Our Business Insights

3 Ways to Get Your Life Back

If the pandemic has forced you back into the weeds of your business, you’re not alone. Many owners are again doing tasks they haven’t done in years because they have had to lay off front-line staff or their employees have fallen ill or are caring for someone in need.

If the pandemic has forced you back into the weeds of your business, you’re not alone. Many owners are again doing tasks they haven’t done in years because they have had to lay off front-line staff or their employees have fallen ill or are caring for someone in need.

Being back in the middle of things is neither healthy for you nor your business long term. Personally, it’s a recipe for burnout, and professionally, your business will be less valuable with you doing all the work.

Now is an excellent opportunity to retool your company so that it can start running without you again. These three steps should help:

Step 1: Sell less stuff to more people

Most companies become too dependent on their owner because they offer too many products and services. With such a full breadth of offerings, it’s hard to find and train employees that can deliver. The secret is to pick something that makes you unique and focus on finding more customers, not more things to sell.

Take Gabriela Isturiz as an example. She cofounded Bellefield Systems, a company offering a timekeeping application for lawyers. Over the next seven years, Bellefield grew to 45 employees. Although many businesses bill by the hour, Isturiz focused exclusively on timekeeping for lawyers, which is one of the reasons she was able to integrate with 32 practice management platforms used by lawyers—a big reason Bellefield’s product was so sticky. It worked out well for Isturiz as she was growing 50% a year with EBITDA margins of more than 25% when she sold her company in 2019.

Step 2: Systemise it

Next, focus on creating systems and procedures for employees to follow. For example, Nashville-based Bryan Clayton built Peachtree, a landscaping business. Most lawn care companies are mom-and-pop operations, but Clayton built Peachtree up to 150 employees before he sold it to LUSA for a seven-figure windfall.

What made Peachtree so unique? Clayton focused on documenting his processes. For example, one of his customers was a McDonald’s franchisee who owned 40 locations. He was frustrated by how many people discarded cigarette butts in his drive-through, so Clayton offered to clear the debris from the lanes as part of his lawn care process. He then trained his employees on the drive-through clean-up process he had created so it was followed across all 40 of the customer’s locations.

Step 3: Outsource it

Next, consider outsourcing what you’re not very good at. For example, David Lekach started Dream Water, a natural sleep aid bottled in a five-ounce shot similar to the famous 5-Hour Energy Drink.

Lekach built Dream Water to almost $10 million in annual revenue before selling it to Harvest One, a cannabis company, for $34.5 million in cash and Harvest One stock. Lekach saw his role as “selling Dream Water, not making it.” That meant he outsourced the manufacturing, packaging, and distribution of Dream Water to a co-packer, ensuring Lekach and his team could focus on selling Dream Water.

It’s natural for a leader to step in during a crisis, but that’s not sustainable for the long term. Pull yourself out of the doing, and you’ll build a valuable company for the long term that’s a lot less stressful to run along the way.

Find out how you score on the eight factors that drive your company’s value by completing the Value Builder questionnaire:

I find Peter very intelligent and engaging with a canny knack of getting to the bottom of what makes a business tick in a most friendly and productive manner. My work with Peter was efficient, effective and most productive; his experience and insights from outside the business looking into ours made a significant contribution to the next steps taken and the success of those.

Cameron Crowley, Business Development, Maverick Biosciences

I had the pleasure of working with Peter for several years on an innovative project to kickstart the Perth startup ecosystem. He has terrific attention for detail, an enquiring mind, and a great capacity to grasp the big picture. An absolutely genuine gent by nature. If you want to sit down with someone who makes you think – and be glad that you did – have a coffee with Peter. You’ll be glad you did.

Justin Davies, Managing Director, Emergination

I found Peter easy to work with, useful and constructive. He caused us to reflect on and to review our existing practices, helped us to open our minds to possibilities & gave us confidence to successfully follow through on a government grant. His advice empowered us to better digital control of our systems in our business, enhanced our record keeping. The whole engagement stepped us more into a modern digital world.

Peter Sackett, Managing Director, CDE Design Solutions