From CEO to Shareholder – My First Steps
So, how exactly does one go from:
working IN the business > working ON then business > being nothing but a shareholder of that business?
What exactly am I doing to make this move?
If you read my free e-book, Passive Business Profits, you’ll know about a lot of the strategies I’m currently using to cut my workweek down considerably. I’m talking like an 80% reduction from when I started out. But, there’s still a lot of roles that I fill in the business, gaps that would be created if I were to leave today.
My business partner and I took a hard look at all of the divisions within our businesses. We realized that there are a lot of major things, like marketing and sales, that no one person is in charge of or accountable for. No one accountable for marketing OR sales!! That’s terrible. We’re lucky that we’ve made any money at all. There’s no way we can exit a business that doesn’t have incredibly solid marketing and sales strategies firmly in place, with someone to oversee and grow them.
We also aren’t really in a place to afford to hire two new full time employees to head these divisions. We’re still under the 2M/year in gross revenue mark. That sounds like a lot, but that’s gross profit, and it’s still considered kind of a “startup” at this stage. We need to drive the business up to 10M. We aren’t able to add new employees as liberally as we’d like. So, we’re still “bootstrapping” the company a little bit. We’ve got to use the resources at our disposal to make an impact for now.
I heard Brendon Burchard once say that the most underutilized assets in most companies are the company owners themselves.
My business partner and I realized that, before we can even think about becoming shareholders, we’ve got to accept where we are right now. We’ve got to step up and fulfill the roles that our business needs. If we are ever going to hire someone to fill those seats, we’ve got to know what that person will need to do.
So we stepped up and took over the marketing and sales divisions. He took sales, I took marketing. We also divided up other business functions, like finances, rentals, etc, and decided which employees will report to whom.
I’ll post more on exactly what I’m doing to explode our company’s marketing approach. Now that someone is finally responsible for marketing (me), I’m
being made of aware of all the things that we could have been doing from a marketing perspective to grow the business, and I’m excited by it!
E MYTH COACHING
Ever heard of the E-Myth Revisited? The classic business book by Michael Gerber? We decided to hire a coach from their company to help us improve our business and eventually become shareholders. The coach thinks we can pull it off. The process has been very interesting. I’ll keep you updated on it as we go along. Until next time…