Home
>
Small Business
>
Business Owners - Do You Actually Own a Job?

Business Owners - Do You Actually Own a Job?

How many hours do you work a week? When was the last time you took an uninterrupted holiday? Do your staff have a better job than you? Now ask yourself, Do I Own a Business or a Job- with Overheads? Are you happy about the answers to these questions? If not, read on.

In Empower Business Solutions experience, too many owners, after investing their time and money, have not got a fair return from their business. Sure they are making ends meet (well some are). 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 what about the hassle factor?

So what should be a reasonable return on your business? After you pay yourself a wage, you should be returning at least 25% of your asset value. Another way of saying this is that if you were to sell your business today, you should get at least 4 times its annual profit. But too often, the business owner is their business, and if he or she were to leave it for even a short time, there would be a sharp decline in its profits. And no-one will pay them for what is a personal business.

If you are in this situation, here are some steps you can take to increase your business efficiency and make your business operate without you:

=> 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 lastly- get help! Everyone who has achieved success in their business or their life will freely admit that somewhere along the way they have received assistance from someone else. It may have been from a relative, a friend, a colleague, a mentor or a business coach like Empower Business Solutions.

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 finding 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!

Dr Greg Chapman assists small to medium sized businesses with business planning, business systems and marketing strategy. To find out how you can Multiply Your Profits & Make Your Business Run without You, and to find out How Good Your Business Really Is with a Free Online Business Medical, go to Empower Business Solutions website at: http://www.empowersolutions.com.au

shuttle to Midway Beardstown .. Lockport Chicago limo O’Hare

In The News:

Google’s scam detection features, powered by artificial intelligence, are a significant step forward in safeguarding Android users from fraud.

The FBI has issued a warning that scammers are impersonating doctors, police and banks using spoofed numbers as "smishing" texts surge nationwide.

Communities with unreliable internet service stand to gain after Amazon's Project Kuiper launched its first full batch of satellites into orbit April 28.

Tech expert Kurt “CyberGuy" Knutsson says unsubscribing from spam might actually backfire. Learn when to avoid it and stop junk effectively.

Tech expert Kurt “CyberGuy" Knutsson talks about how the first nonstop beating heart transplant, called zero ischemic time, at Taiwan hospital changes surgery.

Kurt “CyberGuy" Knutsson: FBI warns of "time-traveling" hackers.

Kurt “CyberGuy" Knutsson talks about a soft, vine-like robot called SPROUT that aids safe survivor rescues in collapsed buildings.

Health insurance giant Blue Shield of California confirmed it had been sharing private health data of 4.7 million users with Google for three years without even realizing it.

Delta and JetZero’s blended wing body aircraft marks a meaningful step toward a cleaner, quieter and more efficient future for air travel.

Recent reports show many common passwords can be cracked in literally seconds. Kurt the CyberGuy explains how to strengthen your passwords.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Iron, a robot that stands 5 feet, 8 inches tall and weighs 154 pounds, combines advanced artificial intelligence with human-like movement and exceptional vision.

Hertz, the rental car giant, recently confirmed that customer information was exposed through a cyberattack on one of its software vendors.

There are a number of features with AirPods you may or may not know about to take your listening experience to the next level. Kurt the CyberGuy explains.

These 35 Chrome extensions have privacy and security concerns. Tech expert Kurt “CyberGuy" Knutsson says to delete them now.

Tech expert Kurt “CyberGuy" Knutsson says 329,000 mph fusion rocket promises to be fast, disruptive and enable deep-space missions.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Tech expert Kurt “CyberGuy" Knutsson says a new autonomous AI is a game changer that also raises privacy risks. Is your data safe?

Tech expert Kurt “CyberGuy" Knutsson says robots and drones are revolutionizing fruit farming with faster picking and smarter handling.

Landmark Admin revises May 2024 cyberattack scope to show twice as many people were affected. Kurt “CyberGuy" Knutsson gives tips to help stay safe from an insurance data breach.

Tech expert Kurt “CyberGuy" Knutsson talks about how Yamaha’s hydrogen outboard motor could revolutionize boating with zero emissions.

Tech expert Kurt “CyberGuy" Knutsson reveals how to memorialize or remove a deceased loved one’s Facebook account and protect their digital legacy from misuse or scams.

Tech expert Kurt “CyberGuy" Knutsson says an Apple Watch saved psychiatrist Amanda Faulkner by detecting deadly leukemia early.

Scammers and fraudsters are increasingly targeting the most vulnerable, especially nursing homes and the personal data of their residents. Kurt the CyberGuy has safety tips.

Infected USB flash drives can spread malware among multiple organizations in ways that can easily bypass traditional security systems.

Business Owners - Do You Actually Own a Job?

Small Business