Good Luck You Are Now In Business! Now What?

Chances are that the moment you started your company you felt the need to be in charge of everything (the control thing).  Tasks such as ordering stationary, trips to Staples, talking to the utility company, dictating messages and a sundry of other things. You did pretty much everything including the bookkeeping, sweeping the floors and taking out the garbage. 

 You were proud of your new business and wanted to make sure it did well from the very start and in in every aspect of your business. Even if it meant you had to work 80 hours a week to keep it going to be successful.   

 Then you started to make more money, enough to hire employees to help you grow the business.  As you moved forward so did your business commitments.    Your mindset however, is control, just like when you started the business.   A natural reaction since you started and created your business, the tendency is to protect it, this is your baby! 

THE NEEDED CHANGE IN MINDSET! 

The problem comes when you have to change your mindset as an entrepreneur. When you started your business, you had a talent and believed that your talent could make you profit and grow your business. However, as your business and commitment to the business grows, there needs to be a new way of thinking on how you should run the business.  

 For example; I have a brother who is a great mechanic.   If he were to open his business, he would be the best mechanic you could find.  His work would be impeccable, and everyone would enjoy working with him.  However, the minute my brother had to start thinking strategically about how to lessen his working hours, grow new markets, start a branding campaign, hire people to do some of his tasks, he would become very stressed and would definitely lose interest in running his business.  He is a great mechanic but didn’t think about the other parts of running a business.  All he ever wanted was a place to go paycheckand a position. Little did he realize that it would take more than being a good mechanic to run a business.   He didn’t realize that some of the things he liked to do would have to take a back seat or be delegated to someone else, so he could focus on the details that will allow him to grow his business.    

There are many business owners who find themselves in that position, and even though they are aware of what they must do to grow the business, they have a reluctance! 

This is where the entrepreneurial mindset needs to occur in order for the business to grow and become profitable. 

  This type of transitional thinking is hard for many people who start a business because in the past, when they worked for someone, most of the “running of the business” was being taken care of.  They just did what they did best, using the talent they possess.  

Letting Go!  

 To grow your business, owners need to start thinking strategically.  Owners must let go of some of the things they do in the business, AND start doing more on the business.  This requires delegation to other employees and giving up long standing tasks that may have been comfortable for the owner to do.   

This is all about the owner finding more time to work on their business.  Delegating tasks, they once did to others is one way to do that. It also will help create a training process for key employees, in learning more about running a business.  In the future this may benefit the owner when they want to sell the business.  (Inside or passive sale) 

Again, the owner may have good income, but if they don’t work on the business, they will lose out on the growth potential of the business.  Plus working on the business helps sustain the business’ profitability.  Nothing is automatic in business!   

“Keep in mind that if your company cannot run without you, you are an employee, not a business owner”! 

 The real question is whether you have a time, the ability, stamina and can transform your self-employed mindset to that of an entrepreneur?  

In order for you to create value in your company you have to be willing to work on your business to attract potential purchasers who are willing to compensate you for what you’ve built. It’s undeniablto do this since you are spending energy, time and money in your business, and have created substantial wealth through all of your efforts.   

Is it possible that you can change your role of a business owner from doing more leading activities and fewer doing activities?   

Keep in mind that future purchasers are not interested in you, they’re more interested in your systems, key group, culture, employees, and future growth 

YOU ARE NOT your business and your business IS NOT YOU!  You are not part of the asset that purchasers are interested in”. 

Are you a self-employed or a business ownerIf your business can’t continue to grow and succeed without you there to run it, you are self-employed. 

Working on your business takes time. You need to figure out how to steal time you can use throughout the week to grow as a business owner. This could mean listening to educational tapes, podcasts, reading, taking courses, talking to mentors, or a variety of other methods to grow more knowledge in becoming an entrepreneur.  

You also need to develop a team mentality. Be a team with your employees and start thinking in terms of their wants needs and passions. What makes them tick, what can you give them to help them enjoy their employment and being part of your team?  Help them create your business and community culture.  Creating a culture creates long-term and interested employees (Trader Joe’s is a perfect example).   

 Building a middle management team is one of the most valuable assets you can have to give value to your company.  Working on your business also means creating systems, strategies, and sharing them with your key people. 

 Strategies, systems, culture, and key groups create future business wealth. Not only can you create the business which gives you pleasure, a good paycheck, a place to go in a position, but you could also create Business wealth by spending time working on your business.  The benefits to you are more than just wealth.  Your whole lifestyle changes along with more quality time for you personally.   

 

 

 

 

 

 

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