“We lie loudest when we lie to ourselves.” -Eric Hoffer
Have you ever watched the television show Cops and listened to the two disputing parties explain what just happened? These situations provide great examples of two very different views of reality with the truth, a third version, often lost in the mix. This phenomenon also applies to your business. In essence you own three businesses:
- the business you think you own,
- the business others think you own, and
- the business you truly own.
What you must discover and acknowledge before you can effectively grow your business is the reality of the business you truly own.
Can you take a work-free, guilt-free vacation for a month, a couple of weeks, or even one week? If not, you do not have a successful business, you have a glorified job. You do not have an effective business system, you are the business system. If you are the system, you are limiting the company’s growth and your freedom!
“Honesty is the first chapter of the book of wisdom.” -James Allen
Now is the time to wake up and be honest with yourself! You own a business, not a job. You must begin thinking and acting like a Strategic Business Owner. Your business should not depend upon your daily presence, personality, problem-solving and perspiration for its survival. You must design a business that is distinct from you and works in your absence. You must become strategic!
Technical expertise alone is never sufficient to build and manage a successful business. In fact the very strengths that made you a great technician can become liabilities to a strategic business owner. Some of these qualities include a detail oriented approach, a sense of personal satisfaction that comes from “doing it yourself,” dependence on personal expertise rather than documented systems and viewing the world as a series of individual jobs or transactions rather than seeing your business as a whole system.
“All of the significant battles are waged within the self .” -Sheldon Kopp
You must fight against the urge to personally control everything in your business. By trying to control everything you
- create bottlenecks,
- risk exhaustion or burn out,
- limit the growth and potential of your people, and
- limit the growth and potential of the business.
You cannot do everything yourself. Leverage your people and your resources. You must develop your leadership and management skills – learn to work “on” not “in” your business.
Your ultimate business goal should be to design a highly profitable business that runs smoothly, predictably and automatically while you own it and is worth a fortune when you sell it. To reach this goal your business must become systems-dependent, not owner-dependent. You design the system and let your employees work it.
Here are some questions for you to consider.
- What percentage of your time is spent on the technical aspects of your business?
- What activities consume your day?
- What is your time worth as the business owner or chief operating officer of your business?
- Would you pay someone this amount to perform the tasks that fill your day?
- Do you have systems in place to run your business that do not rely on your presence or knowledge?
- What is your business worth to a potential buyer in its current condition?
Answer these questions honestly and write your answers down. Determine at least two things you will commit to do to become a more strategic business owner over the next 90 days. Write these goals down, refer to them often and share them with someone who will help hold you accountable for results.
“You alone have the responsibility to shape your life. Once you understand this, nothing and no one can deny you success. There’s no one to stop you but yourself.” -Unknown
