How to work less hours for more money

Do you find there are just not enough hours in the day? No matter how hard you work, you are still not making the money you deserve? Do you feel like a slave to your business, rather than it serving you? Now, this wasn’t the way it was supposed to be, was it? What happened to being in control of your own destiny? Friday afternoons doing deals on the golf course? Long holidays, confident that everything would be running like clockwork in your absence?

Just pipe dreams? The naivety of a new business owner? Perhaps real life just isn’t like that.

Nonsense! Real life is what you make it – your destiny is in your hands. Your business can and should run without you being there. How? Well, read on to discover how successful entrepreneurs make the money they want working the hours they choose.

First, it is important to realise why most business owners end up working crazy hours for less money than they want. Most businesses are started by people who decide one day that they no longer want to work for someone else – they are very good at what they do and want to do it for themselves. After all, how hard can it be? So, the accountant sets up an accountancy practice, the hairdresser sets up a hairdressing salon and so on.

What happens now is that, in addition to the technical work that they do so well, there are now another twenty things they have to do that they don’t know how to do at all well! They need to go out and get clients, take on and manage people, keep the books, manage money, collect debts and so on…and so on.

So, they muddle through all this and, with a bit of luck, they grow. Now there is more to be done! More client work to do, more debts to collect, more complex books to keep and so on. Everyone wants a piece of you! You work longer hours to get it all done and still the work piles up. Does this sound familiar?

How, then, can you get from that situation to one where the business runs profitably without you being there?

Firstly and fundamentally, start to think and act like a successful business owner. In the words of Sir John Harvey-Jones, “A leader should only do what only he can do.” That means working on your business, not in it. You may consider yourself to be a great accountant, but there are other great accountants out there that can handle the client work for you. Absolutely no-one else can work on the strategic development and long-term health of your business for you – and that is the most important work of all.

Secondly, make sure you have a robust business plan, so you know where you are heading and how you are planning to get there. Make sure you are tracking performance against this and adjusting your forecasts to take account of any changes to it. Work closely with your accountant to make sure this makes financial sense and is realistic. In this way you can remain in control and keep on track to achieving your goals.

Thirdly, put effective systems in place, so that work is carried out efficiently and consistently – by people other than you. With the right systems in place, even a pretty average employee can give exceptional standards of service. Support these systems with appropriate technology, for example, a customer relationship management system to ensure a consistent customer experience.

Fourthly, make sure you have the right team in place. That means people who understand how things are done around here, are willing and able to operate the systems you have in place and deliver to a consistently high standard.

Finally, surround yourself with the right people – that is, those who have expertise in those areas of business that you do not. You cannot hope to be expert in all aspects of business – and nor should you be. Invest in the right advice to ensure you have the right knowledge to build your business successfully. Have a proactive accountant and thorough bookkeeper to ensure the business is financially strong and heading in the right direction. Make use of HR specialists to ensure the best performance from your team. Consult with experts to make sure that any investment in technology is appropriate for your business needs. Work with a good quality marketing company to ensure that you are attracting really great customers to your business.

Follow these tips and not only will you build a business that is successful without you putting in all the hours, but one that can grow sustainably and profitably – making you a great deal more money. Now, does this sound more like the business – and life – that you deserve?

Then don’t delay taking the first step – click here and I will be happy to discuss with you how to make this a reality for your business.