Are you working on your business or in your business?
One of the biggest mistakes you can make as a business owner is to create a company that is dependent on your daily involvement for its success. This is what I call working "in" your business. You're writing basic sales letters, licking stamps, and guiding staff step-by-step through each task.
There are a number of problems with this approach. One is redundancy. You're paying your staff to carry out tasks that you eventually complete. The second is poor time management. You're spending your day - at your high hourly rate - on tasks as they arise, leaving little room for the tasks you need to be focused on.
The solution here lies in effective systemization of your business. Clearly established policies and procedures that empower your staff to take on the responsibility of running daily operations.
Systemization also contributes to cost management and your profit margins. Assuming that you take home a greater salary than your staff members, it costs your business more for you to complete tasks in comparison to the other capable individuals who work for you.
Besides, do you really want to be licking stamps every day?
Topics to follow:
Why systemize your business?
The benefits of business systems
How to take stock of your existing - or lack of - systems
Seven areas of your business you need to systemize
How to create and implement new systems