Everyone wants a profitable business. All business owners I talk with certainly do. I know as a business owner I do.
A profitable business should be having more money coming in than is coming out? Sounds simple enough but as a business owner how much time are you spending on bringing that money in and are you taking that into consideration for your profitability numbers.
I know from experience that if I added up all the hours that I do, and still do at times, there really is not that much profit or at the very least I am working for a few bucks and hour…
we are all passionate about our business and what we do, so the hours don’t hurt as bad but I can guarantee there are things you are doing that you
1) aren’t good at or
2) don’t enjoy or
3) need to do but aren’t doing it efficiently.
And in my experience if want a sustainable business and a scalable business, long hours, doing the things that you don’t like is not a long term plan… ultimately you will be stuck in a job, you will be frustrated and your business will flat line.
I am not an accountant and I am not a business coach but I am a business owner I understand the frustrations and challenges and having lived them, and still do, I know there are ways and means to start changing this.
What is your value to your business, What is it that gets you out of bed everyday and What is it in your business that gives you the most satisfaction –
Find and understand these then outsource or automate as much as possible… this is the key to a scalable and ultimately successful business.
Don’t get me wrong I’m by no means saying that outsourcing and automation is all you need to be successful but are they two unbelievably powerful components that will drive scalability… You still have to put in the hard yards and you have to be committed to what it is you are doing but getting a platforms in place across these two areas is essential.
The gamble of being a business owner is that once you understand the tasks and the value that your bring to your business, you then find a way to do the other tasks for less so that you have more time to focus on the high value, profit generating tasks. I said gamble and that is true – you are betting you can bring in more than you spend and as a business owner that is one thing you should having confidence to bet on.
My business is all about outsourcing and automating tasks, specifically for IT Services Business, however the tools, tips and process can be applied to any business to achieve results.
See Tom at the Brisbane Small Business Expo Friday and Saturday 15/16 July – Doomben Racecourse.