Finding Profits and Pleasure in Your Small Business

In a previous blog I shared that I was recently talking to Peter, who is one of our small business planning clients and he told me that one of the best thing about his business is that he is happy with his small business. As I reflected on his statement I realized that so many business owners across the world cannot make the statement that Peter made.

As we discussed in Small Business Planning Involves Setting and Achieving Goals, life is short; therefore it is desirable to operate a business in such a way that makes you happy. So how do you create a business which will make you happy? In that blog we tackled the first of the six key elements that are present in most situations in which business owners are happy with their business. The first key element was identifying goals that are related to a Vision, destination or direction for your business and then making progress towards that Vision by achieving those goals.

Key #2 Business Planning Involves Utilizing Systems – Not a Trial And Error Approach

The second key element to being happy with your small business is to avoid using a trial and error approach to achieve your Small Business PlanningVision and the goals for your business, but to instead utilize a systematic and process driven game plan in your business. By putting the proper systems in place for operating your business you will obtain a business that is not overly dependent on you personally thus providing you with a business that can operate without your detailed involvement. I have consistently seen that using a trial and error or hit or miss line of attack leads to disappointing results and the lack of enjoyment with a business.

By using a systematic approach within your business you can also avoid the “busyness” business model that ensnares so many business owners. By following a step by step method you will be freed up to oversee your business instead of getting stuck on the treadmill of your business’ daily operations. The result of this will be that you will be enabled to work “on” your business instead of being relegated to working only “in” your business. A business that operates like a “system” thus skirting the “busyness” syndrome will greatly increase your happiness with your business.

Key #3 An Enjoyable Work Environment Provides Delight

Key element # 3 to having an enjoyable small business is develop a work environment that is fun to be including hiring and retaining people that are pleasant to be around. As we discussed in Small Business Planning Involves Setting and Achieving Goals we said that life is short so why would you want to spend your only lifetime in working in an environment in which you dislike the people that you have employed. Of all of the elements related to being happy with your business this is the element that you have the most control over.

After all, you should have complete control over the hiring and firing of your employees. How you operate your business determines the work environment that you create. If you purposely create a pleasant work environment, you hire the correct personnel and cultivate an atmosphere that creates a positive work place you should end up with a highly desirable work environment. When you have a desirable work environment and enjoyable people with which to work you will have a place of business that you will look forward to going to and this will create a business that is a joy to operate.

Key #4 Proper Small Business Planning Leads to a Profitable Business and to Happiness

Small Business PlanningHaving a business that sufficiently rewards you for the capital invested in, hard work and risk taking that you undertake on behalf of your business is the fourth key element to being happy with your small business. This “reward” is encapsulated in the profitability of your business. If your small business does not produce a certain level financial remuneration for you, you will feel that your business is only a burden and a strain for you. Your business should not be a charity nor should it be a sink hole for your money. Just as you would get paid wages or a salary, so too should you get paid by your business for your efforts on its behalf. The “profitability” of your business can be either in compensation paid to you, profits being distributed to you from your business or in fringe benefits being provided to you. Of course keep in mind, that with a start up business you may not have all of the profits that you desire until your business begins to mature.

In summary, in planning for your small business, along with establishing goals related to your Vision for your business and then achieving them, if you do these three things: 1) systematize your business, 2) create a pleasurable work environment and 3) generate sufficient profits you will develop a small business is that is fun to operate and one that you will positively anticipate going to each day.

 

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