Copyright 2005 Empower Business Solutions
How many hours do you work a week? When was last time you took an uninterrupted holiday? Do your staff have a better job than you? Now ask yourself, Do I Own a Business or a Job- with Overheads? Are you happy about answers to these questions? If not, read on.
In Empower Business Solutions experience, too many owners, after investing their time and money, have not got a fair return from their business. Sure they are making ends meet (well some are). But are they getting what they deserve for effort they make? Think about it this way. Take money you have put into your business, and take 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 what about hassle factor?
So what should be a reasonable return on your business? After you pay yourself a wage, you should be returning at least 25% of your asset value. Another way of saying this is that if you were to sell your business today, you should get at least 4 times its annual profit. But too often, business owner is their business, and if he or she were to leave it for even a short time, there would be a sharp decline in its profits. And no-one will pay them for what is a personal business.
If you are in this situation, here are some steps you can take to increase your business efficiency and make your business operate without you:
=> 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