There’s a novel thought. What about making your business work for you, instead of you working for the business? It’s obviously not that easy, but it can be done and many small and medium business owners have made the transition from working for their business, to having it work for them.
What does this mean exactly? When your business is working for you, it means you can take three months or more off for travel, health, personal development or other reasons. It operates smoothly and to plan without you, producing the same results or even better than if you were there. Result – you take extended time away from your business which also pays all or most costs.
Remember my new ‘tradie’ client in the previous blog. After just six years from start-up, this young couple in their mid thirties are preparing to take their two children and the two family dogs for a year long trip around Australia with a 4WD and a camper trailer. This long talked about and exciting family project is now only months away from realisation and has obviously required planning, confidence, trust in others, a serious budget and assessing and preparing for foreseeable risks.
There’s that old saying ‘Dream, Believe, Achieve’. If you can’t envisage it, whatever it is, it’s unlikely to happen! In this instance, our ‘tradie’ business is truly working for the owners and the family and their dream is about to come true.
A second client couple, who started their trade related business 30 years ago, retired recently in their early fifties. While they currently retain ownership of the business, they have plans to sell it to their son, now general manager, who is currently growing the business and ‘growing personally’ in the business. As shareholders they are taking annual dividends to support their well-earned ‘travel the world’ lifestyle and will benefit further financially as they gradually sell down their shareholding.
With no business training at all, and neither having worked in larger, structured organisations when they started, they learnt as they went, worked hard and smart, managed their finances carefully and now have a long and well funded retirement ahead. They also led a balanced and fulfilling family and working life over three decades, making their business work for them and are now reaping the rewards.
You can do this too, if you first establish your personal and family goals – dream and believe; and then drive and operate your business to achieve them. Make your business work for YOU!
