Sunday, October 23, 2005
It is about living... isn't it?
Forgive me audience for I have sinned. It's been one week since my last post and I have no excuse. Actually, I have lot's of excuses but in the end, I have neglected this website and for that I repent. (Five hail windows and two our processors.)
It's been a crazy week at the desk of David Francis. I attended the wedding of Ken and Angel Kenslow a couple of weeks ago and then sent them off on their honeymoon to Akumal Beach resort on Sunday. Thanks to hurricane Wilma, that resort no longer exists. Quoting the resort staff I talked to on the phone, "the property has been destroyed."
Thankfully, my dear friends were evacuated to Merida Mexico long before the arrival of "The strongest Hurricane on record for the Atlantic basin." They are safe, though my good buddy "Winky" is a tad upset about the whole ordeal. (Winky is the nick name I gave him because of the call letters of the TV station he works for.)
What does this have to do with you? Nothing. What does this have to do with small business? Nothing directly but in one aspect there is a lesson. The fact is, I have shifted some of my priorities to monitor the hurricane, comfort my customers and their parents and perform what I call "Fire Fighter" duties. Top it off with the fact that our partner had a business meeting in Lexington on Friday and Carrie had laryngitis, as well as my web editor being on vacation, it has been a wild week. (And no, the web editor does NOT edit this blog. You probably figure that out didn't you? LOL)
In my business(es), I have strived to put in place a good system of "self sustenance." As Flight Engineer, I affectionately refer to it as autopilot. As a (now former) member of the Air Force Reserves, I had to be prepared to fly missions on short notice and as a travel agency owner, be prepared for somewhat extended separations from communications whilst out of the country. It is a challenge that I have risen to through preparation and planning.
In short, I have learned to delegate, empower, educate, lead and then trust a few people to "cover for me" if I am gone. As my business(es) grow I don't want to loose this particular freedom to get up and go. As part of my operational strategy, I am keeping in mind what (who) is necessary to maintain a professional level of control and freedom as I experience growth in my organization. The next 12 to 24 months are going to be challenging because of expected market gains and new market focus in my businesses, so I will have to be even more intentional in this effort to remain free.
In the book "E-Myth Revisited" by Michael E. Gerber, a good amount of time is devoted to explaining the difference of creating an organization that works for you instead of you working for it. I have seen it too; very successful business owners from retail to agriculture are servants (slaves) to their business. The book describes this very well and explains that it's important to prevent this at all cost. I agree. Who in their right mind sets off to create a business and say, "I want to work 100 hours a week, worry all the time and never go on vacation again?" E-Myth is a book I will likely quote from either directly or in principle because there are some valuable insights. Coining a phrase from the book "Primary Aim," is something that a business owner must not forget and something I will mention in future postings.
This last week, and now this post, has helped me remember my primary aim and that is to remain free and flexible. Not to shrug off my responsibly when I want to but to have real freedom by knowing things are taken care of correctly in my absence. I strive for this mostly so I can be there for the people I care about, but also so I ensure my businesses are working for me instead of the other way around. Remaining free and flexible allows me to explore new business opportunities, research ways to innovate my processes and procedures, look at new and exciting ways of doing things, read the paper or even go fishing. Freedom is important to me and that's what qualifies it as my primary aim.
Creating a business that does not rely on your presence is also a good move for when it comes time to exit. If your small business would fail in your absence, then it stands to reason that your business is only viable with you as a part of it. If the time comes to sell, will you have to sell yourself with the business? That can't be good. Though I do hear about it all the time, how a small business has sold and the previous owner is contractually obligated to remain for a few years to assist in the transition.
Doctors and lawyers for example, have it bad. Their businesses typically revolve around their own educations, expertise and presence. Typically, if the doctor is out, there is little or no revenue. I admire the doctor or lawyer who instead of branding themselves or their name, they create a recognizable brand for their practice, this allows them to recruit, hire and train good professionals to take care of clients/patients in their absence. When a doctor has a team of trusted peers, they can confidently leave the business and know their patients are well cared for and their revenue stream is uninterrupted.
A well marketed and branded doctors office can be an asset even without the original doctor and this could allow the doctor to truly retire when (or before) it's time. How much sweeter would the pot be if instead of just income earned and invested for retirement, the Dr. could also reap the benefit of the sale of his or her practice at full value? Yes, I'm quite sure doctors have figure out ways of selling practices, but my point is about investing in the brand and creating something is as valuable without you as it is with you. It's about creating freedom now, and also at the end.
Disaster preparedness is another reason freedom is important and one I may cover more fully in the future. Briefly however, creating a business that does not require your presence offers the assurance that if something were to happen to you, be it an illness, an accident, a death in the family or other unavoidable separation, your customers, employees, lenders and family will be provided for. Knowing this may bring more peace than many realize. Knowing that your business income would not be adversely affected by your absence is more valuable to your business than many understand. It takes the pressure off when dealing with a personal or physical issue and allows you to truly focus on the task at hand instead of having the added burden of business catastrophe to deal with.
Hopefully I have been able to communicate what I'm trying to say. (grin) No matter if you're the owner of an existing business or thinking about starting one up. It's my opinion that a person should do it with freedom and flexibility in mind. To build a company that can operate profitably and effectively in the absence of the principal is a good strategy operationally, emotionally and economically. Simply ask yourself the question; "What would happen if I were gone for 10 weeks?" It may be all you need to do to realize the importance of freedom in your business operational strategy. It may reveal other areas of your life that need to be looked at as well. Besides; it is about living... isn't it?
