One of the biggest misconceptions I see in business owners is the belief that they need to work hard, and long hours, to succeed in business.
But it’s simply not true.
That’s not to say that hard work isn’t needed - of course it is. But as you grow your business, your place in it needs to change and evolve.
According to Michael Gerber, author of ‘The E-Myth’, there’s 4 stages you need to go through as a business owner to make sure you not only make money, but also so you can have the time off to enjoy your life.
Stage 1: Technician
In this phase, you carry the same resonance as an employee. You’re the one doing the work to deliver that service or product to your customers.
Think plumbers, writers, bakers, accountants… anyone who is ‘hands on’.
Stage 2: Manager
This phase is all about managing other technicians. Business owners at this stage realise they cannot scale doing 1:1 work, and so bring in others who can do it. They also bring in help for areas of business that they either are not good at, or simply don’t want to do themselves (such as bookkeeping).
Managers spend their time overseeing KPIs, building processes and systems, and other engines that drive the business from a logical perspective.
Stage 3: Leader
Leadership is less about working in the day to day, and more about who you are, and how you’re showing up both practically and energetically.
The best leaders are masters at knowing how to influence others to get the best performance out of them. They’re less hands on, and much more focused on empowering their people to excel in their roles.
Stage 4: Entrepreneur
Entrepreneurs are largely free from the constraints of their business. It runs without them.
Instead, they spend their time thinking about the future. What do they want their business to look like 10 years from now? What opportunities are present in the market for more growth?
The entrepreneur is the visionary. The big picture thinker. The one who defines the legacy that will exist a century from now.
Are you doing too much in your business?
Too many business owners are trying to spread themselves over these 4 stages at once.
They’re bookkeeping. Running errands. Managing staff. Developing new processes. Answering the phone. And somewhere in between it all, they’re trying to form some sort of vision for where the business is going….
It’s too much. Not only is it totally counterproductive… it actually hinders your business growth.
Here’s a few tips to unchain yourself and unlock bigger growth in your business.
Tip 1: Hire outside help
It can be easy to resist spending money on your business, particularly when you’re in the start up phase. But this mentality can stop you from spending your time on things that will grow your business.
Put a monetary value on your time. Just say $200 an hour if you’re uncertain. That means in one hour you can generate $200 for your business.
Now think of how many things you can outsource for far less than $200. Things like bookkeeping. Social media posting. Appointment setting. All the little things you take care of now… but eat up your valuable time.
Hire someone to take care of these things for you. And spend the time you’re saving on tasks that generate revenue for your business.
Start auditing your day. Before doing a task, ask yourself: Is this a $200 an hour task?
If it’s not - outsource it!
Tip 2: Get away
Many years ago when I was starting out in business, I spent 80+ hours a week at work.
Whatever problem came up, my solution would be to simply work more to cover the gap.
Staffing problem? I’d work more hours
Client issue? I’d work more hours
Cash flow tight? I’d work more hours
As you can imagine, soon I reached a plateau.
We only have 24 hours in the day. We need to spend some time at work, sure. But if we want to perform at our best, we also need to spend time with family and friends, as well as having ‘down time’ for ourselves.
And besides, spending some time away from your business allows you to think practically and strategically about your business.
If you’re stuck thinking that your business needs you to be working 10 hours a day, it’s time to reframe that belief.
Tip 3: Act, but don’t react
Busy business owners often get stuck in a ‘reaction cycle’. We want to solve problems quickly so we can move on to the 1,325 other issues we have to deal with that day.
+ Unhappy customer? Give them a discount on their next purchase
+ Broken machinery? Get someone out ASAP to fix or replace it
+ Staff problems? Give them a warning and start looking for a replacement
I really believe that the problems that pop up in business are golden opportunities to stop, assess, and decide on a better solution.
+ How can we avoid the problem that lead to the unhappy customer in the first place?
+ Do we really need that piece of machinery? Or is it outdated and costing us cash?
+ Is the employee simply in the wrong role? How can we capitalise on their natural strengths in a role they’ll thrive in?
Before reacting - stop, relax, and look at what’s happening in the bigger picture.
How The Game Changers Can Help You Do Less!
If you’d like to find out more about how The Game Changers help business owners double their revenue and take more time off, we’d love to hear from you.
Our methodology has worked for 100s of business owners across multiple industries. Our unique approach means that we not only give you the strategies and tools to successfully scale your business, but we also look at what’s going on with your mindset - your Inner Game… and that’s the #1 factor in unlocking your true potential.
Want to know more? Leave a comment below and we’ll be in touch.