And have you thought about the difference between owning a job, and owning a business?
How do you make that shift from being an employee in the business, that is, doing what the business does, to being a business owner?
Do you get up each morning, and hope for the best, or do you have a plan and a structure to which you are working.
One test is the tropical island scenario; if you went and holidayed on a tropical island for three months, or perhaps six months, would you have a business to come back to?
If you want the latter, one that will not just survive, but grow, can you identify the key ingredients to do so?
Why is it so, and what can you do about it? As always, I go to an expert who can give you, and me, some guidance and advice.
I recently interviewed Ben Fewtrell from Action Coach ANZ to discuss this very question; “How to build a business that works without you?” And here is why I sought out Ben!
Ben started his first business at the age of 18, by the age of 28 he had built and sold his transport company to pursue his love, the business of business. He now co-owns the largest and most successful business coaching firm in Australia and New Zealand and has personally coached and worked with thousands of businesses in dozens of industries. With his specialty in Sales and Marketing Ben's clients experienced solid increases in their sales almost instantly.
A passionate business builder, Ben is a regular contributor to several business publications, magazines and newspapers and was featured in Dale Beaumont's best seller 'Secrets of Top Business Builders Exposed', has appeared as a guest on SKY Business and 2GB, is a regular co-host on Alive FM's business clinic and you can tune into his weekly Business Podcast Show 'Business Brain Food' available in iTunes, where Ben talks to the world’s leading experts on how you can build a better business.
As a keynote speaker, Ben has travelled the globe and has been described as passionate and funny, described as an 'Edutainer', delivering a fun yet extremely educational and helpful presentation leaving your audience motivated and energised.
He is also a Director of the SME Association of Australia.
I asked Ben five questions on “How to build a business that works without you?”
1. What are the three keys to a business that operates without its owner?
2. Why do you think 80% of new businesses fail in the first 5 years?
3. How does someone need to think to be able to run a business that doesn’t need them anymore?
4. Are there set structures or business building formulas people should learn?
5. Why should someone have a business coach?
There are some very valuable tips for those of you who want a business, and not just a job. As Ben said “The people that are self-employed earn money. The people that own a business make money.”
So build a team you can trust, equip them with good systems, develop the mindset to think as a business owner, not as an employee, and have a plan and a structure to which you are working.
And find someone, experienced, knowledgeable, who could prevent you making the mistakes most novices in business make?
If you would to get more information or resources, you can:
• Get goodies from his website at http://actioncoachanz.com/
• Follow Ben on Facebook, LinkedIn, Twitter, Google+, or view his videos on ActionCoach YouTube
When clients approach me for coaching, clients with businesses that are underperforming despite the crippling hours and effort the owner is putting into them, it is not just marketing that is holding them back. It is the lack of control they have over their business, and eight times out of ten that lack of control comes down to a lack of knowledge of what is happening in the business.
For more than 28 years I’ve been helping small business owners plug the profit leaks in their business and restoring their cash flows by assisting them understand:
• The strengths, weaknesses opportunities and threats of their business
• Determine where they want to be – clear, achievable goals, and
• How they are going to get there – their strategies to achieve their goals
This is sometimes known as the NOW – WHERE – HOW model.
If you would like to discuss with me how you might do that, book a Strategy Consult here.
© Copyright 2016 Adam Gordon, The Profits Leak Detective
Some profit losses are pretty obvious - so you fix them.
BUT, what if you don't know profits are leaking, cash out the door?
Possible leaks could be anywhere.
Are there some clues or symptoms that are tell-tales?