Whether you are online or offline, managing your business is pretty much the same. Among some differences will be the requirement of you being present or not on a daily basis. Some will argue that you can only manage your business by being constantly involved in you day to day activities and while this is true for small businesses, this can be very stressful for medium to larger size businesses.
The difference between an Owner and an Absentee operator.
As I previously mentioned, there is no argument that as a business owner, you should get involved in managing your business. The question is, are you are working in your business every day, or can your business run without you being there? If you work in your business every day, you are called an “owner operator”. If your business can run without you, you are known as an “absentee owner”.
Being an “absentee owner” has its advantages. If done properly, your business will generate profits even if you are not there, thus providing you with more freedom in your life. You can venture in other projects or simply enjoy. The advantages are countless, but unfortunately, it is not for everyone. There are so many differences between an “owner” and an “Absentee” operator, that I am unable to write it all down. However, here are some examples:
|Focus on providing the cheapest prices.||Focus on providing the best customer service.|
|Penny pinchers. Try to save every penny.||Willing to spend money on customer service.|
|Demand employees to be perfect.||Willing to accept what is less than perfection in their eyes.|
|Have a hard time trusting employees.||Trust employees to make decisions.|
|Control freak||Not as controlling|
If you are willing to be an absentee operator, you will need to have all the ingredients that will allow you to manage your business without being there. As I said before, this is not for everyone and professional advice should be seriously considered if you are ever planning to go this route. Hands On Solutions is a company that provides guidance and orientation to help you achieve this. You can read more about their executive bios and browse through their free articles library. Then decide. So which one are you? Are you an owner or an absentee operator?