One of the most common frustrations we see business owners encounter is working in their business instead of on their business. Basically, the day-to-day monotonous requirements of keeping the business running are monopolizing their focus so they aren’t free to be forward looking and investing in their favorite parts of the business, like sales or company culture.
So how do business owners free themselves from this seemingly endless cycle and get back doing what they love? By focusing on the 5 Pillars of Business Freedom.
1. Great Financial Statements
The first thing you need to set right is your incoming cash flow. You need to know when to expect payments, when your own payments are due, and use that data to make decisions based on fact.
2. Come Up With a Plan
No business can grow unguided, and it’s essential that you point your company in the direction you want it to go. Decide where you want your company to be in the next year, five years, ten years from now, and work backward. How will you make your vision a reality?
3. Hire Your Dream Team
Once you have your financials and plan in order, it’s time to hire the people you’ll need. Choose the people who believe in your vision and can help guide you toward your goals. It’s important to hire people who will grow with the company and who can advise you when you need it.
4. Full Transparency
Now that you have the people you need, you must be sure you’re incorporating full transparency into your business model. If you’ve done step three correctly, you’ve hired smart and savvy people who will help your business grow. Everyone should know all the details so that you can get a wide perspective on business choices.
5. Full Accountability
Knowing what you’re supposed to be doing, when you’re supposed to be doing it, how you’re supposed to be doing it, and ensuring you get it done on time is absolutely essential in growing your business. Each employee should be accountable for their actions and choices to create solidarity, trust, and ensure everyone is on the same page.
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