Finding Freedom & Wealth


Finding Freedom & Wealth
  1. Finding Freedom & Wealth
    The top two reasons entrepreneurs go into business are for the pursuit of freedom and wealth. This includes freedom from working for someone else and the ability do business as they please; freedom to say no to bad customers, jobs, employees or contracts; and the freedom to go to work if and when they…
    Business

The top two reasons entrepreneurs go into business are for the pursuit of freedom and wealth. This includes freedom from working for someone else and the ability do business as they please; freedom to say no to bad customers, jobs, employees or contracts; and the freedom to go to work if and when they want.

Wealth creates financial security and a lifestyle that allows business owners to make decisions on how they spend their time and money. Wealth also allows owners to hire the best managers and invest in the right people, equipment and technology.

Unfortunately, freedom and wealth are not the norm for many smaller or growing companies. When owners work too many hours on details, contracts, purchasing, scheduling, estimating, project management or field supervision versus business strategy, coaching people and building customer relationships, they don’t make enough money or have enough time to reach their goals.

For owners who are working more and more, not making enough money for the time invested and enjoying it less and less, consider these questions:

  • Does earning a living give you time to do any living?
  • Do you ever stop and wish it would get better?
  • What is it going to take to make your business work for you?
  • Are you too busy working to make any money?

Do More, Make Less

When you spend all of your time doing small work, you aren’t spending time doing the important, strategic tasks that can move your company to the next level. When you are too busy to hire people, manage your money, grow your field crews or implement solid systems, you are stuck.

When you are overworked, you cannot create enough time to seek better opportunities, customers or project types with higher margins. And when you do too much yourself, you cannot build wealth, make money and have the freedom to enjoy the benefits of business ownership.

When I talk to business owners, many say they aren’t content or happy with their company, management team, customers or financial results.

Yet, they stay in business, doing what they know how to do, simply because they don’t know what else to do.

They aren’t sure what to fix first, hesitate to hire professional managers and don’t want to invest in major improvements to get their business to work.

They say, “I can’t afford to change right now, so I’ll just keep working harder, and maybe it will get better someday.” My conclusion is that most business owners become comfortable being uncomfortable. They are used to the pain.

Take Control of Your Future

Is your problem a lack of time, knowledge, ideas or commitment to stop doing the less important work yourself and delegate it to someone other than yourself? What are you afraid of? What is holding you back from making a decision to change, take a risk, hire, delegate, upgrade, let go or try a new way?

What are you doing that you should delegate instead? I recently spent a few days with several of my clients helping them draft plans to achieve better results.

Each client has 30 or more managers and employees on their teams who are competent, qualified people. But the biggest problem I observed was owners who were doing tasks they shouldn’t be doing.

For example, I observed one of them setting up his field superintendent’s computer, ordering snap ties for concrete forms, meeting all field workers daily at the shop at 6 a.m., going to Staples to pick up printer ink, dropping by Home Depot to get plywood for the field, scheduling the mechanic to repair a broken-down truck, meeting a concrete saw-cutter at a jobsite to lay out work and doing all of the projects receivable invoices for all the company’s jobs.

What I didn’t observe was the owner creating time to meet with a new, major customer who was willing to award the company a significant amount of work.

Do What You Should Do

To start enjoying the benefits of business ownership, begin doing what you should do, instead of what you are currently doing. Make a list of everything you can delegate to your current staff and give it to them to handle going forward.

Keep a list of these r…

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