I recently read a great book for small business owners and entrepreneurs called Let Go to Grow, written by local business/management consultants Doug and Polly White. The book was first published in 2011, so my apologies for being a little tardy, but the many helpful pearls of wisdom in this book are timeless. You can purchase your own copy on Amazon or by clicking here, but here are three big takeaways for me:
- It is perfectly OK to own and operate a micro business (i.e., a small business where the principal owner does most, if not all, of the primary work of the business), just be realistic as to what can be accomplished through that business model. In other words, you are unlikely to boost annual revenue from six figures to eight figures if you are the one doing all of the work. For example, Perkins Law, PLLC is intentionally and quite happily a micro business. That might change in the years to come, but for now, I am wonderfully content managing my current volume of work and enjoying the independence and flexibility that goes with being a solopreneur.
- When making tactical decisions, it is important to identify the nature of each decision in terms of importance and urgency. It seems like common sense, but a small biz owner needs to be careful to prioritize the urgent, important decisions over those decisions that lack either (or both) importance or urgency.
- Designing and documenting your business processes and procedures adds significant value to your business (and will make your life as a business owner easier in the long run). This is a tedious and time-consuming task, but your investment of time and energy will reap great dividends in the long run.