John started his career as a passionate cook at a bustling restaurant, where he quickly recognized his love for culinary arts. Years passed, and John began to dream of hanging his own shingle, building a business, and achieving the kind of financial freedom that would allow him to spend his time however he wanted.
With determination and a sprinkle of courage, he eventually opened his own restaurant. However, John soon found himself trapped in a never-ending cycle, doing the same job he did before but now with the added responsibilities of managing an entire business. And to top it off, he was still barely able to pay his monthly bills.
This is an all too common story in small business. Owners become so involved in their daily operations that they can't find the time to work on growing and planning for their business' future. They become trapped in the business that they created.
"The purpose of your life is not to serve your business. The primary purpose of your business is to serve your life." -Michael E. Gerber
Why Small Business Owners Must Step Back
John's business was like a steamboat without a captain. He was in the engine room shoveling coal, but he had no idea where the ship was even headed.
If you want to succeed as a business person, you have to start to center your daily activities around taking control of the steering wheel and working on the business instead of in it.
Rather than focusing on delivering the product, you'll devote energy to learning to be a better business person by building systems, learning strategy, and giving your team the tools they need to succeed.
Without this work being done, the challenge of building a healthy business becomes impossible.
Understanding this will lead you to questions like:
- How can I get my business to work without me being present?
- How can I get my team to work, but without my constant interference?
- How can I systematize my business so that it could be replicated hundreds or thousands of times?
- How can I own my business, and still be free of it?
- How can I spend my time doing the work I love rather than the work I have to do?
How to Focus on the Right Things as a Business Owner
Most business owners spend way too much time working in the business, and end up neglecting activities that will improve the business and foster growth over time.
Thus, you'll likely have to trade time you normally spend serving customers for time you'll spend in two main areas: management and growth strategy.
Management
Management is all about systems, organization, and building tools and processes to support your team.
It may involve investigating new technology solutions that make your business operations more efficient. Or, maybe it involves creating Standard Operating Procedures (SOPs) to ensure that your employees deliver high quality service to customers every single time.
So what's the upside of this management work? You set up a system once, and it's able to function effectively without you over and over again. And the systems you build create order and standardization, making the rest of the work in your business easier to tackle.
Growth Strategy
By working on growth strategy, you set the trajectory for where your business is headed. Goal setting, networking, and research are all part of this business development process.
This is the true experience of being an entrepreneur. It's where you learn to play the game of business and bring your vision to life.
It's about saying "this is where I am, and this is where I want to be".
So, take a quick audit of your business and the time you spend on tasks throughout the day. How much time do you spend serving your customers? How much time do you set aside for business development? Does your business depend on you to function on a daily basis? What time consuming tasks can you delegate to someone else?