Here’s a question for you:
As a business owner, how often do you get the opportunity to work ON your business, rather than work FOR your business?
See, the biggest challenge we see so many small businesses facing is figuring out where you, the owner, actually sits within the operation.
Why?
Because in order to be able to map out and execute a successful growth plan, you need to make sure that you’re working ON your business.
Unfortunately, most business owners we see are so busy putting out fires and juggling multiple roles that they end up spending all of their time working FOR the business – and naturally, their business stagnates.
Does this sound like you?
If so, don’t worry. You’re not alone.
We’ve written this article to help business owners who may be struggling to find the time to grow their businesses.
Below, we’re going to explain some of the key reasons why you may be struggling, as well as what you can do to effectively take a step back and carve out the time necessary to work on your business, execute your growth plan and achieve success.
Let’s get started.
Why time is the greatest handbrake for so many businesses
When it all comes down to it, one of the biggest factors getting in the way of your growth is time.
Think about it…
If you can’t find the time to work on your business, how can you possibly expect to drive it forward?
As business accountants and advisors, we see so many Australian small business owners who genuinely want to take their business to the next level but simply don’t have the time to make it happen.
This means no time to:
- Set proper growth goals
- Find the right people to lead that growth
- Source the best technology to enable greater productivity
- Simply pay attention to the narrative their numbers are telling them[JW1]
Instead, they’re running at a hundred miles an hour just to keep their business afloat.
What they fail to realise, however, is that:
if SMB owners were just to slow down, take a step back and look at what they actually need, they would likely find that their business would start to grow quicker than they ever could have imagined.
Working too much is actually counterproductive
Based on our first-hand experience working with small business clients looking to grow, we’ve found that, paradoxically, the moment they slow down and take the time to come in and sit down with us, this is where the growth actually starts to take place.
Through our discussions, they begin to identify all these problems they’ve never had an opportunity to even diagnose, let alone fix.
By slowing down, you can do this too. You don’t even have to do it with us.
Simply gather your trusted team members and ask for their help with planning your business’ growth.
The benefit of doing this with us, however, is that we’ve seen everything you’re going through hundreds of times before. That means we understand all the different directions it can go, and we can help shape and optimise your vision into something practical and achievable.
What if you still think you’re too busy to slow down?
Here’s the bottom line:
If you’re a small business owner working 60-70 hours a week, it’s time to hire someone else. That’s not a sustainable way to work.
Unfortunately, we see so many business owners think they have no choice but to persevere – but that’s just not true.
The best way to address this is to look at your organisational chart.
Are you the CEO, the Operations Manager, the HR Manager, as well as half a dozen other key roles in your business?
If so, then you need to draw the line.
Decide what position you’re going to take, then start searching for the right people to fill these other roles. In some cases, you may not even need to hire. Rather, you could invest in technology to help carry out certain business functions instead.
Don’t’ forget to take time to define your goals for your business (and yourself)
Without goals, your business is completely directionless.
By taking the time to set some goals – both business and personal goals – you’ll begin to understand what the next step is for you and your business.
When it comes to setting your goals, think about what a successful business would mean to you.
Why?
Because ultimately, a business is simply a vehicle to get you to where you want to be, whether that’s wealth creation for your family, time or location freedom to travel the world, or something else entirely.
So, what do you want your business to achieve for you? Over the next 12 months? 2 years? 5 years? 10 years?
This will help you to stop spinning the wheels and start putting your growth plan together.
Once you understand what the endgame looks like, you’ll start to get more excited for what’s to come.
It’s time to make way for your business growth
This is not about your business. It’s about you as a business owner.
If you’ve resonated with any of the things we’ve talked about in this article so far, whether you’re:
- time-poor,
- directionless,
- juggling several roles, or
- all of the above
Then it’s time to start taking the steps we’ve outlined here to get out of your own way and start achieving your goals on both a personal and a professional level.
This could mean working with our team at LMS Advisory or assembling a trusted network of your own to help you achieve your growth plan. Either way, just make sure that all the key people involved are properly briefed on the plan they are helping to action.
By building this network and adopting these behaviours, you can start working ON your business, rather than FOR your business, and unlock the pathway to true growth and success.
If you’re looking for more personalised help, speak to our team at LMS Advisory today
Here at LMS Advisory, we take a comprehensive approach to accounting and business advisory, because we care about creating a holistic and meaningful financial experience for you – with you.
We take the time to get to know your business to provide you with the financial services you need today and the dependable financial advisory to support your goals tomorrow.
If you’re a proactive business owner looking for a partner who cares about your business and finances as much as you do, LMS Advisory is the firm for you.
For more information, visit our website or contact our team today.
There’s incredible knowledge in your numbers.
We help you harness that to make powerful business decisions aimed at your growth goals.
[JW1]Link to Article 1
[CM2]To be updated
[CM3]Webinar page
