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Why GOOD Businesses, go BAD: Part 3

Reason#3: Working 'IN', rather than 'ON' the Business

One of the biggest challenges for Entrepreneurs is letting go. Letting go of the Do-it-Yourself mentality; if it is to be, it's up to me. Going it alone may work for a short-term however, this approach can hinder your business in the long-term. Often Entrepreneurs are so obsessed with controlling every aspect of the business, that they lose sight of the big picture- - - building their Empire. Even with a robust T.E.A.M. in place, some still feel the need to micro-manage.

The whole idea behind hiring talent is to leverage their expertise and experience, so you can concentrate on what matter most. Leverage allows your business to accomplish more than it could ever achieve alone, by utilizing resources that extend beyond your own. It helps you to create wealth without being restricted by your own personal limitations.

Here are 4 strategies to help you Work ON (instead of IN) your business:

1. Harness the power of Leverage: O.P.K & O.P.T

2. Delegate non-income generating tasks

3. Outsource Weaknesses (don’t focus on them)

4. Create & Manage Systems, not people

Stay tuned next week for Part 4 of the series 'Why GOOD Businesses, go BAD'

BUSINESS $ENSE: the Idiot's guide to growing a sustainable business

by Paulette Lightbourne

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