Are you looking to be a successful business owner? If you’re a business owner, ask yourself, do you spend your time investing in the business or spending it working in your business? Most business owners today face the challenge of being so busy working in the business that they can’t actually see the full potential of their business. Additionally, although many business owners seem to be doing well, a lot of them aren’t even earning as much as their top employees.
Delegate and opportunity will follow
Think about your business, how much mundane work are you doing that could be completed by someone else? What are your opportunity costs? Do you know the value of your time? Think about how much extra business you might generate if you employed someone to do these day to day tasks?
If you free up your time this could make a huge difference, not just for your business but for your customers too. If you delegate your time correctly, you could be chasing enquiries, socialising with customers to encourage them to come back etc. Ultimately, you could be spending your time on more important things like vital sales and marketing but instead, you’re doing the mundane day-to-day jobs that any other employee could do.
Successful business owners
To be a successful business owner, you need to be prioritising important tasks that maximise profit rather than concerntrating on the urgent issues that happen every day. You should use professional advisers to help you in these areas if these seem complex to you. A good accountant and bookkeeper are also essential to save you time and money. When most people start a business, they often venture into the business world with very little or no help at all. However, a business can outperform every other type of investment if it is well managed. So, you should be looking for a return on your invested capital as well as an hourly rate of pay.
Finally, to ensure that your business is running efficiently you should compare your yearly results and analyse the results. See which adjustments need to take place to obtain the same, if not better, results. You should also make sure you’re planning for next year too! Keep in mind that spending time working on your business, rather than spending time in the business, is most important.
If you need expert advice on your business, contact ActionCOACH today.
