Michael E. Gerber, a business expert and author, once stated that “if your business depends upon you, you don’t own a company – you have a job.” It’s also the most dangerous job because you work for a lunatic.
Many business owners feel overwhelmed when they open a new venture. They believe they have to do everything. They feel the need to do everything, even after years and months of business ownership. Worse, they don’t have the time or energy to focus on future opportunities, plan strategies, or grow their business. They can’t do it when they are stuck in a cycle of work IN and ON their business.
People who own businesses are often ‘doers’. They tend to get involved in a business because they love the work. However, they don’t trust others to do what they do. They are so engrossed in the minutiae of running the business that they don’t see the forest from the trees.
Business owners must not only trust their employees to manage their business but also allow them to have the time and space to grow their business. They must also make time for personal growth, networking, education, and education in order to become more effective leaders and business owners.
How can you break this cycle? How can you, as a business owner give yourself the time and space to grow your business beyond the daily grind of running it? It is all about setting boundaries and scheduling time that are specifically focused on creating strategies and planning the future. To succeed, you need to build a team.
I have published several articles and steps in June to help you build a winning group. Building a team that works together requires several key elements.
- Leadership is key
- Common Goals
- The Rules of the Game
- Clear Action Plans
- Support Risk taking
- 100% involvement/inclusion
Robert Kiyosaki is a business guru who once stated, “If your business or investment operation cannot function without you, then you are thinking too small.” Think team and systems .”
Your team will continue to learn and develop their skills, allowing them to contribute external knowledge to the organization.
As an owner, you can begin to work on your business once you have a team that is responsible for the daily operations of the company. It can be very frustrating to try and hit all the targets on your own.
|Work IN Your Business||Work ON Your Business|
|Making stuff||Education and Personal Development|
|Administrative stuff||Set your goals|
|Invoice payment||Financial forecasts and projections|
|Activities to hire||Strategic alliances|
|Conflict Resolution||Automating processes and setting up systems|
|Handling calls||Strategic vision|
You must set aside time and schedule the time you need to work on your business. Set a schedule to accomplish the tasks that will help you grow your company.
This system allows you to find a balance and focus on the most important job of a business owner.
- Keep a schedule and be disciplined.
- Even if you have perfect employees, it is likely that they will make good decisions 70% of the time. If your decisions are not perfect, your batting average will likely match theirs. So, what are you waiting for?
- To challenge the status quo, and to expand your knowledge, you should seek out a mentor or coach.
- Keep your eyes on the goal of your company and make sure that your actions are in line with it.
- Be truthful with yourself. Measure your business’s performance using data and facts. Your gut feeling and intuition can only get you so far. It is important to use objective measures to evaluate performance and track progress.
You must let go all control. Take into account that only 30% of businesses make it past the 10-year mark, while 66% make it to the 2-year mark. This is due to the fact that very few business owners invest the 20% required time in their businesses, which contributes to businesses falling (Gamechanger, 2019).