Are You Stuck In The Owner’s Trap?
- Brainz Magazine
- Jul 19, 2022
- 3 min read
Updated: Jul 20, 2022
Written by: Susan Giddings, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
When you made the decision to become a business owner, it was most likely because you wanted to have the freedom to run things the way you wanted. But as your business grew, you most likely fell into the “Owners Trap.” The owner’s trap is where you become heavily relied upon to sell and deliver your products and services.
Here are some signs that you're in the Owner's Trap:
You may start out as the primary salesperson, interacting with the customer directly.
And because you are the main salesperson, you are able to satisfy any additional requests that the customer has due to your deep level of expertise in the business.
This easily can push the business to offer too many products or services.
This variety of offerings often becomes only deliverable through your direct involvement as the owner.
When you are directly involved in the delivery of these products or services, then the customer becomes accustomed to interacting with you and starts to expect it.
For example:
Many business owners say yes when clients and customers ask: Can you do an additional service or product or customization?
This broadens the list of products and services they sell, which sounds good at first.
But selling lots of things to a few customers is a recipe for your business to become owner-dependent because you are likely the only person in the company with enough industry knowledge to deliver such a broad product or service line successfully.
The most valuable companies do the opposite, selling one or two things to lots of customers.
The secret to scaling is to move from selling many things to a few customers towards selling less stuff to more people.
Here are some signs you’ve fallen into the Owner’s Trap:
Your business slows when you take a vacation
Your customers come to you with their problems
Your growth has reached a plateau
Not only are businesses stuck in the owner’s trap stressful to run, they’re also worth significantly less than they could be because few people want to buy a company that is dependent on its owner.
And, of course, you ARE building your business based on the idea that you are going to sell it someday…right?
How to get out of the Owners Trap:
Building your business using the lens of how a potential buyer would view it will do wonders for your company’s value, profit, and integrity.
You need to treat your business as an investment in the future. Your future. Because it is one of your most valuable assets, just like owning your home or real estate.
Some critical areas you can focus on are…
Look at how you can differentiate yourself in your market
Create recurring streams of revenue
Set up systems and processes
Know your numbers and monitor key metrics.
Hire a good core team so that you can reduce the business’ dependence on you.
By treating your business like the asset it is, you’ll never feel trapped again.
It will give you what you want the most as a business owner… more profit, more freedom and less stress.
If you feel like you’re stuck in the Owner’s Trap and are ready to learn how to build a more efficient and more profitable company and a less stressful life…contact me and let’s talk about how we can work together to spring you from the trap!
Follow me on Facebook, Instagram, LinkedIn, and visit my website for more info!
Susan Giddings, Executive Contributor Brainz Magazine
Susan Giddings is a trusted business expert, consultant, and advisor to a wide range of clients within the construction and professional services industries across the globe. As a Certified Value Builder™ Advisor, she is known for her ability to increase the profitability, performance, and value of a business so that it can thrive with or without the business owner and grow into a highly sellable asset for the day they are ready to sell. Susan believes in going above and beyond to provide personalized service and a high level of support to her clients.
