Working On Your Business & Not Just In Your Business
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Here are the Show Notes from the Episode:
Hey everyone, hope your day is going well. Thanks for sharing part of it with me.
For today’s episode we are going to discuss one of the top reason’s that local small businesses hit a plateau
Far too many local business owners are spending 99% of their time working in their business vs on their business.
Michael Gerber wrote a book called the e-Myth. The current edition is actually called The e-myth Revisited. I’ll have a link in the show notes as well. GET EMYTH REVISITED BOOK
Long story short, he discusses how small business owners have several hats they wear. The first is the Technician who spends their time on the doing, the entrepreneur who spends their time on the big picture and where the company is going and the manager who is managing the tasks of the job.
Ideally, you are working seamlessly between them. The challenge is, far too many of you are running from job to job and doing, doing, doing. And if all you are doing is doing the job, when do you spend the time on developing the future and putting the systems in place to grow your business?
Think of the difference you would have in your business if you spent quality time hiring the right folks? Or working on your marketing plan? What would happen to your business if you looked at things you do over and over and you put the process in place make it more automated? What if you took the time to document and track not only all your sales but created a breakdown of costs per item or service?
How much better would you react to seasonal swings if you knew what the trend was? Which products or services took off during the critical times. I’m not talking wild ass guesses either, I’m talking using actual numbers that you have tracked.
I know what you are thinking, “I hear what you are saying Tammy, but I just don’t have the time”.
I would tell you that you are absolutely right! You don’t.
But here is the catch 22. You don’t have the time because you are working all day in your business due to having poor processes, repeating the same thing over and over, having to chase your customers and your employees.
Your success is actually preventing you from even more success.
Since most local small business owners are sole proprietors, they typically do not have any help or if they do, they are using folks off the street for extra set of hands. Therefore, they are having to do everything, to wear every hat. The problem is, they tend to keep the “worker bee” hat on the vast majority of the time.
Then as their business grows, they continue to work longer and longer hours to get it all done. All those other hats stay on the shelf.
Deep down you know you need to hire someone to help but when you look at the finances, there just isn’t any wiggle room to hire someone. So you just work harder.
You are not alone. There are so many business owners doing this day in and day out. Struggling to take their business to the next level. A victim of their own success.
Successful yet not successful enough to earn what you need to enjoy life.
Hopefully you are sick and tired of this ground hog day, repeat day after day.
Now it is time to go from technician to a well-rounded business owner. One who spends quality time working ON their business and not just IN their business.
So how can you do this? I’m going to be honest with you, it will not happen overnight.
This is going to take some dedication on your part to learn some new habits. Possibly to change when you start your day or how you end your day. But it definitely will take you out of your comfort zone and routine.
You might recall in our last episode we discussed being open to change, this will play a huge role in your transition of working only in your business vs on your business.
While there are a lot of things you can do,
Let’s focus on 3 things you can start immediately and start making a difference.
Action Step 1 – Take a couple of hours this week to sit and think about your business. Write down what is going well and what isn’t. Where do you see the opportunities?
- Maybe you need more help.
- Maybe you realize you need to identify some marketing ideas.
- It might be you realize that you are ticking off customers and need to discover why?
- How is your profit margin? Could it be better?
- Are you losing money due to spending most your day driving all over the place
- If you have a team, are they stealing from you or poorly trained
Jot everything down. Remember, you can’t fix what you don’t identify.
DO NOT filter what you write down. Let it all flow out onto your notepad. In our next step you will do something with this information.
To help you with this step, Head over to the website at LOCAL SMALL BUSINESS COACH. Com and pick up a FREE downloadable Workbook you can use for this exercise.
Now that you have this all jotted down, time to move to Action Step 2
Action Step 2 – Now you have to do something with all of this stuff. I’m sure it will be overwhelming to see all the stuff you have been putting off dealing with. But don’t worry, you aren’t going to attack it all quite yet.
You want to identify your top 2 items that if you addressed them, you would see your business go to the next level.
Word of caution though, don’t just pick something that will give you more sales at the expense of your time. Remember, You can’t handle what you have now.
Focus first on streamlining your processes and cutting out time wasters. Find those things that you do over and over and how you can improve getting them done.
I had a local small business owner I was helping recently and her biggest issue was not finding the time to knock out her quotes. This was not only costing her sales, but future clients who just moved on to the next business owner.
So we put in place a dedicated time each day that she set aside to knock these out. Plus a quicker way to work out the costs so she could put the quote together faster.
By doing it daily, the quotes were much more manageable and by having a great spreadsheet in place, she could piece together quote more quickly.
Remember, don’t try and tackle everything, just those 1-2 items that will have an immediate impact on your bottom line.
Action Step 3 – You Need to carve out and dedicate a minimum of 2 hours a week to revisit your list and pick the next item to tackle.
This is a great exercise to do at the end of the week. If your business has you working on the weekends, then do it on a Wednesday or whatever is your slower day. It allows you to recap your week and what went well and what needed tweaking. Before you hit the new week running, you need to have a plan.
Take the next item on your list to address and work on the gameplan you will put in place to address.
Please don’t skip this last action item. This weekly habit of working ON your business will long term be the key to doubling your profits.
I could go on and on about how important it is to step out of the “doing” of your business and step into the leading and managing of your business.
Listen, I don’t want you just to own your job. I want you to own a business.
Remember, employees to the job, owners look out for the success of the company.
How are you spending your days?
Don’t forget to Head over to the website at LOCAL SMALL BUSINESS COACH. Com and pick up a FREE downloadable Workbook you can use for this exercise.
Now, In our next episode we are going to start discussing how to take your business to a higher profit level than where you are today. I’ve mentioned before how I feel all local small business owners should be able to make $100,000 vs the $50,000 most are making today. So starting in our next episode, we are going to spend some time on some ways to help get you started down the path to 100k.
Hope you will join me. If so, I’ll see you next time.
And remember, if you like what we are taking about, then make sure to subscribe to the podcast so you don’t miss an episode, if you love it, then please leave a 5 star review so other local small business owners know this is a podcast that they can’t miss.
Also don’t forget to visit the Local Small Business Coach website to leave your question you would like for me to possibly answer on the podcast.
Till next time….I’m Tammy Adams, your Local Small Business Coach.
Have a Question You Want Asked on Air? Shoot Me Your Question
Podcast Website: LocalSmallBusinessCoach.com
Leave your Message on the website with the SpeakPipe Button or just email me at Tammy@LocalSmallBusinessCoach.com
Episode Show Notes: Episode 2 – Local Small Business Coach Podcast
Our Training Materials for Local Small Business Owners: TrainingforLocalSmallBusinessOwners.com
Starting a Local Small Business Website: StartALocalSmallBusiness.com
My Recommended Bookkeeping Program for Local Small Business Owners: Freshbooks Link
Why? Helps you invoice quicker and more importantly, get paid quicker. Let’s you know when your clients have opened the email and they even help send reminders. Clients / customers can pay right from their phone or computer. Give it a Try: Freshbooks
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