Life On The Doughnut

Making Your Business Less Dependent On You

05-01-2024 • 22 mins

Summary

In the first episode of the series, Malcolm Palmer starts by sharing his story of how he got to where he is. Him, in a little office in Dartford, where things kept going wrong.

Malcolm discusses the importance of making your business less dependent on you sharing personal experiences and insights from his clients over the years.

The conversation explores the concept of the doughnut and the different mental states business owners experience. It highlights the challenges of being on the edge of the ‘doughnut’ and the impact on profitability and personal wellbeing.

The episode concludes with actions to help you to start the journey towards business independence.

Takeaways

  • Making your business less dependent on you is crucial for achieving work-life balance and long-term success
  • The doughnut analogy helps visualise the mental states of business owners, from relaxation to being out of control.
  • Being on the edge of the doughnut can lead to high profitability but also increased stress and potential mistakes.
  • Rationalising stress and finding solutions, such as delegation and systems overhaul, are key steps towards business independence.
  • Identifying unfulfilled talent within your business can contribute to making your business less dependent on you.

Timestamps

00:00 - Making Your Business Less Dependent on You

04:35 - Life on the doughnut

11:04 - Being on the doughnut

13:43 - The Paradox of Stress and Profitability

18:10 - Chapter 4: Rationalizing Stress and Finding Solutions

22:36 - Identifying Unfulfilled Talent

23:50 - Taking the Journey to Business Independence


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www.a4g-llp.co.uk

www.durbanoffshoring.co.uk

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