Skip To The Main Content

Make your business work for you

By Gary King is managing director of  Tendo

Why do most people launch a business? Usually it’s to have more flexibility, have a greater lifestyle and earn more money while doing what they love.

So how do you reach the stage where you have freedom to choose? Freedom to choose your own salary, freedom to choose when and where to work from, freedom to take days off and holidays without worrying about losing business and income? The following tips will help you put in place the structure that will move you closer to your goals: 

Focus on financial freedom 

It’s a different number for everyone, but how much do you need to earn each month to live comfortably? Work that out and plan towards it by focusing on the tasks that add most value to the business. 

Concentrate on the tasks that are urgent and important such as delivering client work, developing new products and services and prospecting for future business to ensure you’re working towards your goal daily.

Build the right team

While you need to focus on the urgent and important, there will always be other tasks that are important to see through too. But if you try to do everything yourself, you’re setting yourself up to fail. 

You might not be ready to recruit full-time staff, but you must surround yourself with people who will give you the help you need. Having greater focus and starting to generate more profit allows you to invest in a high-quality team. Start with the time-consuming tasks and/or the tasks you hate, which for most small businesses will mean hiring a freelance PA, bookkeeper or marketer. 

Handing over these tasks to other people gives you the time and space to concentrate on the activities that will bring in revenue and grow your business.

Bring in support

Find someone experienced who you can trust, who will challenge how you’re spending your time and money. This will help you focus on hitting sales targets, pricing properly and keeping your costs under control, all of which means you’re building a viable and sustainable business.

There are a lot of so called experts in this space. Ensure you take time to select the right person.  Ideally they’ll have run their own business, be experienced and credible, will support you through the tough times and will hold you accountable. The Association of Business Mentors members are all quality-checked to ensure they are professional and credible. 

Look for ways to earn more

This is an often-overlooked point. Looking at ways you can sell more to your existing customers by upselling another service is an excellent way of earning more from customers who already trust you. 

It takes more time to find new prospects, nurture them and close a sale than it does to keep a customer, so think about how customer service, systems and communication plays a part in keeping past customers coming back for more.

You might also start to think about ways to generate passive income, so ways that you can keep earning money even while you’re not actively working.

Like many things in life, there’s no silver bullet that will make you an overnight success. If you’ve been struggling, it might just be because you’ve been making life hard for yourself, focusing on the wrong areas, and that by identifying the need for change you can start to do something about it. 

Everyone deserves the freedom to choose when to work and when to reap the rewards, but it’s only possible if the business is running efficiently.