Hi Zack,
I have my own business for a year. I have let go all my employees because of cash flow problems and now I am the only one working on the business. I am working 10 hour days just to stay afloat, I am not sure how long I can keep going like this. What should I do?
The distinction between the terminology you are using is very important. Are you the only one “working on” your business or the only one “working in” your business. By the way it sounds, you are the only one working in business. What’s the difference? The difference between the two, is the difference between a business owner and a technical worker. A business owner works on their business, these activities include developing procedures for employees, forming universal processes for day to day activities, producing a sales strategy to attract a higher a volume of customers, developing a vision of the business 5 years from now, or producing an owner’s manual on the procedure for hiring the right employee. If you are working in your business, you are baking the bread, cleaning the floor after closing, or manning the register. The verbiage is subtle, but the difference is huge. If you current cash flow allows it, you must begin working on your business, this requires time that may not produce revenue immediately, but will define your business and help it be successful for the long term. A great book that may help you is Gerber’s E-Myth, it will help.