When did you last take some time off? And what happened when you did? Did your business operate as if you were still there? And how many hours do you work? Too many?. So answer this question: "Do You own a Business or a Job with overheads?" If the answer was "a Job" keep reading to find out how to turn it into a business.
In my experience, too many owners, after investing their time and money, have not got a fair return from their business. Half the time they are not even paying themselves a decent wage. But are they getting what they deserve for the effort they make? Think about it this way. Take the money you have put into your business, and take the time you have put in as well. If you had invested those funds wisely, and got a nine-to-five job, would you be better or worse off? And how about all the sleep loss?
So what should be a reasonable return on your business? After you pay yourself a wage, you should be making at least 25% of your investment in your business. What that means is that your business should be worth over 4 times your annual earnings. But too often, the business owner is the business, and if they were to leave it for even a short time, there would be a sharp fall in profitability. Who would buy a business that is totally dependent on the current owner being there.
Does this sound like you? Then consider this plan as a way of freeing yourself from the day to day grind, and at the same time, increase your productivity:
-Firstly recognise that if you change nothing- nothing will change.
-Make a commitment to yourself that you will act now to make a difference to your business and your life
-Start to separate yourself from your business
-Set goals for your business, create a business plan
-Set in place a regular formal review of your progress against your goals.
-Map your workflow process and seek opportunities to make it more efficient
-Re-organise your business to reflect your processes
-Look for ways to outsource parts of your business
-Manage your business by reports
And last of all- don't try to do it all by yourself! Everyone who has achieved success in their business or their life will freely admit that somewhere along the line they have received assistance from somebody else. They may have paid for assistance, or else have found a friend or associate who was willing to guide them.
These steps are about creating a Business System. By systematising your business, you make your business more efficient, reduce your costs, and ultimately, make your business run without you. Even if you are a one-man-band, there is still a lot you can do to separate yourself from your business, by creating passive income streams, and leveraging your knowledge.
Business Owners who own a job, already know they do. (Don't you!) They know they spend all their time working in their business, not on their business. It is actually easier to do that, because you don't have to leave your comfort zone where you just do the same things, getting the same results, if you are lucky. But, guess what, if they knew that by taking a particular course of action they could multiply their profits, do you think they will make the effort! So, work out what the benefits, both financially and personally are for you when your business runs without you, and then the time WILL become available. If they still can't find the time they should never again complain about their business running their lives, as it is clearly not that important!
What Is Business To Business
As a coach in training we are taught the rather purist "elicit their greatness" stuff, of which I am a big fan when I coach. I believe in my clients (often rather more so than they do in themselves) and their coach believes they already have all the answers inside and frequently they do, especially about "problems" such as lack of focus, how you procrastinate, why you don't practise extreme self-care, why it's different for you (yeah, right) and so on.
But this is all rather different when it comes to money and business. Because, of course, you don't know all the answers do you?, You haven't necessarily got the wisdom innately just lurking inside you waiting for a business coach to ignite it, although sometimes when ignition happens you might easily say to me "oh yes, I knew that" and sometimes you mean instinctively. But remember, knowing isn't all we need. We want action as well. And a coach will get you into action by providing accountability.
And a business mentor doesn't necessarily know all the answers either, does she? No, but she might know a darned sight more than you, especially after years of experience of running her own businesses and those of her business clients. She might have decades of business experience in the entrepreneurial sector. And if she doesn't know, she not only knows a man who does, but she can frequently get you an appointment to speak with him and he will be delighted to help you too, as many successful people love to do.
So, what DOES a Business Mentor know?
You are the most important asset of your business. Without you, there is no business, and so you must invest in you first.
? Time-saving and money-saving shortcuts.
How to stop procrastinating and get useful stuff done.
? Better ways of doing business which will get you the results you want faster, the results we all want - more money from less work and pronto.
? Lots of other people who have done what you are trying to do, who may be willing to give you a leg up, or at least some useful information which will save you time and make you more money.
? How to understand accounts. How to teach you to read your own without making you feel dim.
? How, when and why to outsource which tasks, how to do that when you think you can't afford to and who to trust with your tasks.
? How to give you an appropriate kick up the arse when you need it.
? How to create wealth in your business, how to devise your own exit strategy and why that's important while you are still lovin' it, how to create a Business to Love and what's lovable about a business.
? How to achieve perspective, plan for success and play a bigger game.
? How to E-Myth it by creating robust systems and how to work a 4-Hour Workweek.
? How to become a great leader and how to communicate cleanly.
? How to fix your business if it's broken and how to ditch it and start again when it can't be mended and why that's not only OK, but easy and desirable and how to do it.
? Really cool ways that other people are making money in business, from which you can learn and grow faster.
How to feel your fears and banish them, putting fear of success and fear of failure behind you forever and burst through to a new improved you.
? When to push and when to pull.
? Lots of woo woo stuff which makes your task even easier if you will surrender to the magic.
? How to keep you in The Zone - the place where you perform best, where everything is effortless.
? Lots of tools which take a load off.
Manifestation tools for bringing your business success into being and onto your bank statement.
? How to license your business across the country, and who to go to if you want to franchise it.
? How to get out of your day job, or the job you have created for yourself by becoming self-employed, a job which is far worse because of the dreary pay and conditions!
? Which courses to go on, what books to read thus saving you time and money
? The immense value of a Mastermind team and how you can add value to one you join.
? How to get clear for take-off and landing (clutter-clearing mentally and in every which way)
? Simply? What works.
"Gosh, Judith! Do I really need to learn all that?" No, you don't. Select from your business mentor's toolbox those most useful tools you need right now. I could go on, but a bigger list is not necessarily a better list as we all know, especially with our short attention spans, us Entrepreneurs! But are you starting to imagine the combined power of a business mentor and a business coach? Va va voom. And just imagine her on YOUR team!
I learned a useful tip yesterday from a trusted colleague who taught me all about business motivation. Did you know there are three elements to motivation? No, me either until yesterday and actually I have always preferred inspiration to motivation but now that I understand this concept, I can see why I did. The three parts to motivation are direction, effort and persistence. And you might have one or even two, but without your three ducks in a row, you ain't going very far are you, in fact it's probably exhausting you.
So, how will a combination of business mentoring and coaching skills will help you find your mojo? My personal experiences in the past have been that I am often a tad worried about stepping up to the plate, so a challenge isn't always the best thing for me, in fact it can be terrifyingly disabling. And often I know I should do something, but coaches dont trade in shoulds only wants, and they believe you always know what you want deep down and they will elicit that! And then finally when I come across someone who has what I want and knows who and what I need to know to get there, and has a gentle and provocative style of helping me achieve those things, and I'm in, like Flynn.
Are you ready, too? Yup, thought so.
A business coach allows you to talk and expand your own vision for your business, help you to work out what you want and finds a full range of ways to support you on your journey to success and greater profits. Especially a wealthier one. Oh, and did I mention? It'll be fun!
Both Greg Chapman & Judith Morgan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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