In this episode, I talk about how to start working toward the goal of getting out of the field – working more ON your business instead of working IN your business.
Here are the basic steps:
- Understand your Operating Expenses in fine Detail – Fixed and Variable.
- Understand your Revenue in fine Detail – Products and Services Sold.
- Document both of these so that you know in advance exactly how much expense, revenue, and profit you will have on each job when you quote it.
- Once you understand your financials in fine detail, the next thing up is your company procedures. Procedures give your employees a specific way to do everything in your business so that every client gets the same great experience from everyone in your company.
- Document every aspect of the operations of your business in procedures.
- Educate your people on your procedures. If they ask you questions that are answered in a procedure, kindly point them to the procedure.
- Improve the procedures regularly and involve your staff in their improvement.
- The procedures will allow the business to run in “auto-pilot” without your regular intervention.
- At this point, you know and are confident in your numbers and you’ve minimized your daily decisions. Once you are comfortable with it, look to hire a replacement for yourself – a manager, for instance.
- Your job now is to work ON the business.
One word of caution: You’re in charge as you do this but it’s important to involve your other employees. Listen to what they have to say. The changes are your call and your new way of doing things may not be compatible with some of your employees. If you meet conflict, take a deep breath, chat with someone if you need to, and make the best decision for YOUR business. Some people may not be able to deal with the new way and that’s okay – you’re allowed to let them go.
In the episode, I also mention the Slack Group. You can click here to join that if you’d like. The link is also up at the top. I hang out on Slack a good bit – if you have questions or suggestions or resources for me or the community, feel free to drop me a line.