3 Skill You Must Master to Achieve a Business Self-Sustainability
Do you hope to take a vacation some day and not worry if your business will still be there when you return? Most small business owners worry about as much as they do being able to cover their bills. The problem is not many are working at getting the business to this point or even know how!
If you’ve read any of our past materials you are probably familiar with the term business self-sustainability which we use often. If you have not, then you may want to click the previous link and read some of these previous post.
A simple overview of the concept is to put the people and systems in place so that the business can operate without you being there. And you don’t have to grow the business as big as you think as I showed in the previous post titled How Big Do You Need to Grow Your Business For Self-Sustainability?
Ok, now you know that you want business self-sustainability, but how do you get there? It’s simpler than you might think…
Learn how to be a business owner and not just a business worker.
As a business owner you need to focus more on thinking about strategic objectives necessary to drive your business in the right direction – business self-sustainability. At the same time you need reduce the time that you spend worrying and doing day-to-day tasks to bring sales and revenue in the door.
You’ve all heard the cliché “stop working in your business, and start working on your business. This is exactly the meaning of this statement. Problem is many small business owners don’t know what they need to do to work “on the business.”
Start Learning the 3 Skills of Business Self-Sustainability
To create self-sustainability you need to learn how to do three things:
- Understand what factors drive your business and how to measure them.
- Create systems that use these measures to create consistent predictability in your revenue and profitability.
- Learn how to delegate and push responsibility and control to others.
Sounds easy enough – right?! Well it would be if you haven’t already developed some bad habits. Most of these habits are keeping you away from these things!
The most difficult part isn’t learning these new skills. It’s unlearning the bad habits you may have created along the way.
Understanding what factors drive your business and how to measure them
This is just learning how to systematically manage your business. We created our management model for tuning your revenue engine as a method to more easily learn how to predictively manage your business. By understanding the cause and effect within your business you can understand what will most likely happen with certain decisions which guides you to make better decisions.
Creating systems to create consistent predictability in your revenue and profits
We talk about systems all the time. Systems are nothing more than documenting what you’re doing (procedures). Then making sure that everyone is following those procedures when they accomplish those tasks within the business. Read the post 5 Steps to Establishing a Repeatable and Sustainable Business to find out more on this topic.
It’s the second part of this process where many business owner struggle most. How to get people to follow the procedures! This means creating performance-based accountability for everyone in the business. Then following through with regular reviews and evaluation. Here is a good post to show you how to create accountability in your business.
Learning how to delegate and push responsibility and control to others
Most people have a difficult time delegating for 2 reasons. The first one is easy to solve, in fact we already solved it with the previous 2 steps. You have created metrics to monitor performance of the business. Then you created systems that put the performance into action. Now you can easily delegate work and know that you will get the results you want.
The second reason delegating becomes a challenge is mental. Owners often struggle with giving up control of their business. They are too emotionally attached to it. Believe me, I get it. You put a lot of hard effort, blood, sweat, and tears to get it here!
However, to get it where you really want you have to change the way you think about your business!
This is why the first step of our SPARC process is to define your passion. You are more likely to change if you understand what you really want out of life. Then you can better look at how to use your business as a vehicle to get you there. If you think of your business as a vehicle to achieve your ultimate desires, it will be much easier to let go! Our personal and business goal assessment can help you get better clarity here if you’re struggling to figure out your WHY!
So, there you have it. If you want business self-sustainability you need to become a better owner. That means:
- Understanding your metrics
- Create systems to scale your business
- Learn how to delegate to build a team.
Which of these items do you find most difficult? Share your story of successes and failure so that others can benefit from you knowledge!