Monthly Archives: May 2014

The Connection Between Being a Wealthy Contractor and How We Spend Our Time

The typical business owner, manager, or entrepreneur spends a considerable amount of their day handling crisis and putting out fires rather than running, managing and growing their business. As a result, at the end of the day they find they’ve made very little, if any progress toward achieving their goals.

And, at the end of several years, they find they’re no further ahead (in profits and wealth) than they were years ago. In fact, in many cases, they’re farther behind, because while their expenses and the cost of doing business continued to rise, their businesses failed to grow at a proportionate rate.

If this sounds like you, and you’re frustrated because of it, don’t give up. There’s a reason for it… and thankfully, a solution. And, the good news is, the solution isn’t all that difficult.

The main reason so many business people find themselves in this predicament is very clear to those who understand the simple principle behind it. Unfortunately, most people don’t realize, have never been taught, or fail to grasp this one basic and fundamental concept:

Most people in business spend too much time working IN their business, and not ON their business.

In other words, they’re working so hard trying to keep the ship afloat, that they don’t have enough time (and sometimes energy) to do what it takes to move the ship towards its intended destination.

And, it’s not always the business owner’s fault. Sometimes, the business they find themselves in has just grown so fast that they haven’t had time to keep up with it.

In other cases, the business might be slow to develop because of insufficient cash flow, inadequate resources, stiff competition, poor location, or an apathetic buying market, and it’s all the business owner can do to keep the doors open by running it him or herself. They just can’t afford to hire anyone else to help them.

If this sounds like you, like I said earlier, don’t give up. The good news is you can learn how to work more efficiently ON your business and controlling it, rather than having your business control you by you having to spend your valuable time working IN it.

Working Hard to Grow Your Home Improvement Business Can Produce Results,
But Working Smart Can Make You Rich

You’ve no doubt heard that to grow your home improvement business, you need to work smarter, rather than harder in your business. Well, that’s a very true statement. And, like the previous statement of working ON your business, rather than IN it, there are a lot of business owners, managers, and entrepreneurs who just don’t understand how to make it happen.
Keep in mind, if your goal is profit and wealth, it’s not how much you do, but what you choose to do, what you choose to spend your time on that determines the difference.

Next time we’ll begin a discussion of The 7 Levers To Maximizing the Profits of Your Home Improvement Business. In the meantime, here are a few things to think about:
1. How much of your time do you currently spend ON your business vs. IN your business?

2. Have you defined the activities in your business that are ON activities vs. IN activities? If not, that would be a great exercise before next time.

3. If you haven’t done so already, the definitive book about working on vs. in your business is The E-Myth by Michael Gerber, go to Amazon, get it now and study it.