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E-Myth Blog
Keep the Focus on Your Business
Calmness. Factual data. A plan. Balance. Leave the panic at the curb. This is our advice in tough economic times.
Stay Calm.
The world economy has hit a pothole, and it will take some time to recover. Be concerned, but not hysterical. Don't panic. Don't get trampled in the storm to the exits. Decisiveness is the order of the day, but decisions made in haste may not be in your best interests.
We know from the E-Myth Key Frustration Process that problems can only be effectively solved in an emotion-free environment. Stress is the great dissembler. While it may be loads of fun to run in circles screaming, (and may even reduce stress temporarily), it doesn't solve problems. Panic is unproductive. Calm down. Then find out the facts.
Factual Data
Educate yourself about what is happening. Consider the potential impacts on your business. Make sure you are looking at your own financial reports regularly. Monthly at least, but in some cases, you may want to keep an eye on your income statement (profit and loss statement) more often. What is your break-even point? How many customers does it take to maintain that? How many leads does that equate to? Can you reduce any of your expenses? Once you have the facts, you can then come up with a plan.
Plan
What can you do in your business right now that will help your current situation? What else could your business be doing to generate more revenues? Which positions in your organization will help you with that? What systems can you set up in your business to deal with your biggest distractions right now? What are the opportunities in this economic situation? Do you have a support network?
Change of one kind or another is a constant in business. What is your system for dealing with it? Do a budget forecast, predicated on profitability. Project a "worst-case" scenario. What if the worst happened? Chances are it will not happen to your business, but people panic in the face of the unknown. With a plan, you've already "rehearsed" the worst and are better able to react calmly and decisively. Without a plan... Well, a metaphor about creeks and paddles comes to mind.
Balance
Too often, when the going gets tough, the tendency with small business owners is to sacrifice the strategic work first. This is a serious mistake. It is true that you may need to roll up your sleeves and do some of the technical work in the business, like making sales calls or fixing drains. You may need to take more time out of your day to work in your business. But if you don't continue to honor the time to work on your business, the tough times could well turn out to be the normal times, even when the economy starts to turn around.
Don't set yourself up with just a Technician's role. You're an Entrepreneur. Never forget that. Working on your business is supposed to help you deal with these tough issues in the first place. That's what we were talking about above, when we were talking about coming up with a plan. That's the work of the Entrepreneur. By not focusing on the strategic work in your business, you will be setting yourself up for failure, regardless of what the economy is doing.
Comments
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Jennifer R. says:
this is the most appropriate advise, what we focus on expands, one must look at these times for opportunities, we all have the power in us to ensure that things are better and greater than meets the eye. being paranoid does not help either you or your business, thinking things through in a rational manner is the key to success. don't go with all you hear and react, this is the time for calm thinking and strategising, this is the time when true leadership comes through. Change things to your benefit, and be focused. Jennifer - focus direct Management Consultants
Submitted Oct 30, 2008 10:26 AM
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Rick O. says:
Great article. While it's definitely scary out there, it all comes down to maintaining your focus on working ON your business.
Submitted Oct 30, 2008 10:49 AM
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Jim C. says:
These times has forced us to look at every expense and ways to cut. One area we decided upon is to open the store at 10:00 A.M. instead of 9;00A.M. This will save us six hours of labor and six hours of utilites and not really effect customer service.
Submitted Oct 30, 2008 11:25 AM
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Wendy F. says:
This article is very appropriate considering how tough the economy is. I could have cut back on my store newsletter. But since this is my main source of advertising I decided against it. I also decided to plan for the future anyway and in January I will do a new marketing plan. I have found bargain product that is selling well and I have managed to stay afloat. Panic on my part would have solved nothing. Great article.
Submitted Oct 30, 2008 4:06 PM
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McGregor T. says:
Now is the time to be doing what you can on things that can be done. The article is excellent and covers very clearly the "what you believe you achieve" philosophy. It is also a great time that when you have done what you can, move on and do something else. No point sitting around worrying - get your inbox tidied or your fitness in check... g and run the stairs - do other things that will make you feel good and energise you and then you will focus with that clear mind.
Submitted Oct 30, 2008 4:48 PM
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Mark S. says:
Unfortunately, there's no such thing as an "emotion-free" environment, though i understand the objective intentionality here. This is another way in which the E-Myth Point of View is confused about how to work with human emotions. When it comes to Primary Aim, emotions are important, but when they're difficult to feel, they must be set aside for "business decisions." If as E-Myth teaches, all decisions are made irrationally first, then justified consciously, where is the appropriate place for emotions. This remains a hole in the E-Myth paradigm that has yet to be addressed.
Submitted Oct 30, 2008 6:19 PM
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Vi W. says:
It's always good to receive an e-myth reminder that we need to keep our eyes focused on the business, so we don't get lost in the business.
Vi Wickam
On-Site Computer Solutions
http://www.424help.comSubmitted Oct 30, 2008 8:21 PM
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ron s. says:
You not only have to focus but engage at a level where your inspiration is at a high intensity and focused on things you want to have happen verses things or events that you don't want.
Most people fail to understand that 'worry' is negative visualization.
When you are working 'on' your business, you yourself must be 'on.' Meaning turned on and inspired, otherwise your just tasking.
Check your intensity meter often. If you can't get inspired when working on your business on a consistent level, you are not in the right business.
Dr. Spallone
Submitted Oct 30, 2008 11:40 PM
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Mary f. says:
I think this is a great article. I have had to pull up my sleeves and do some of the day to day work In the business. But I havent forgotten about the need to plan to steer a successful course out of this difficult time. I have changed opening hours as the intake at certain time of day did not justify the wages or electricity expense. I am focusing on newsletters letting customers know that quality and value for money are available at my shops with special offers on certain days & good window displays enticing people in. I am tightening up very much on ordering and asking suppliers for deals so that I can continue to so business with them as we go through this troubled time.
I also agree that it is diffuclt to keep emotion out of the business particularly when times get tough. Sometimes a bit of emotion is needed to give staff a bit of a reality check. But it can also upset staff and make the anxious which is definitely not a good idea
Mary f
M Farrell
Submitted Oct 31, 2008 2:21 PM
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Joel W. says:
This is the best time to grow your business. You finally have the time install new systems, cut fat, clean up, and get ready for a turnaround. At least half of the companies on the Dow Jones were started in a down economy. So, get up & get to work.
Submitted Nov 1, 2008 5:15 PM
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attiso p. says:
i think e-myth is doing well i support Educateing yourself about your work is one thing we all have to do all the time we should not be egnorance about our job or work
Submitted Nov 5, 2008 4:35 AM
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Raphael N. says:
Excellent article. As a Mastery Impact program graduate, I see the importance of making calculated moves and being time conscious. As with many of us, I enjoy being the Technician, but I'll add much more rewarding when you have the Strategic under control and happening daily.
We're tightening up our warehouse space and leaving nothing untouched. We're making sure that every square foot of space is contributing. Ebay off stuff that isn't fit for your inventory. Improve your warehouse inventory control systems. Improve quality checking procedures to minimize returns, etc. etc.
Mark S. says:
Unfortunately, there's no such thing as an "emotion-free" environment, though i understand the objective intentionality here. This is another way in which the E-Myth Point of View is confused about how to work with human emotions.
And as far as an "emotion free environment". There is no such thing. However, business decisions are made better, just like this article is saying, when they are not influenced by judgment hindering emotions.
And E-Myth gives the tools to have a culture where people's emotions are respective, encouraged, and appreciated, but where they do not disrupt productivity.
Raphael Neff
http://www.ChessHouse.com
smart minds. great memories.Submitted Nov 5, 2008 6:44 AM