Most small business owners work IN their business. Therefore, they don’t supervise their management teams. Many owners know their products or services but, have minimal experience managing other areas of business. The owner may be a good lawyer, plumber, or engineer and understands their customer’s needs. But many do not know anything about the other functional areas necessary to manage their business.
Business Owners should learn to work ON their business.
Recently, I met with a new client to talk about what he should expect with our business coaching relationship. Before I could share my coaching goals, he told that he’s working 12-hour days, six days a week. He said that he misses his family due to working so many hours. His business has not grown, but his time at work continues to increase to keep the company afloat. This business owner is a typical example someone working IN their business.
I knew that I had heard this story many times before. A strong-willed aggressive employee of a company works hard, learns the trade, and gets promoted to a management position. Eventually, that person decides to start his own business. His goal was to work for himself so that he could set his work schedule. He wanted to make more money and be in control of his destiny.
If this sounds like you, I suggest that you consider start working ON your business.
Unfortunately, this guy had no idea how to start or manage a business. Therefore, the first couple of years was a real struggle, and it only gets worse as time goes on. In most cases, it is not a hard problem to fix. This owner lacked knowledge in areas that are vital to managing a business. Examples are:
- Accounting / Finance, Marketing,
- Hiring the Right People,
- Income and Payroll Taxes.
To overcome these shortcomings, the owner needs to work ON his business.
These problems are resolvable if the business owner established goals for himself and his business. He needs to allocate time for himself to professionally grow as the company grows. He should take time to learn more about how to “manage” his business rather than his business managing him.
Please think about this question: Are You Working ON Your Business or IN Your Business?
The key to change your lifestyle is to want to do it. There are plenty of training classes available to learn how to:
1) Read a financial statement,
2) Market your business efficiently,
3) Good management procedures,
4) Learn the best techniques for hiring the right person.
There is another solution, hire a Business Coach! If you own a business, take the time to work on your business. You need to invest in yourself to become a well-rounded entrepreneur. Good luck!
My name is Robert Curry, and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.
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I have recently published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.
If the information in this article Are You Working ON Your Business or IN Your Business? helps you, your family or a business associate, please email me at firstname.lastname@example.org and please share the story with me.
To purchase either or both books autographed by the author, please click on the following link: Redtoblackbooks.com.