Too many individuals who run their own businesses don’t make enough money for the long hours they put in.
One important reason is that whilst they might think of themselves as entrepreneurs, in reality they don’t act as such. Michael Gerber sets out this theory in detail in his excellent book The e-Myth, which I would thoroughly recommend to anyone who wants to challenge how they run their own business.
Rather than being steeped in theory, this short book is a collection of simple and practical ideas that I have developed in my time advising owner-managed businesses over the last 35 years; ideas that aim to help you to earn – and keep – more cash.
It won’t take very long to read – and won’t provide definitive answers to the specific issues your business faces – but it should hopefully set some thoughts running in your mind.
Once you’ve decided that you can do something to help yourself, start to talk things over with an outsider: your mentor, accountant, bank manager, business angel or anyone whose views you respect and who is prepared to spend some time challenging what you do now, and helping you think about where you might make some changes.
That process itself should be rewarding, but only as an intellectual exercise – unless you resolve to do something about it. Hopefully you will, and the results will be life-changing