Now that you have become the independent investor of your own life, it is time to evaluate the Big Picture and your position in it. Avoid the pitfalls of a first-time business owner, prioritize and don’t get trapped in the day to day grind. Work ON Your Business, NOT in It. You are the boss, not the employee. You need to make the BIG decisions and make sure those are resulting in revenue and profit.
Delegate – don’t get dragged down by the details.
You may not have the resources of a larger company but you can do what you need to do yourself and get others to help you with the small stuff that you do not enjoy doing. Think ahead on how you are going to get cash flow. Think about tomorrow, not just today. Many first-time entrepreneurs focus on the wrong things and never get their business off the ground. Stop doing the wrong work really well. Plan long term, not just short term. You are no longer the employee – the worker – the doer. You are the leader.
Most new business owners fall into the routine of doing the work of an employee instead of an owner leader role. Most people are more comfortable in this role. You need to be planning a strategy, establishing goals and priorities, profit improvement, team and accountability development. You will need to know how to do most of the jobs in your business but then delegate to people to focus on specific areas in your business and then you do what is most important to your business cash flow.
As a Real Estate Investor, for example, you will need to have someone directly responsible for getting your properties ready to sell. Tell them what they will need to do – This person would go to the property, list all repairs, find the right contractors and plan the work to be done by a specific time. You should also have a marketing person so that you continually have leads in your queue. Then you are out selling the leads. Pay others to do that basic stuff. Free yourself from reactive and counterproductive habits.
CHANGE your mindset so that you can get to the next level.
Change to the mindset of the CEO of your own business. Most of us are addicted to being busy and are uneasy with delegating. Visualize the outcome of all your efforts. Then put effective systems in place, and use them to achieve your goals. In turn, you will acquire more freedom and financial success.
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