why entrepreneurs have had sleepless nights. No these are not the big fears of missing goals, but everyday tasks that keep them away from a sound sleep.
Delayed payments – ‘Cash Crunch’, as they call it, is a slow poison eating up the liquidity from the market. The cycle has become vicious and dealing with this will mean a long term correction in the way you manage finances. While cost-cutting is a short term option, in the long run, aggressive follow-ups and better negotiations will help. For SMEs, schemes like Udyog Aadhaar have come to rescue to provide some relief.
Competitor moves – A new launch or a few new features may get your competitors a higher market share. Instead of not sleeping, investing in R&D and keeping up with technological advancements in your field will protect your dreams in the long run.
Stuck in operations – This has been a constant worry for entrepreneurs. Constant follow-ups and involvement needs to be there to get the work done. But will you ever scale like this? Look at creating a strong A team that takes up this responsibility. Use incentives to add to the accountability of the team.
A never-ending To-Do list – The most important element in getting things done is delegating. Master this and your to-do will shrink. Pro tip: Read the book ‘Eat That Frog’ by Brian Tracy to master your everyday to-do.
Employees turnover – Your company has become a training ground, where employees leave as soon as they are trained. Retaining talent is 50% money and 50% culture. If you can’t afford the highest packages in the market, give them the best possible culture. And believe me, employees will stick around.
Costs rise but margins shrink – Ever thought of adding new offerings to your portfolio? The only way to earn more is to sell more and not stop spending. Sell more and sell different to ensure you stay in the game.
No time for self or family – We might love the idea of working 18 hours a day and hustling, but as an everyday affair this is exhausting and leaves one feeling burnt out. Keep a strict check on responding to emails and calls after work hours. Plan short getaways to de-stress and give your family the much needed time.
As an entrepreneur, you are a juggler and none of these reasons might worry you in isolation. But as life happens, you have to deal with each of them separately and address them differently.