Now, I know that in COVID ravaged Victoria that may be happening to you not by your own choosing. If so, I apologise.
I’m talking about planning to be out of business in 5 years or less by either selling for a nice big fat profit or to have your business running so well you don’t have to be there… you’ll be on the beach.
To do that you need to have a vision of how it will look at that time. What will the turnover and your profit be, how many staff will you have, what additional products and services will you be selling, how will the business properties, resources and people look, how will you be regarded by your clients, competitors, community and suppliers, when people talk about the business what will they say?
As Michael Gerber says in his brilliant book, The E Myth… stop working in the business, start working on the business.
How to Increase Profits by 800%
This is the cornerstone of great business and too often is overlooked in the pursuit of a profitable business.
Simple stuff you can apply now. Get it here
Working on the business means creating whatever is necessary (Gerber calls them systems) to
- generate an endless supply of new prospects
- all itching to buy at your prices
- who are helped to do so by great team members
- whose service delivery and follow up is so good
- that those prospects spend more and boast about it, and
- keep on coming back for life
- bringing their friends with them.
Back in 1986, when The E Myth was published, it was the most talked about business book in ages and, more importantly, helped thousands of business people to build great businesses. And I believe his ideas are even more relevant today!
Reading, and acting on it, could do the same for you. It’s at least worth a try if you spend more time working in the business than on the business.
Gerber may help you to reverse your efforts… and your fortunes!
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