Tag: Building a business

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Building a business that works for you 

When I take on a new client, whether for Minerva Accountants or for coaching, I always start with WHY they started their own business. They usually fall into one of three categories: 

  • Freedom 
  • Flexibility 
  • Control 

A few want to make a difference to the world. Only once have I taken on a client whose primary motivation was financial. But somewhere along the line they have lost this in the business of making a living. They might be growing, but they’re growing in the wrong direction. 

After founding five businesses and successfully exited two, as well as coaching numerous business leaders, I’ve found that the measures of success are different for everyone. For some it is time with their family, for others it is the freedom to travel, and there are some who just want a few luxuries without killing themselves working long hours. 

There’s no single blueprint but there are definitely principles that work across all sorts of businesses.  

I’m fortunate to have a space to share this in my books and from stages around the world but I particularly enjoy coaching owners and nurturing individual businesses where I can see the results of my advice and support. 

The best business isn’t always the biggest one, it’s the one that works for you.  

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Building a business that doesn’t depend on you

Whether you want to make your business more profitable, scale up, have a better work-life balance, or to make your business more saleable than you need a business that is less dependent on you.

If you can’t go on holiday for a week without having to keep an eye on your emails, then your business is too dependent on you.

This isn’t about abdicating your responsibilities and letting your business go haywire, it is about delegating your day-to-day involvement in the business. When I sold my first accountancy practice, I achieved 32% above average because the business wasn’t dependent on me. It might not grow without me at the helm, but it definitely wouldn’t collapse. Everything was delegated to a competent team, reliable software and repeatable processes.

Yes, this takes work.

  • Designing and refining repeatable processes that will produce the best results again, and again, and again.
  • Investing in software and setting it up so that your business is less dependent on humans as experts, including yourself.
  • Hiring or outsourcing strategically where you need the human touch.

I love helping business owners to design all this for themselves. To date every business owner (accountant or otherwise) who has come to me for help in preparing their business for sale has ended up liking it so much that they’ve kept the business for a few more years as they’ve been able to work part time hours.

So don’t wait until you’re ready to sell to create a desirable business! Get a coach and get your life back.