IN THE last few weeks I have seen business owners who have done great work getting their business off the ground.
Unfortunately for quite a few they have struggled to gain momentum and will continue to go down this path.
The key reason for this is that they are services-based businesses that are very good at their job and can generate work but there is only so many hours in a day.
This all comes down to leverage and scalability. How do you best leverage your resources to increase your income-producing capacity?
This is something that is always prevalent in our trade clients who are looking to earn more or build their business.
The first hurdle to overcome is control, particularly if employing more people is your strategy to grow.
If you are going to let go of certain parts of the business or certain jobs, you need to acknowledge that while your job may be to review their performance, you cannot spend your time looking over someone's shoulder.
Secondly, automate, standardise and systemise whatever aspects of the business you can. This is quite difficult to do in practice and may take some outside intervention.
There are several local businesses who can assist you with this, although you can always do it yourself if it is within your skill set.
From my experience, it's easy to overlook certain parts of your business if you are working in it every day.
While the majority have done the hard yards to get the business off the ground and profitable, they need to acknowledge the need for change and then action it.
This will take them from being self employed to owning a business.
- Scott Baker CPA is a director of Birtinya-based AMP Advice Mobbs Baker Wealth
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