Is Your Business a Job in disguise?

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How long is your working week? When was your last break? Do your staff make more than you? Now ask yourself, "What Do I Own- a Business or a Job- with Overheads?" If your answers were: "too long, I can't remember, yes and a job", read on.

In my experience, too many owners, after investing their time and money, have not got a fair return from their business. Half the time they are not even paying themselves a decent wage. But are they getting what they deserve for the effort they make? Think about it this way. Take the money you have put into your business, and take the time you have put in as well. If you had invested those funds wisely, and got a nine-to-five job, would you be better or worse off? And how about all the sleep loss?

So what should be a reasonable return on your business? After you pay yourself a wage, you should be making at least 25% of your investment in your business. What that means is that your business should be worth over 4 times your annual earnings. But too often, the business owner is the business, and if they were to leave it for even a short time, there would be a sharp fall in profitability. And no-one is going to buy a personal business.

Does this sound like you? Then consider this plan as a way of freeing yourself from the day to day grind, and at the same time, increase your productivity:

-Firstly recognise that if you change nothing- nothing will change.

-Make a commitment to yourself that you will act now to make a difference to your business and your life

-Start to separate yourself from your business

-Set goals for your business, create a business plan

-Set in place a regular formal review of your progress against your goals.

-Map your workflow process and seek opportunities to make it more efficient

-Re-organise your business to reflect your processes

-Look for ways to outsource parts of your business

-Manage your business by reports

And last of all- don't try to do it all by yourself! Everyone who has achieved success in their business or their life will freely admit that somewhere along the line they have received assistance from somebody else. They may have paid for assistance, or else have found a friend or associate who was willing to guide them.

These steps are about creating a Business System. By systematising your business, you make your business more efficient, reduce your costs, and ultimately, make your business run without you. Even if you are a one-man-band, there is still a lot you can do to separate yourself from your business, by creating passive income streams, and leveraging your knowledge.

Business Owners who own a job, already know they do. (Don't you!) They know they spend all their time working in their business, not on their business. And their reason for not doing anything about this, is that they say they are too busy. However, if they saw an opportunity to double their income, they would find the time! So it is actually about whether the rewards that come from their business running on auto-pilot are sufficiently attractive to them to find the time. If they still can't find the time they should never again complain about their business running their lives, as it is clearly not that important!

Article Source: http://depositarticles.com/

Dr Greg Chapman provides information and support to small business owner through the Australian Business Coaching Club. Also visit The Australian Small Business Blog for Free business information.

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