Most business owners take great pride in being their own boss and determining their own future. By the same token, they become a slave to their business. This is true because they actually function more as employee that works tactically “in” their business. They become consumed and involved in the day-to-day activities that can and should be handled by employees or other support staff. The problem with this is that they spend their time and energies on low value activities. As a result, they never have, or take, the time to step back and look at the big the picture. In other words, they never develop a strategic approach, which is the key to growing a successful business.
The strategic business owner is one who has developed a systematic approach that enables them to work strategically “on” their business. That is why the S.T.O.P. process can be the most advantageous tool available to them. It forces them to become strategic thinkers that analyze and revise their business systems, which in turn allows them to make better decisions resulting in substantial business growth. Another benefit of S.T.O.P. is that they become more effective and efficient in how they use their time, which results in providing them with more free time to enjoy a more fulfilling and enriched personal life.
The challenge this week is to write down on a piece of paper the following:
What percent of the day to I work:
• “In” my business? ________
• “On” my business? ________
What percent of the day do I function as an:
• Employee? _______
• Owner? _______
What percent of the day am I tackling:
• Low-priority matters? _______
• High-priority matters? _______
• As of today, do I own a job or the business? _______
This simple exercise is very empowering when properly utilized and answered with brutal honesty. This is because all of the answers to your business and personal problems lie within yourself. Once you understand where you are spending your valuable time and talents, you can begin to look at some of the details of your day-to-day activities so that you can start to eliminate the low value “clutter” that consumes most of your day while simultaneously identifying high-value activities that are the greatest use of your valuable time and talents.
Are you better off hiring an employee whose rate of pay is more in line with the lower value day-to-day activities that are consuming your precious time and energy? In other words, let’s assume the business owner’s time is worth $50 an hour. A clerical person could be hired for $15 an hour. How effective is the business owner who spends his time performing the duties of the $15 an hour job when he could be spending his time performing the $50 an hour functions of a strategic business owner? While the business owner may be very capable of performing the $15 an hour tasks, in addition to spending the extra $35 an hour he could be earning by being more strategic, he is robbing himself of the ability to fully focus his time and energy on looking at the big picture and focusing on high-value items that significantly improve the overall performance and growth of the company.
Once the business owner finally recognizes and accepts the fact that he is spending his time on the low value day-to-day operational functions of his business rather than the high-value big picture activities that would grow his business, he’ll begin to understand that he’s the one holding back his business. Their real value is in taking a proactive role in systematizing his business in such a way that the day-to-day duties should be performed by qualified, motivated lower paid employees.
“The golden opportunity you are seeking is in yourself. It is not in your environment; it is not in luck or chance, or the help of others. It is in yourself alone.” – Orison Swett Marden, American spiritual author in the New Thought Movement, 1850 -1924.
Rick Brines is the owner of The Growth Coach of Chattanooga. He can be reached at 423-886-6095 or R.Brines@TheGrowthCoach.com.