There is a typical trajectory that most business owners follow from startup phase to running a stable and growing company. In the beginning, a business owner is wearing all the hats required to operate the business. As the business grows, some of the administrative tasks become too cumbersome and a virtual assistant is normally hired. Other freelancers may be added to the team to handle specialized tasks like website development, graphic design, bookkeeping, or copywriting.
Eventually, the business owner is spending a good amount of time managing all the day-to-day operations, freelancers, and ongoing projects. It begins to interfere with the business owner’s ability to act as CEO, develop new business and programs, and service the current client load. At this time, a manager is needed to manage the business. An online business manager is responsible for making sure the right stuff gets done, at the right time, in the right way, and by the right people. An OBM is a big step but a huge relief for the growing business owner.
It’s not always easy to know when it’s time to add an OBM to your team. Here are five signs you may be ready to hire your first online business manager.
You are “Too Busy”
Too busy to take on new opportunities. Too busy handling everything in your business. Too busy to think straight. Too busy for free time. Do you know the feeling? If you’ve reached this point in your business, it’s time to make some changes. An online business manager will free up your time so you can focus in your genius zone. She/he will give you peace of mind by managing all the day-to-day operations, making sure projects are completed, and keeping you focused on your most important priorities. An OBM will field all those time-consuming questions coming from your team members. Take back your time and start focusing on why you started your business in the first place – to do what you LOVE!
Operations is Not Your Strength
You are an entrepreneur, a visionary, and a catalyst for transformation in this world. The mere thought of operations, systems, project management, and technical tasks makes you want to crawl under your pillow until it goes away. But guess what? It’s not going away. It’s an integral part of your business, but it’s probably not your strength. However, an OBM shines in this area. An online business manager loves to get into the nitty-gritty of your business and set it up to keep it running like a well-oiled machine. Organization, getting stuff done, and managing all the moving pieces is an OBM’s strengths. Give it up and hand it over. Your passion for your business will be reignited.
Your Vision for Growth is Clear
You know where you’re at right now, but do you know where you’re going in the next year? Or five years? Is that path clear to you? If you have a clear vision for growth in your business, but not exactly sure how you will get there, an online business manager can help you strategize and implement all your great ideas. If your path is unclear, however, working with an OBM will be a frustrating process. An online business manager is geared up to move forward, complete projects, and get your business in high gear. You need to be ready to articulate what you want to achieve and allow your OBM to help you plan your course of action. So spend some time being the CEO of your business. Work with a coach to gain clarity. Then you can hire an OBM to work the magic.
Your Revenue Has Exceeded Six Figures
While it may be tempting to bring an OBM onto your team before you’ve hit 6 figures, typically speaking, you won’t be ready. Either there won’t be enough for your OBM to do, or your budget will not allow for an OBM investment. Most online business managers are working a minimum of 20 hours per month for their clients, with some investing 30-40 hours per month. An online business manager is a higher investment than a virtual assistant, so it’s important your revenue can cover the increased expense. At the same time, your business revenue is normally indicative of the time required to operate your business. The time I spend on a client running a $1M dollar business is very different than someone who has $120k in revenue. Build up your revenue, cut back on unnecessary expenses, and then take the plunge with an OBM.
You are Ready to Invest in Your Business
Of course, an online business manager is a monetary investment in your business, but it’s so much more than that. Investing in your business means you are ready to grow. You are examining and committed to removing all mindsets that are hindering your growth. You are working with a coach or involved in another training program that is focused on your business growth. When you work with an online business manager, he/she will challenge you to examine your current way of doing business. Be ready to open your mind to new perspectives. You understand and have embraced the fact that it takes money and new ways of operating to experience the growth you desire. It even means you may have to spend money to undo messes you have created in your business. But none of this matters to you because your focus is on investing in the short term for long term gain. An OBM, when you’re ready, is a great investment!
Lori Young is the founder and chief OBM for Amazing OBM. If you are a coach or therapist ready to scale and hire an online business manager, visit www.amazingobm.com for more information.
5 Signs You are Ready for an Online Business Manager (OBM)
November 29, 2018