The Wealth Systems Blog

Where are your challenges in growing your business?


Time - Are you working too many hours and finding it hard to spend more time with your family and the things you love to do?


Remember, your business is a vehicle to get you where you want to go.  Take the time necessary to build a profiting generating vehicle... however, not at the expense of your family and health.  Without family and health... how important is your business?  


Try to keep things in perspective.  Figure out how to balance your life... faith, family, health, work, etc.  When any of these are out of balance it creates havoc in your life.  Find that happy balance in these areas and you'll find happiness in your life.


If you find yourself working very long hours, then find ways to be more productive.  Do a time study and figure out where your time is going to.  What things are you doing that someone else should be doing?  Can you outsource to an employee, virtual administrative assistance, outside niche company, etc?


Also, sit down with a Business Coach and get a 3rd party perspective.  Have you ever opened up the kitchen cabinet looking for the salt and can't find it?  Then, your spouse reaches over your shoulder and points it out to you?  The same thing goes for your business.  


If you are wondering what its like working with Business Coach, then get Brad Sugars book, The Business Coach.


We are all too close to our own business to see things that others can see in plain sight.  Get the 3rd party perspective that you need.  If you need a good coach, contact me... I know a great coaches all over the country that can help you succeed.


Money - Is your business generating the profit necessary to support your desired quality of life?


This can be a tough one.  Sometimes you have to ask yourself why you went into business for yourself in the first place.  Was it because you didn't like that lunatic boss of yours when you had a job... so you quit and went to work for a schizophrenic?  I don't mean to be calling you names, but if you read my previous post we discussed you being three people in one (the Technician, Manager, and Entrepreneur).  Get it now?  : )


So, are you making money in your business?  If not, seek that 3rd party perspective that we discussed earlier.  You may need someone to take  a peek inside and see whats going on.  Here's a great book that will give you some ideas on how to increase cash flow:  Instant Cash Flow by Brad Sugars.


Here's the real point though.  I have lost count of how many business owners I have met that tell me what they want as their life long goals... but when we discuss the profitability of the business, they'l never get there!  The business is a vehicle to support your life long goals.  Be sure that it can generate the profits necessary to get you there.  If not, seriously consider the changes that you need to make in order to get in the right vehicle.  Otherwise, decades will go by and you'll wake up one day wondering where the time went and why you're not where you thought you would be.


Team - What type of impact will it have on your bottom line if your team was running on all cylinders?


Hey... who likes employees?  Whoo Hoo!  Ok, I don't mean to be sarcastic but lets face it... employees can be challenging.  Especially when they work for a schizophrenic boss!  : )


Your team can make you or break you.  Trust me... been there done that!  I had a team of 40 employees in one of my previous companies.  Some of them were great... others caused me to lose my hair.  Ok... so my hair was falling out anyway, but you get my drift.


Here's the hard reality... your team is a reflection of your leadership skills.  There... I said it!  Its your fault.  You can only build your business to your own level of incompetency.  The more competent you get as a leader, the better your team will get.


Get a game plan done and implement and maintain it.  Your team needs training, inspiration, management, a good working environment, the right tools to do their job, etc.  Notice I didn't say "motivation".  If you "inspire" your team... then you won't have to constantly "motivate" your team.  Concentrate on inspiration.


This is another opportunity to bring someone in from the outside... like a business coach or team trainer... and inject some energy and new ideas into your team.  Sometimes it takes someone from the outside to get through to your team and get them to see other perspectives and ideas.


Master Time, Team, Money... and you'll have one rockin' and profitable business that supports your quality of life.


Here's Brad Sugars' book "Team Building".  


Brad has many other business building books too.  You can find them here:  Brad Sugars.


If I can help you in anyway, feel free to contact me through this blog.


To Your Success!


Lamar