I read a lot, mainly on the topics of business and digital marketing. As I approached my 7th anniversary of running my own business, I had been reading The E-Myth Revisited,* recommended by a friend/client of mine who has been transforming his Tae-kwon-do studio.
It was originally published in 1986 and was updated about 10 years ago. It’s an interesting read and there are some eye opening take aways. Much may seem obvious and common sense, yet as you get so wrapped up in day-to-day operations, it’s easy to forget what you need to do. Stop working in the business and instead manage your business. You really need to step back and take a critical view of what you are/aren’t doing.
There is an interesting statistic that while surviving years 1-5 is an accomplishment, many businesses go under during years 6-10 due to owner exhaustion and failure to scale/grow.
It’s worth reading for yourself. A few meaningful points…
- As an owner, don’t fall into the trap of doing much of the execution work. That obviously prevents you from running the business as opposed to having the business run over you.
- Create repeatable processes.
- Document job descriptions for every function and assign to you and your staff/support team. It’s okay to have many job descriptions assigned to you because that gives you a perspective of how much you’ve taken on. It helps you determine the roles you should begin to find new resources to fill in order to take the burden off of you.
Maybe you’ll gain some fresh insights to help you regroup and stay focused on growth.
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