Most business owners have heard of the concept – work on your business and not in it. But have you ever really applied it, and do you know where to begin?
In order to truly expand your business operations, you must step back and work on your business. The problem is too many business owners are unwilling to let go.
You see, working on your business essentially comes back to your intention of why you started it in the first place. Generally speaking, the appeal of running your own business means you desire more flexibility of time, not a ‘Groundhog Day’ slogging it out for someone else. Plus, you are responsible for conducting your own way of earning an income. The good news is, if you structure your business correctly, you can have people run it for you, which means you can finally step away to work on it and not in it.
In saying that, we also need to be realistic about the first few years of establishing a business. Not only does it take time to make it happen, this is when your business really depends on you, your determination, tenacity, ambition and values, plus the all-important ‘why’ factor. This is when you are actually working hard in it. And after getting over the hurdles which tend to come in waves, then comes the promised land. That’s because these challenges provide a learning process for you to become a better business operator.
And while it certainly helps to utilise the Law of Attraction (you attract what you think) to start working on your business, action is key. It’s also important to realise that there are many different facets and steps involved to get to that point.
So here are five ways to help get you started:
1. Think Leverage
From the outset, it’s vital to have the word leverage in your mindset because when you have that intention, the right people who you can trust to run your business for you will appear. Don’t get me wrong, I’ve had experiences where I’ve employed unsuitable people. But with experience and some fine-tuning, overall I’ve done well with my intuition to pick the right people to run my companies.
2. Keep The Faith
Of course you have to be careful about who you bring on board to run your company, particularly if it’s big and turning over mega dollars. You also need to make sure the people who work for you share the same values and beliefs, have the same mindset, and you can trust them from the get-go. But unfortunately too many business owners don’t trust that anyone can do the job like they can, or they feel they can’t be replaced. The fact is, no one can run your business like you. However, if you do have a paranoid mindset about replacing yourself, not only will you never trust anyone, you will also continue to slave over your business and get stuck in it. So it really comes down to the ability to trust, as well as how you think.
3. Management Qualities
While it’s important to employ CEOs or managers who have some abilities that you can relate to, it’s also about them having capabilities that you don’t have. That is, their signature strengths cover your weaknesses. And once you have suitably replaced yourself, then you can step back and become more of an overseer of your company, or an ‘artist’. That’s because a true entrepreneur is essentially an artist full of ideas, and once you paint a canvas, you are looking at painting another. Alternatively, you might add more scope to your existing setup.
4. Detaching Yourself
Non-attachment can be a difficult thing to master, particularly in business and because money is involved. Having the ability to release the attachment to the model that you believe your business needs to be, allowing it to be run by CEOs or managers and seeing what direction it takes, plus not assuming how things are running are all par for the course. It’s also important to understand that this isn’t about relinquishing everything: you still have to oversee things, keep the lines of communication open, and have weekly meetings and reports.
5. Get Your Financials In Order
If you are going to step away from your business, make sure all your numbers are accounted for and financial control is in place. This is where you have to take personal responsibility because you have to get everything tightened up at the backend before you start working on your business. That means, your accountants and bookkeepers can account for every cent. You want to preserve the integrity of the business operations, make sure the books are completely covered, and ensure that no bills or invoices are left unpaid. This will certainly pave a more favorable path to work on your business.
And remember, it doesn’t matter what level you are at in your business, there are different challenges that will always come your way to master. But as you start to work on your business, you will find that it will become more psychology-based management, rather than just working in your business with the day-to-day happenings.
Do you have any business tips to share?
This article was written by Johnny Carter a “Law of Attraction’ mentor and serial entrepreneur, specialising in Speaker Sessions and Topic Seminars for groups and events.