While at the gym recently, I bumped into a colleague who owns a local contract service business with her husband. She commented that she was stressed, as they were faced with the decision as to whether to pay their personal mortgage or meet their looming company payroll. Adding to their stress, they were in disagreement over what to do.
This is a dilemma that many business owners have faced at one time or another, whether during the start up years, growth or capital transitions or as a result of our latest economic downturn.
Couples In Business can especially feel the strain on their personal relationship if they aren’t prepared with a plan or have a united response to such business situations.
Since every business owner has his/her own level of financial tolerance and contingencies, this should be openly discussed and planned for ahead of time.
Aside from the proactive communication plan, there may be a need to take a closer look at the business operation itself.
It may be reasonable to “float” your company from time to time, under certain special circumstances. However, if it happens regularly, it suggests the need to take a closer look at the business operation for possible changes.
Have you ever been faced with such a challenge? What helped you get through your decision? Any lessons learned? Your candid comments are encouraged, as they will help your fellow business owner colleagues.