Running a business is a transferable skill, but rarely do we see people transfer these skills in to business no. 2 and business no. 3.
What a waste!
In 2020 the world has been turned on its head and we won’t be going back to “how things were”.
Now is the time to recognise this transferable skill – and see where you can apply it!
We work with many owner-managed businesses and in each and every one of them the MD is a practitioner of something (recruitment, retail, antique restoration) who has also learned how to run a business.
What have they had to learn?
You can’t get this experience in a classroom, you can’t get it working for other people but, boy, is it valuable.
So why don’t people who have built up these skills transfer them into other businesses?
Of course you do see plenty of examples of knowledge transfer. People become consultants, non-exec directors, mentors, coaches. Call it what you will – it’s passing on experience. Nothing wrong with that.
But all too rarely do we see someone set up business no. 2 and business no. 3 and this doesn’t make sense. The successful entrepreneur has done something very difficult in learning how to run a business, how to make money, all they have to do is to find another problem to solve and off they go. They already have most of the skills!
Most people have been admonished not to spend time working in the business, but instead to work on the business. It’s good advice (read the E Myth books if you haven’t). But the danger of working on the business, of standing back and thinking lovely blue-sky thoughts is that the business you are looking at is your current one.
Hire a manager for the first one. Think about the next one.
Why is it so rare for people to run several businesses? What does it take to kick-start the next one?
Michael
Sales | Margins | Profit | Cashflow
We don’t believe in forms, we believe in talking to people, finding out your needs and tailor-making a solution just for you.
Give us a ring on 020 7125 0270 or email us at info@bluedotconsulting.co.uk
“Michael and the Blue Dot team have been an essential part of our journey from startup through to being an established company, and we look forward to continuing working together long into the future. They have always been on hand to offer support and sound advice whenever it is needed.”
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Michael was fantastic. He quizzed me on how my business worked financially and was super patient with me. Explaining everything in a non-accountancy manner. He then showed me how to utilise all the less obvious tools in the program, which he continues to do, so that I can see immediately what monies held belonged to my company and what is held for clients. I now do my own VAT returns and payroll because of his help and continued support.”
“I really enjoy working with Blue Dot Consulting — they’ve helped me take control of our financial situation in a practical, no-nonsense way.
They take a common-sense approach and, most importantly, they get things done. For example, we now have weekly planning and forecasting calls, along with monthly cash flow reviews using simple, easy-to-understand spreadsheets.
Their support has made a huge difference in how we manage and plan for the future.”
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The regular check-ins and the effort to ensure the systems they’ve implemented are working for everyone stood out.
It felt like more than just a service, it was a partnership.”
“I’ve been delighted with both the service and expert advice I’ve received from Michael and his team. They take the weight off my shoulders when it comes to my business’s financial requirements, allowing me to focus on building and managing the company.”
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“They went above and beyond in helping us navigate not only the transition to cloud-based accounting but also in leading our accounts team through a broader period of transformation.”
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“Michael’s straightforward, practical and tailor-made approach was perfect for me and our business.”
“Blue Dot have been our accountants and bookkeepers since the very beginning of our business, and have been nothing short of outstanding throughout.”
