As an Auto Body Shop owner, you will have a lot on your plate. However, family businesses turn into multigenerational legacies due to dedication and hard work. Thus, owners and key family members continually engage and work to achieve their goals to achieve their long-term vision.
However, it is true that between this hustle, owners can get way too invested in the processes that the end goal can become blurry. Due to that, every day becomes redundant, and their growth process slows down.
It is crucial to take some time off to keep the business on the growth curve. This renewal time will help you focus on what is happening within the business. Matt DiFrancesco shares how spending some quality time away from the company helps business owners.
There are countless ups and downs in the business, and every scenario will present you with a unique challenge. One of the most significant issues faced is related to finances. Since cash is the gasoline to the business engine, you will need an expert who can help you arrange it and use it correctly in challenging times.
So, if you require financial advice or a team that can assist in multiple areas of your legacy, whether it is succession, retirement, or exit strategy, then schedule a free 20-minute conversation with Matt DiFrancesco.
What Is Renewal Time?
Renewal time is when a business owner takes some space and goes outside the typical environment, both to your business in your home, to relax. It could be a week’s vacation, the beach, or taking a weekend stay.
“What happens in your life affects your business.”
Business owners in the automotive industry are grinders. It’s how they are wired. They work round the clock to succeed in the industry. They see it as a competition and are afraid, like a marathon runner, that the competition will catch up if they stop. In addition, they are unfamiliar with the psychology of their minds; that is how their mind works. The bottom line is that entrepreneurs just don’t turn it off.
Why Is Renewal Time Important for Business Owners?
The aspects of renewal time are both physical and psychological. From a physical standpoint, they need to rest. Let’s use the athlete analogy. If we continually exercise, we constantly break down our body and never give it a chance to recuperate and build itself stronger. So it can be more dangerous to be working out all the time.
Many business owners tend to look at business as a marathon. We forget that the marathon is also a race, and even the elite marathoners have some time and space between the marathons. And it’s usually several weeks. Businesses work in the same way. Owners need to relax to develop better strategies and plans as they can now see their business from an outsider’s perspective. The changes made from the outside are sometimes more fruitful than by being within the situation and making hasty decisions.
Moreover, business owners need renewal time to connect with their families. Spending time with a family away on trips is about creating memories that are probably more valuable than just actually getting the time to relax.
Another reason that further strengthens the fact that business owners need some time off is that it allows their subconscious minds to begin to work for them. Let’s get technical. So, the conscious mind processes 40 bits of information per second.
The number seems vast until you look at what the subconscious mind processes, and that’s 20 million bits of information per second. Studies have shown that sleep is essential because our minds need to process that information. So, by having enough sleep, you will be developing a healthier mindset.
Journaling During Renewal Time
It’s common for entrepreneurs or auto repair shop owners to have light bulb moments. However, it is recommended that you don’t use your laptops and cell phones during the renewal time. Instead, keep a journal. Jot down whatever comes to your mind to save a record of it for later. It is what I call the brain dump. And sometimes, just putting it out on paper gets it out of our heads and frees you to enjoy the vacation.
Schedule a Conversation with Matt
Whether you’ve had years of success in your business or just starting, HighLift financial can help you create a vision for your business, life, and family. In addition, we align these to help create generational wealth.
If you haven’t taken renewal time due to financial business challenges, you can schedule a free 20-minute conversation with Matt DiFrancesco from HighLift Financial. Discuss your case and share your vision. We will then help you carve out a roadmap to turn your auto body business into a multigenerational legacy.
Moreover, if you face issues in recruiting the right people for the right job, read our blog post on “why might you consider a recruitment firm?”. Plus, other valuable pieces of content such as “qualities of successful automotive business owners” can help your business and life.
Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is not a substitute for tax or legal advice or professional investment.
Always consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.