Statistics tell us that 70% of new businesses wind up within five years from commencement. Why does it happen to some of the best technicians in their field.They work long hours to get everything done and find that they have more business than they can handle ....
Michael Gerber’s E-Myth states that most businesses start by an Entrepreneurial Seizure. The technician has had enough of working for someone else and decides to start their own business. What most of these technicians don’t realize is that it is far harder working for yourself than for someone else when you have just created a JOB for yourself.
The technician soon finds out that there is a lot more to running a successful business than just doing the technical work whether it is carpentry, plumbing, electrical, technical writing, naturopathy, hairdressing, etc. You need to prepare quotes or proposals for work to be done, prepare and send invoices, talk to customers, order materials and equipment, chase up customers to pay their bill, keep records, administrative work, advertising, marketing, etc.
What happens when you get more customers than you expect – what do you do? Do you have the systems and the structure to expand, or will you sub-contract to other technicians. What about the quality? What do you want out of the business? Most business owners look at the work that must be done from a tactical view rather than a strategic view, but all the functions that make for a successful business must be managed.
How to avoid this situation:
A successful business must have VISION, STRATEGY, SYSTEMS, and PEOPLE/RELATIONSHIPS. It is what the bigger businesses do but the smaller business generally don’t. Develop your business into an asset. Always start a business with an exit strategy and with great systems so that the business runs without you. For example, if the technician had employed 15 subcontractors or employees and had successfully sustained this over time then he has built an asset that has a saleable value. Invest in training to run the best business that you can. Don't forget that you probably had training for the technical skills for the work to be done in your business. Isn't it just as important to invest in the training or coaching to help you create a great business?
Learn to delegate - don’t be the best worker in your business. Customers should be buying the ability of the business – not your ability to give them what they want. Develop Key Performance Indicators (KPIs) so that you know where you are (going forward or backwards) as you delegate your tasks and monitor the numbers.
To find out more about Moving Forward Business Coach, visit the website at: www.movingforwardcoaching.com.au
© Robyn Pollard 2005
Give your business the opportunity to grow - To learn more about this author, visit Robyn Pollard's Website.
Like this article? Share it with your friends
 |
Related Articles |
|
 Leave Your Big Ego at The Door If You Wish to Increase Sales
|
| |
Are you trying to increase sales with fewer results than you like? Maybe it is time to determine if your big ego is getting in your way.
|
|
Are You Ready?
|
| |
Life is full of opportunities if we learn how and where to look for them. Some people think of opportunity as fleeting, or only for a few lucky people. Discovering your passion and vision can lead you to opportun...
|
|
Twelve Strategic "Grow Goals" To Grow Your Business According To Your Strategic Thinking Business Coach
|
| |
Any time is a good time to think about how to grow your business. The last month of your calendar year or fiscal year is a very good time to think about and plan for the growth of your business. Companies need to ...
|
|
Why I Love to Hear From Clients and Why You Should Too
|
| |
I love to hear from my clients (and my business associates, friends, et al) because I value their feedback. One of my favorite questions is a simple one, but one that yields great value to me. I love to ask, “What d...
|
|
Monkey Management
|
| |
We've all heard the expression "getting the monkey off your back". In a management context, the "monkey" is a metaphor for issues/projects that small business managers or owners take off the backs of their employees...
|
|
|
|
![[Get Copyright Permissions]](http://license.icopyright.net/images/icopy-w.gif){kind=small}
