Most people that start their own businesses do it because they are good at what they do, they enjoy it, and want the challenge and opportunity to put their individual spin on what they do every day. In addition, many believe that owning a business leads to having more freedom both financially and in how you spend your time away from work.
Unfortunately, many people who run their own business end up with a job and not a business. Sure, they probably have employees that work for them, an office or storefront, and their name listed as the owner of the business. But in many cases, the business would cease to function without the daily interaction of the business owner. The owner is the only one who knows how to do everything, and insists everything be done as well as they can do it themselves, which usually means they end up doing a little of everything.
One of the keys to building a business that can work well without your constant interaction is to become OK with the idea of having something done 80% as well as you can do it yourself. Hiring the right people and training them well can put them in the position of being able to do what you’re doing almost as well as you do, which will then allow you to work more on your business rather than in your business. It will also allow for better balance between running your business and your personal life.
About the author
Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.
His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.
He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.
For those people who choose to strike out on their own and build a business from the ground up, the business can become a part of who they are and how they define themselves as a person. This has the great advantage of brining their passion and all their energy to the business, but has the unfortunate tendency to result in them micro-managing everything that happens in an ordinary day.
For those with the vision to start and build their own business, allowing someone else to manage part, or all, of the daily operations can be exceptionally hard. This article from Inc. Magazine has some great words of wisdom for those looking to lead their business, rather than manage it.
As the economy continues to show sluggish signs of improvement, more businesses, including small businesses, are seeing their employees move on to other opportunities. This can cause a big issue of those leaving are the ones you count on to be the current and future leaders of your business.
Inc. Magazine gives some great methods to keep your best and brightest engaged and present in your organization.
We’ve all heard the old saying “It’s not fun, that’s why they call it work”. Considering the significant change in the workforce expected over the next decade – with many of the baby-boomers retiring and the Millennial generation (or Generation Y) becoming more present in business, that just doesn’t seem to fit anymore. The Millennials are far more concerned with work-life balance, advancing quickly, and achieving a feeling of satisfaction with their work than with a lofty paycheck and life long job security.
The Bloomberg Businessweek article, linked below, gives a great perspective on this shift in thinking, and leaves you with some great points to think about.
To that end, we have fun to do, so make it a great day.