Do You Own Your Business or Does Your Business Own You?

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As small business owners we wear many different hats. During the day we may have to go from being the receptionist to the CEO to the janitor. Then, somewhere in the midst of doing all of that, we also have to do the things we get paid to do, the things we are passionate about. It’s no surprise that running a business becomes overwhelming.

 5 Signs Your Business is Running YOU

  1. You work more than 40 hours per week
  2. You are constantly checking your emails/voicemail
  3. You really can’t take a vacation and if you do you lose momentum
  4. You  are overwhelmed by business demands
  5. Your spouse/family is tired of all the hours you put in the business.

4 Strategies to help you build a business that that you OWN

1) Make a decision to build a BUSINESS not a JOB:
Many times people start businesses to flee from the corporate world and their dreams are to become “self-employed” in which the business provides enough money to meet their immediate financial obligations.  However, as the business grows they get overwhelmed by the non-billable demands like bookkeeping and other administration tasks. Making a decision to build a business means that goal of the owner is not to be “self employed”.

2) Create Equity in your business:
Business equity is a positive value of the company. Value is developed when the owner reinvests in the company not only with money but with time. The owner is careful about how they spend their time, they reduce the number of hours they work on “day-to-day” functions or “billable” time and they start working on the business and not in the business. The owner spends most of their time on strategies that grow the business.

3) Create systems:
If you want to have independence, you must build your business so that it can operate on its own. How do the larger companies ensure that they deliver services or products consistently throughout the world? They have systems in place for significant processes. Creating systems takes a lot of time to set up but is invaluable in creating a consistent brand for your company.

4) Build a great a great TEAM:
If your organization chart looks like this

–  You are assigned to too many jobs

–  You are overwhelmed

–  You are over worked

–  You are Underpaid

–  You are Limiting the growth of your business

 

This is what your organization chart should look like.
At first glance it looks like a larger corporation with many employees but in actual fact this is a small business with 1 employee.  The business owner has hired the right team.

  • The business owner is leveraging a team made of services providers and a staffing agency(like Summit PA Services that helps with hiring the right team members).
  • The owner is working on the business, not in the business.
  • The owner is in a position to ramp up if sales increase and deliver their services or products in a consistent way.
  • The owner can take a vacation and the business continues to work
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