Making Money Is Killing Your Business: How to Build a Business You’ll Love and Have a Life, Too – Second Edition

If you love hating the business you own, don’t buy this book!
I have a week’s worth of actionable, trackable results oriented work to do on my business, and I’m motivated, with this ToolBox of a book, I’ve been able to create a roadmap that I’m excited about following.When I bought my business, I remember thinking how fun it would be; I’m there again, after just last month thinking I should “sell this and get onto a new fun thing”, and in the “only way out sell the business” crises a friend recommended I read (and suggested I would love) Making Money is Killing your Business.I’m a busy person, and love having a challenge in front of me, but most times I’m distracted by the shiny things…the new things…without a great plan. Three legit takeaways from this book: I won’t be the production guy, My Business should make money when I’m on vacation, My quest to significance is bigger than the work I do at my business; I am on the starting blocks after 15 years of owning a 20 year business to go from Success to Significance by going to work on my business. In two years I’ll be walking into a business, that can run without me to give vision and do the things I love, while getting a check from a business that’s working for me.I just ordered 2 books to give to my dad and a friend, that will become my accountability and sounding boards on my ventures in the future…I love my family and life too much not to change! I hope you find the same vision and freedom as I have.

Process beats passion
I am a huge fan of the German approach to business. The mittlestand, family businesses that are homegrown, anchored in the locality, with a long term multi generational perspective, focused on creating wealth. Particularly “Hidden champions” opened my eyes.So I was very taken with “Making money is killing your business”.Time to grow upIt is time for a lot of business owners to grow up. It is time for businesses to grow up. Chuck Blakeman has an interesting perspective on start ups and small business. Too many do not grow up and you have created your own job, not your own business.The tyranny of the urgentHe refers to it as the tyranny of the urgent versus the priority of the important.Urgent is reactive, short term and defensive and is the treadmill of making money. Important is proactive and long term. It is about making money versus building a business.WealthIt comes down to the definition of wealth, which is the ability to choose what do with your time and your money. Can you?Are you the main producer/deliverer by choice or necessity?Does the business make money when you are somewhere else?Are you making decision based on where you are, or where you want to be?Chuck blames the focus on exit and selling your business. In his view that is similar to selling your children. Why would you invest all that love, time and passion to sell it off, instead of creating an ongoing stream of long term wealth?Time and money are at a premiumGallup research tells that the average business owners work 52 hours a week (hose are the lazy or lucky ones). They work 6 days a week, some have zero vacation and when they do over 50% still answer work related e-mails and calls. Only 3% of business owners create 86% of the revenue in the USA. So time and money are at a premium. How can you earn more money in less time?Are you on the treadmill?According to Blakeman there are seven stages of businessStage 1 Concept and start up; the trick here is to move as quick as possible from dreaming to doing. Dreaming includes thinking, researching and planning. The number one indication of success is the speed of execution.Stage 2 Survival; you have burned a lot of fuel, time is grinding, sales are difficult and you are focused on making money. You are now on treadmill of urgent.Stage 3 Subsistence; you can pay your bills and are making money. There is little time to relax and your focus is on keeping it going. If you don’t watch it you are back in stage 2.Stage 4 Stability; you are making a net profit and you have freedom money to spend. You can choose what you can do with your money. Time is still a big issue. You have created yourself a well paid job. You are an employee of yourself. An hostage to your own business.Stage 1 to 4 are treadmills. You focused on the wrong question, which is “How do I make money”. Making money is NOT an empowering vision.You need to get off the business treadmill!The basics of a mature business are that you are not the main producer and it makes money when you are not there. Which moves us to stage 5 to 7.Stage 5 Success; you have shifted your mindset to building a business versus building a job. You are moving from production to process. This is where Chuck introduces “freedom mapping”, which is a version of process mapping that brings clarity to what people are supposed to do and how it fits into the overall customer delivery process. It makes things consistent, repeatable and replicable.Stage 6 Significance; you role has shifted to becoming a leader and you are less and less involved in direct delivery and production. You business is starting to make an impact. You are free. However, leadership is in place, leadership is not in charge. It is vision and guidance, which means you still need to keep an eye on the business and guide management.Which brings you to the last stage. Stage 7 Succession. This is where leadership is in charge and you have ingrained a culture that embraces you vision. Only vision. You are truly free.The key questionWhat is stopping you to get to stage 7? Chuck thinks it is only one reason. You are not asking the right question. How do you build a mature business and when do I want to get there?What do you need to do?It is very simple. Intentionality. Make the decision, put a date on it and go public. Going public changes everything (the Hawthorne effect (also referred to as the observer effect) is a type of reactivity in which individuals modify or improve an aspect of their behaviour in response to their awareness of being observed).As a business owner you owe to yourself to try. Why would you not? How could you not? Particularly if you know that retirement as we know it now is bankrupt. Create your own retirement on your own terms.Pick a date. You now have a clock ticking in your head. Define what does your business look like at maturity. Consider your lifetime goals (why, why, why, what is the transformative purpose). Consider the time and money required to create your ideal lifestyle.More money, less timeNow back to basics I. More money in less time. How to increase revenue and continually reduce time to bring in that revenue.The freedom questionsIs this (whatever you are doing right now), the best use of your time? If this is not the highest and best use of your time, how do you ensure you do it for the last time? Those two questions need to be asked constantly in all parts of the business. Parts such as leadership, business development, operation and delivery, financial management, customer and employee satisfaction and to community and family impact.Systems and processes are the key. What is your yield per hour now? What should it be? Do the activities you are involved with now, warrant the yield per hour you want?Back to basics IIBack to the big why. Why are doing this? Why do you matter? Why does your business matter? Why is it significant? What do you want to be remembered by? Purpose and passion. Using time, money and energy to create significance. Every book on strategy we covered on Bookbuzz always boils down to that question. See http://www.bookbuzz.biz/the-strategist/ for example.You then need a strategic plan. You don’t need a business plan. Chuck is not a fan of business plans. Planning does not create, movement does. And the size of commitment to the intent. Straight from Do! by Kevin Kelly . Develop a two page strategic plan with key milestones and with an action plan attached. You review that strategic plan every day. You need to be able to recite that plan verbatim any time, any place within a maximum of 3 minutes. In the meantime the business maturity date is ticking in the background……You need then set of outside eyes. A group of mentors. An advisory board. Make sure you are not alone.In the book Chuck Blakeman gives a wide range of toolsets to figure out your lifetime goals, strategic plan, your leadership profile, etc. But the most important tool is the freedom mapping. Your franchise handbook. Your process descriptions. If you do one thing, do that. Map your overall business process and then break it down.Stop playing officeBuild a business engine. Create wealth, not money. Become a master of your own destiny. Become intentional, set the date, tell the world and move.

Best Business Book I’ve Read
This book walks you through building a business starting with your personal values and goals, and finishing with what exactly you’ll be doing every day this week. I’ve never seen another book with the same level of detail and process for building a strategic plan that actually helps. I’ve been using the strategic plan I created with the help of this book for 3 years now, and it’s been super helpful in keeping me organized in moving toward a business that runs itself. If you are a small business owner, do yourself a favor: read this book, and create a strategic plan.

If you want to get off the treadmill, you must read this book. I wish I had read it 10 years ago.