When it comes to creating a successful business there is one key concept that I think a lot of entreps don’t talk about much or forget to do all together, and that is the idea of working on your business not for it. What this means is to make your business a system, one that can be taught to anyone at any time and details on how to make this system more efficient. This will come in handy when you have decided to sell the business and the person interested in buying finds out he/she doesn’t have to work for it but continue to work on it. I have provided three steps that can help work towards the goal of working for your business not on it.
For those of you who have created a Corp or even an LLC this idea of treating your company as a separate entity is legally what you are suppose to do but there is nothing in the paper work that tells you to not get emotionally attached to the company and the people the service this company provides them. Don’t get me wrong you should have emotion and a desire to make your business and customer relationships the best they can be but make sure your customers do not rely on you but on your company’s system to provide them the excellent service or product.
I have been using the word systems a lot already so, lets define what this means and how it can help. A technical definition of the system we will be talking about is “A coordinated body of methods or a scheme or plan of procedure.” What does this mean to you? Well it means you need to start creating methods, procedures, and plans on how your business currently runs, how you want it to run in the future, and how should it run when you start hiring employees or when you want to take a vacation and are not at the office. By creating these plans and procedures it ensures things will get done consistently and allows insight into where there may be inefficiencies.
We start businesses for many reasons, some want the freedom, others think they won’t have a boss, and some have a great idea that they will eventually want to sell. What a lot of people don’t think of when starting their business is how they are going to get out of their business. This sounds kind of crazy but it can have some huge complications if not thought of a head of time. What will all your customers do if you stop providing the service or product they depend on? Your business may be profitable but most people won’t want the head ache of a business that was based on the service you personally provided instead of what the company it self provided. By thinking of the end game it will open you up to thinking what needs to be in place to keep your customers loyal and provide you the largest return on your blood, sweat, and tears you started out calling an investment.
What other things are you guys doing to work on your business instead of for it? I would like to hear other examples and how it has helped in the big picture of things.