Michael Gerber’s work resonates with me very deeply. Maybe you’ve noticed how deeply embedded the idea of letting your business be an separate entity is in my coaching and my writing. Perhaps you’ve even noticed my emphasis in paying attention to your vision, your real reason for your business, and how you want to enhance your self-knowledge and your management of your thoughts and feelings. The problem with Michael Gerber’s writing is it resonates so much I don’t dare read his latest books lest I be accused of plagiarism.

Which is why I shouldn’t have opened my email from Amazon. There it was, Gerber’s latest book, The Most Successful Small Business in the World, and I took a peek. Sigh…

His opening premise is about love. Yep, love. I didn’t dare read any more. It made perfect sense!

Do you love your small business? This organization that you spend so much money and time on. You lose sleep trying to determine how to nourish and develop it. You think about it all of the time. So many small business leaders have told me how they forget to eat because they got busy. Hmm…sounds like true love!

And it can break your heart. But, back to love…

New love-Some entrepreneurs love the “new love” stage. This is the startup and there are highs and lows as the idea becomes reality. A bit like those first wonderful, delirious days when you have met someone and they seem just perfect. The initial offering, your product or service, is the Answer to everything. There is a thrill to everything. At networking events, you can see the sun-shiny faces of the entrepreneurs in this stage. They smile and tell their story to everyone who will listen. This new relationship gets reinforced by the first customers, the investors who share your desire, and seeing the admiration in others’ eyes when you say, “I work for myself.”

Then comes marriage.  This stage is full of adjustments but they are spread out over time. There is still growth, possibilities and a sense of wonder. The business is beautiful and occasionally your breath gets caught in your throat. The biggest shift for the entrepreneur is one of identity. No longer a startup founder but business owner with a stable company. Maybe it’s because there are new hires or a virtual assistant has been added. The business owner may be tapped as an expert and speak to organizations or at conferences. New products or services are being launched in addition to the initial line. There may not be as many “curl your toes” moments in this stage but seeing the revenues grow, profit margins increasing, and hearing how your customers value what you offer keeps the mundane from making your brain go to sleep.

Ah, love…here’s the kicker-no matter what stage your small business is in, you have to feel the passion and belief to continue on. This is true for new love and especially for marriages. When it becomes just a job, it’s time to evaluate the business to see if you still love it enough to have a deep relationship. Your passion and belief fuels your love for what you do and what effect your business has on the world.

Are you in love with your business?

How would you describe the stage it is in right now?

What would deepen your relationship with your small business?

Your business plan is one of the most important tools you can use to develop your small business. It provides the spark, the power, the very fusion of your ideas, your actions, and your values that are embedded in your business. Michael Gerber in The E-Myth Revisited, talks about the transition from technician to business owner. A living business plan is part of how you work on your business.  

Sometimes writing a business plan is an ordeal. Looking for funding requires a specialized type of business plan writing which involves a lot of detail. However, the living business plan does not have to be as formal. It can contain mission and vision statements, goals, services and products, target market, marketing strategies, and your financial information. So how many entrepreneurs actually review their business plans on a regular basis? Not so many, according to experts like Debra Streeter of www.allbusiness.com. It gives you a chance to think strategically about your business. Where are you going? What makes that direction more important than any other? What steps do you need to get there?

What was the real benefit of evaluating and possibly re-writing your business plan? It gives you a chance to examine if your vision is still the same for your business. Our businesses constantly evolve as we grow and learn more about ourselves and our area of expertise. Sometimes the vision changes too. Another area that changes is our goals. We can discover new trends, feedback from our clients/customers, economic conditions, new tools, and personal interests. Focusing on where you are right now supports where you will be in three to five years while knowing exactly how your business is performing on a quarterly basis.

Consider these questions as you review your business plan:

• Who is your ideal client or customer?
• What products or services are producing the most activity? The most revenue?
• How are your financials trending?
• What is supporting your growth?
• How do you get in your own way?
• What needs to be eliminated?
• What is beneficial about your current business model?
• What is your next step?

When you go through this process every quarter (or at least two times a year), you know exactly what is working well for your small business. Startups benefit because the process shows how your idea is working in real life. You catch problems before they overwhelm you.

So, create a living business plan. You will thank yourself!

*Want to participate in a live conversation about living business plans? You have two options:

1. Power Up Your Business Plan: Using Action, Goals, and Measuring To Your Advantage! When: Thursday, June 11, 2009 Time:  6:00pm-8:00pm Where:  NAWBO Boston, 201 Jones Road, Waltham, MA Cost:  Free for members, $25 for non-members

2. Featured Business Guide on Twitter #smallbizchat #smallbizchat is a conversation on Twitter led by Melinda Emerson (www.melindaemerson.com) , AKA @smallbizlady. During #smallbizchat, we will be talking about how to develop and implement a living business plan. We will cover tips and strategies to keep your business plan from being a dust collector on your shelf and making it a tool for goal setting, taking action, and measuring your progress throughout the year. When:  Wednesday, June 17, 2009 Time:  8:00pm-9:00pm Where:  On Twitter (If you don’t have an account but want to check this out, create an account on www.twitter.com This is an easy process and free to join. Then go to Search (in sidebar) and type in #smallbizchat You will join the conversation in real-time.) Cost:  There is no cost for this event.

A lot of entrepreneurs start their businesses with the intent of realizing their dreams of wealth, having something wonderful to offer, and having time to do the things that they have always wanted to do.  Some of this is true.  But to get this, what kinds of hours do you really have to work? And when?

There is so much talk about working smarter, not longer.  But this is not always clear. What does it really mean to work smarter anyway?  Michael Gerber in The E-Myth Revisited encourages all entrepreneurs to work on their businesses instead of in their businesses.  So, here is a recent example from a conversation I had with a business owner. The business owner was complaining of feeling overworked and burdened.  At first, I did not realize that this person was actually the business owner.  We talked about coaching and the benefits but the person kept returning to the theme of having no control over his schedule or his workload. 

I was just about to put my foot in my mouth by offering both sympathy and some suggestions that had worked for my clients when he stated quite bluntly that being a business owner is not what it is cracked up to be.  I managed to catch my jaw before it hit the floor and asked how he could change his situation since he was in charge. Typical coaching question, really. 

He had described hiring a part-time administrative assistant so delegating some of the work, developing a wait list, or referring to colleagues seemed logical  Not one of those ideas came to his mind.  In fact, I received a polite thank you and rejection regarding coaching and more moaning about the awful state of work and the economy. 

IT IS NOT ABOUT THE HOURS YOU WORK! 

It is how you spend those hours.  In the How To Be an E.G.G. program, one participant described with great wonder in her voice that scheduling telephone calls, strategic planning, filing, meeting with clients, and networking felt like freedom!  She had a plan.  Working on your business instead of in your business requires a plan.  Some entrepreneurs feel anxiety that if they set up a plan, they will become tied down and less creative.  Really, this is magical thinking.  No one can remove your creative talent. 

Imagine seeing your ideas from just a thought to implementation.  What would that feel like?