Are you working IN your business or ON it?
In Michael Gerber’s brilliant book “The E-Myth: Why Small Businesses Fail And What To Do About It” he quotes a scary statistic…..80% of businesses fail within their first 5 years and of those who do survive beyond this period, 80% of them fail in their second 5 year period. This means that only 4% of businesses survive beyond their 10th anniversary! Told you it was scary!
Gerber quotes the reason for this as being the fact that small business owners typically are ‘technicians’ working IN their business and not ON it. The fatal assumption that leads to most businesses failing is that if you understand the technical work of a business, you understand a business that does that technical work. No so!
A business owner must wear three hats in equal balance – The Technician who can do the technical work of the business, The Manager who can create the systems & processes that make the business run smoothly and The Entrepreneur who can look up and anticipate and plan for what’s ahead.
It’s a fabulous book and one I would strongly recommend to anyone wanting to have a successful business and who recognises that they are a ‘technician’ in their business.
As a business coach I help owners work ON their business using a proven framework that has helped thousands of SMEs grow in a profitable and sustainable way. The definition of a successful business is “a commercial, profitable enterprise that works without YOU”. If you are interested in hearing more please feel free to make contact.
Also, have a look on Page 55 of the most recent edition of BC magazine for a bit more about me.
Mobile: 07972 310997
Alan Smith – Action Coach