As a small business owner and insurance broker, it is so easy to get caught up in the day to day tasks of our business. Most owners spend the majority of their time working “in” their business only to find out later that their sales eventually start to stagnate without any type of sustained growth. They waste precious advertising dollars just “trying” new things to bring in new customers and hoping and praying something works. They are so busy working “in” the business they don’t have time to work “on” the business.
The first thing to solve the” in or on” issue is to get some help. When a small business start up happens, it is usually a one person show. Once the business becomes profitable, the owner must seek help. They need to either hire a W2 employee or a 1099 independent contractor depending on the business and the need. Henry Ford had a philosophy that he would rather make a $1.00 from 100 men than to make $100 by himself. He understood the idea of building a team. This will also free up the important time needed to start working “on” the business. Let’s explore some ideas of working “on” the business.
One of the best tools I have found to work “on” my business is to join or found a Mastermind group. Napoleon Hill started the concept with the idea that back in 1937 when he wrote the book “Think and Grow Rich”. It is the old saying of “two heads are better than one”. Hill believed in the power of 6 to 10 like minded people become one “super brain” and solve issues and create invaluable ideas. I personally prefer to have diversity of totally unrelated professions in our group. I see my business totally different through other people’s eyes that are not in my industry.
The next activity that is a must is to join networking groups. In order to work “on” your business, you have to step away from it and take a look like a consumer. Making connections through networking is invaluable to growing a business allows you to meet people and get their perspective of your business. Also, through these connections you will begin to build referral sources. Remember, you don’t want to find golden eggs but a goose that lays them.
“It is literally true that you can succeed best and quickest by helping others to succeed”-Napoleon Hill
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 25 years of experience in sales and marketing in the insurance and beverage industries.