Owners keep the general manager on track, benefit from the success of the company and have to course correct when the business falters. If an owner approaches the creation of their business with the end in mind, they can develop and create simple systems and processes that operate without them, so that when the time is right, they no longer have to work in the business and can instead work on the business, and then ultimately the business can run without them and they can go on to create other streams of income or enjoy their time freedom.
When most owners start their business, they are involved in all aspects of the organization often being the key employee making decisions for the entire entity; sometimes creating a bottleneck. If they are out of commission, or otherwise unavailable, these businesses may come to a screeching halt if others are not empowered with systems and processes to make decisions. An owner has the prerogative to employ themselves and work in the business for as long as they want to, but if this is his goal, then he is merely self-employed and down the road he may discover that the business owns him and not the other way around. However, the keen owner has a goal of developing a business that can run without his or her involvement on a daily basis and he can benefit from the profits generated by the systems he has in place, whether or not he is physically involved, this is the essence of leverage and residual income and how many successful entrepreneurs have created their lifestyles.
Next week we will take a look at Goals – Getting Your Astounding, Audacious, Ridiculous Success
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