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Many business owners fall into the trap of working in their business rather than on it as the demands of a growing business call for more and more of your time. Michael Gerber (E-Myth revisited) refers to this when he says “if you work in your business then you don’t own a business, you own a job”, it is only when you start to work on your business that you start to own a business.
Firstly, to reduce the impact on the business if the unthinkable happened - you were not able to work for six months; many businesses would not be able to survive. If the business had to cope without you for some considerable time it would be nice to know there was a business for you or your family to come back to.
Secondly, and possibly the more important, by reducing the dependency on you from your business allows you more time to add value to your business and ultimately increase its worth by not only making it more profitable but making it more attractive (worth more money) to others who may want to buy your business in the future.
This is a regulated area of advice and as such you should seek independent financial advice on this matter. Here at Armstrong Watson we have such a team with a wealth of experience looking after growing businesses.
All this may sound daunting so why not take advantage of an Armstrong Watson Blue session where we take you out of your day to day business environment and work with you to help create a personalised strategy that meets your goals and aspirations.
For more information please do get in touch.
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