Are You Really Being a Business Owner?

You’re probably looking at this title and thinking ‘What a dumb question! I started the business, so I can’t see how I wouldn’t be the owner, so yeah, I’m really being the owner.’

I’m not trying to confuse you here. This isn’t a trick question.

I’m asking because I believe there’s a distinction between being an owner and being a do-er.

As entrepreneurs, we’re passionate about our business(es). We love getting hands-on. We just can’t resist getting involved.

Staying close to the action is a way of monitoring what’s happening in the business and keeping a finger on the pulse.

However, the time you spend exercising your skill(s) is time you could be spending trying to grow your business.

If you want your business to grow, it’s time to be less of a do-er and more of an owner.

How to become a business owner

You’ve got to remember you’re the boss here.

You started this business and that means you’ve got to run it, not just be hands-on all the time.

You’ve got to reduce the time you spend on admin, social media, unscheduled phone calls and other low-value tasks.

They should be the work of someone else. You could (and should) outsource it, which frees you up to devote your time to tasks that are much more valuable.

That means high-value tasks. Tasks which will grow your business in the medium- or the long term.

This is work you’ll do behind the scenes of your business. Being a business owner isn’t about sitting back, making everyone else work and watching the money roll in.

Develop a focused routine

You may have to do some day-to-day tasks, such as admin, but you need to do as little of this work as possible and develop a routine that allows you to concentrate on high-value tasks.

These tasks include:

  • Looking at joint venture opportunities and other ways to grow your assets.
  • Concentrating on sales and selling your service or product(s).
  • Marketing and promoting your business.
  • Reviewing your finances and how to fund the business.
  • Analysing, developing and improving business strategy.

How often do you do any of this?

This is the work of a true business owner. It’s how they become successful entrepreneurs.

So many business owners get the balance all wrong. They do more hands-on work and admin when, instead, they should be looking at how they’re going to get more customers or build their assets.

You’re a business owner, so look to the future, too.

Take responsibility

Becoming the owner of your business means taking responsibility for its growth.

You’ve got to behave like a CEO.

To truly run their business successfully, a CEO should know their industry inside out.

They should have a thorough understanding of their trade, although they don’t have to be a specialist in every single facet because a) it’s impossible; and b) that’s why they hire others.

You should be able exercise to your skill within the business, but you must be an owner first and a do-er second — because being a business owner is so much more.

You’re responsible for the growth of your business.

No one else. Just you.

If you don’t step up to this plate, who else is going to?

Not your employees. That’s not their job.

It’s got to be you.

So, are you the business owner or are you another employee in your business?

If you’re spending more than half your time doing the work and almost just as much time taking care of the admin, you’re not being the owner.

It’s time to resist that urge to muck in all the time with the rest of the employees and spend more of that time trying to build the business. That’s as much for their sake as it is for yours.

Take 90 minutes or so out of your day, each day, to study new ways of growing the business and building your assets.

Attend networking events to promote yourself and your business.

Review your business finances. Is everything okay there? Is there scope to invest more in the business?

Go over your business strategy and see how it will contribute to your long-term goals. Are there changes you could make for the better?

These are the tasks of a business owner.

They’re the responsibilities of a business owner.

They’re tasks for you.

It’s time to step up and grow your business.

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