Chapter 1: The Shift in Mindset

When I began to focus on my business from a strategic perspective rather than getting lost in the daily operations, remarkable changes unfolded.

In 1997, I acquired a company, believing I was fully prepared to manage and operate it. I had consumed a wealth of literature on business management, drawing inspiration from renowned authors like Jim Rohn, Jack Canfield, Peter Drucker, Norman Vincent Peale, Dr. Robert Schuller, and many others. My extensive experience in the field led me to assume I had a solid grasp on running a business.

However, I was mistaken.

At the time of purchase, the company was approximately 30 years old, generating around $5 million annually and employing 100 staff members. It appeared to be in good condition. Yet, I quickly fell into the common trap that ensnares many new business owners.

I became a micromanager, involving myself in every decision across the organization. Each time a choice arose, I felt compelled to step in. Years later, I would realize that this habit hindered the growth I aspired to achieve.

Reflecting on my journey, I wish there had been a distinct moment that marked my epiphany. Instead, it was a gradual realization that unfolded over time, and thankfully, I came to understand this crucial lesson.

This revelation was pivotal for both my personal development and the company’s expansion.

Throughout my readings and research, a recurring theme became apparent: companies led by micromanagers often stagnate, failing to surpass sales of $8 to $10 million. I observed other business owners and absorbed countless materials on the topic, yet it never clicked that I was entrenched in this very cycle. I was managing the company as I thought everyone else did.

It took nearly seven years for me to come to this realization. There was no single defining moment; rather, it gradually became clear that I needed to empower capable individuals to make decisions. If they were unable to do so, they either needed to be reassigned or let go.

Understanding and implementing this concept is challenging, and without it, a business struggles to scale effectively. Numerous business books hinted at this truth, but none stated it as a hard fact.

I had allowed individuals to depend on me for problem-solving, leading to a culture where I bore the burden of all wrong decisions. I was the sole decision-maker for over 100 employees, and if mistakes occurred, I alone was accountable. This was not sustainable.

Although we managed to grow from $5 million to over $8 million in sales, the toll on my personal life was immense. I was clocking in 10 to 12-hour days, often sacrificing my weekends—a serious oversight on my part.

Then one day, I had a candid discussion with one of my managers. I told him he needed to step up and fulfill his responsibilities, or face termination.

This prompted me to reflect on the years spent hiring individuals who were not encouraged to make decisions. Upon examining the team, I realized many had personal agendas that diverged from the company's vision. A few long-term employees genuinely wanted to contribute to both their own growth and that of the company, but they were outnumbered.

As I embarked on this transformative journey, I continued to immerse myself in literature, slowly grasping the importance of surrounding myself with capable people and allowing them to manage their departments. If they couldn’t, it was time for them to go.

This process was gradual, and I’m grateful it wasn’t an overnight revelation. Over the next couple of years, we successfully grew the company.

By the time we sold it, our sales reached nearly $15 million.

After six or seven years, I finally assembled a team of competent individuals who took charge of their respective departments, enabling significant growth. I could then shift my focus to strategic planning rather than daily operations.

We adopted Lean Manufacturing principles, enhancing our quality and transforming our workforce from 100 employees generating $5 million in sales to 89 employees achieving $15 million.

The key takeaway for business owners is this: Learn to work on your business rather than getting lost in the day-to-day tasks.

Thank you for reading my insights. I encourage you to engage by clapping, leaving a comment, or subscribing for more content updates.

Chapter 2: Lessons from the Journey

In this video titled "Want To Get Rich, Don't Start A Business (Do This Instead)," you'll discover alternative strategies for achieving financial success without the typical path of entrepreneurship.

The next video, "I Started My Business Wrong… And This Happened!!," shares valuable lessons from mistakes in business management and how to correct them.