As an owner of an outsourced bookkeeping and fractional CFO firm for small businesses, I have seen many businesses that deserved to thrive, struggle even though it was run by people who had significant technical skills. This book, The E-Myth Revisited by Michael Gerber, helps explain why, and offers a well laid out plan to maximize a business’s chances for success while also helping the small business owner enjoy the business more.
Gerber’s E-Myth Revisited uses as an example, a woman who had begun a small bakery business because of her family’s legacy for making pies as well as her reputation for her fine pies skills. Gerber offers very relevant points with the most important being, “Work ON your business not IN it.”
We are introduced to three working personalities: 1) the entrepreneur with ideas, 2) the manager that keeps things running, and 3) the technician who focuses on getting it done. Gerber shares the story that allows us to see the importance of each personality preference and the necessity for balance between them. We also see the different stages of business growth and come to appreciate the benefits of implementing business systems at the beginning of the business’s life.
Gerber often refers to the large franchise model where its business is a detailed, finely tuned system that can be run successfully by non-experts or outsourced to cost effective experts. He then takes the reader through the steps to create a detailed small business model. Using this system, the business owner is transformed from a day to day operator/employee to a driving force for continued business growth and greater profits.
The Shared Finance Center provides outsourced accounting, bookkeeping and fractional CFO support to small business owners and in doing so we heavily focus on maximizing cash flow. We are headquartered in Roswell, Georgia and work with clients across the United States. If you think that this post would be helpful to anyone you know, please pass it along. Also please follow our blog for regular tips to grow your business.