Profit Power: Learn how to get out of the day-to-day operations of your business

September 14, 2022 - By Jeffrey Scott

Last week I spoke with a husband and wife team from Oregon, where the husband works 70+ hours a week, is never home for dinner and is more stressed out than ever — even though his business has successfully grown to $4 million in sales and his profits have grown to 18 percent.

(Photo: AndreyPopov / iStock / Getty Images Plus / Getty Images)

He told me he needs to either shrink the business or set it up so it can operate without him being at the very center of every problem that needs solving.

I hear this common theme: “I built a great business but I lost myself in the process.”

Pain points

Generally, contractors who approach me need help in some combination of the following four areas:

Fixing the profitability of the business,
Pulling themselves out of the day-to-day,
Scaling the business or
Exiting the business or succession planning.

This West coast company wants help with Nos. 2 and 3, which actually means they will also need help with No. 1. They are not bringing in enough margin to cover the overhead they need to run the business. The owner (husband) is doing the work of three different people and the wife is doing the work of two people.

For all these reasons, I recently wrote an article for LM on retiring in place. The concept is you don’t need to sell your business in order to gain freedom; you can set up your business to operate without you.

There are seven steps to attain this freedom (I wrote the article about six steps, but I have since added a seventh step, the glue to make it all work).

I will host a free 1.5-hour webinar on this topic on Sept. 22. You can register for this webinar at https://jeffreyscott.biz/webinars/jeffrey-scotts-quarterly-webinar/. Join me and together we will discuss how to pull out of the day-to-day operations and turn your job into a well-run business.