Creating A Business That Runs Itself
CHAOS, I CAN’T LEAVE MY BUSINESS FOR 5 MINUTES
Jump into the podcast at 44 seconds in to hear what Rowan and Zahara have to say about the struggle of being stuck in the business with no free time.
As a business owner, it can feel like you're always working. It's tough to step away from the daily grind, even for a quick lunch break. The truth is, you can't afford to be unavailable for even a few minutes, let alone take a proper holiday. The thought of leaving your business for an extended period of time is enough to make you break out in a cold sweat.
Learn to separate yourself.
Many business owners struggle to separate themselves from every aspect of their business. They believe that to maintain control, they need to have their finger in every pie. However, this couldn't be further from the truth. It's important to understand that your job role as a business owner may not necessarily be to perform every task in the business. Your role could be to oversee operations, provide strategic direction, or act as a consultant. Focusing on your job role and delegating tasks to others will help you avoid burnout and ensure that your business runs smoothly.
The benefits of a trusted team.
Additionally, having a team of trusted employees and delegating tasks to them can also help improve the overall efficiency of your business. By relying on others to handle certain responsibilities, you can focus on the most important aspects of your business and ensure that nothing falls through the cracks. Moreover, empowering your employees to take on new tasks and responsibilities can help them grow and develop professionally, which is beneficial for both them and your business.
Having a well-functioning team can also help alleviate stress and provide a safety net for when unexpected challenges arise. By having a team that you can trust and rely on, you can be confident that your business will continue to operate smoothly, even when you are not there.
In conclusion, it's important to recognize that your job as a business owner goes beyond performing every task in the business. By focusing on your role, delegating tasks, or even taking time off, you can help ensure the success of your business and avoid burnout. So, take a deep breath, step back and approach your business in a more efficient way.
80% from 20%: What are my High Payoff Activities
Jump into the podcast at 14:35 in to hear what Rowan and Zahara have to say about 80% of your profits coming from just 20% of your work.
It's important to constantly strive for efficiency and growth. But with so many tasks and responsibilities on your plate, it can be difficult to know where to focus your efforts. Enter the Pareto Principle, a simple yet powerful concept that can help you optimize your productivity and boost your profits.
What’s this 80% from 20% about?
The Pareto Principle states that in many situations, 80% of the effects come from just 20% of the causes. In other words, a small percentage of your efforts can produce a large majority of your results. When it comes to your business, this means that a select few tasks and activities are likely to have the greatest impact on your bottom line.
High Payoff Activities.
So, how can you identify these High Payoff Activities (HPAs)? Start by looking at your business goals and priorities. What tasks and activities are most critical to achieving those goals? What actions generate the most revenue or provide the greatest return on investment? These are likely to be your HPAs.
Once you've identified your HPAs, it's important to focus your time and energy on them. By dedicating yourself to your most impactful tasks, you'll be able to achieve better results with less effort and grow your business faster.
Of course, it's not always easy to let go of other tasks and responsibilities. But by prioritizing your HPAs, you can streamline your work and increase your profitability. After all, who wouldn't want to achieve better results with less effort?
But what’s going to happen if I stop doing the 80%?
Is my business going to crash and burn? Am I going to lose clients? Most of the time the business owner finds themselves spending more time with family, going on holidays or doing less work.
But how? Now I’m not saying that this is for all cases, however by identifying what you can stop doing, perhaps there is an arduous task that requires lots of hours and brings about next to little or no value or profits.
DROP IT! The idea behind the Pareto Principle is to identify and understand what is actually required to produce maximum profit.
In conclusion, the Pareto Principle is a valuable tool for any business owner looking to maximize their profits. By identifying and focusing on your High Payoff Activities, you can achieve better results with less effort and grow your business faster. So, take a step back, assess your business goals, and start putting the Pareto Principle to work for you!
Empower Your Company to Thrive Independently
Get Inspired to Empower Your Company with Rowan and Zahara's Expertise at 27:30.
While the idea of a self-running business may seem ideal, the path towards achieving this goal is not always straightforward. There are various roadblocks that you may encounter along the way that can hinder your progress.
Change
One of the most common roadblocks is resistance to change. Many employees are comfortable with their current roles and processes, and may be hesitant to embrace new technologies or systems. This can lead to slow adoption and difficulties in streamlining operations.
Lack of resources or expertise
Another challenge is a lack of resources or expertise. Implementing new systems and processes can require significant investment in both time and money, and many small business owners simply don't have the budget to make these changes.
Don’t give up!
However, these roadblocks should not discourage you from pursuing the goal of a self-running business. The key to success is persistence and a willingness to keep trying new approaches until you find the right solution.
If you have tried to systematise or offload work, but it still isn't working, it may be time to re-evaluate your approach. Consider working with a consultant or seeking out new tools and systems that can help streamline your operations.
It's also important not to be afraid to ask for help. Whether it's seeking guidance from industry experts, collaborating with business partners, or reaching out to your employees for feedback, surrounding yourself with the right support can make all the difference in achieving your goal.
In conclusion, the journey to creating a self-running business may not be easy, but it is well worth the effort. With determination, persistence, and the right approach, you can overcome the roadblocks and build a thriving, self-sustaining company.
Words from Rowan.
Business is like LEGO.
It’s much better to buy it all in the box with the plans and the pieces in place.
