Today, the opportunity to work more flexibly and even manage a business from a distance is becoming a reality. Many people dream about a lifestyle with more freedom and travel, and as a result of technology, today we are able to turn this fantasy into a reality.
There’s a popular idea around working smarter rather than harder, and this is especially true for those that want to embrace a lifestyle of more freedom whilst still managing a successful business. It’s important to note that this article is about managing a business from a distance, rather than retiring and putting it on autopilot - so there’s still a need to put in the hours, just in a more flexible way that many people.
The core barrier to living a more remote lifestyle is that many business owners continue to trade their time for money, in a similar way to employees, meaning they are anchored to a particular location and only make money when they are exchanging a unit of their time.
This is particularly true of small business owners, that have essentially gone from having a job to being self employed, for instance hairdressers, accountants, physiotherapists and the like; here, people are still trading a unit of time for a specific monetary amount; the most limiting factor, however, is that you are required to be there in person.
This means, if you go on holiday or are unwell, you won’t make any money.
Therefore, the most intelligent thing you can start looking into is a way to generate revenue that doesn’t require you to be physically present; for instance, if we use the analogy of an ice cream van. The person selling ice creams, from his van, has a business - but it is contingent on him being physically present.
Whereas, the person that goes out an buys five ice cream vans and employs people to sell ice cream now has time leverage, as he is being rewarded on a network of effort, meaning he is no longer directly trading a unit of time for a unit of money. This is the way people get rich.
Therefore, if you’re looking to manage your business from a distance, the first step you need to take is to incorporate the concept of time leverage - so that you’re no longer trading time for money, in such a direct way. This is the most fundamental tip to making more money.
The second step, is that you need to automate as many processes as possible - for instance, you’ll want to look into time and attendance systems that can monitor attendance without you needing to be physically present.
The third step, is to leverage technology to keep connected with staff and customers, in order to still run your business. For instance, many people today use Skype and Zoom to facilitate conference calls. If you are in the business of giving advice, for instance, an accountant, consultant or even a solicitor then this technology can help facilitate such one-to-one sessions that would previously have required you to meet in person.