You went into business in the first place to give you and your family a better life. The reality is, you’re working long hours and possibly not earning enough money to justify the extra responsibility and pressure you’re under. ActionCOACH has a tried and tested alternative, and they come in just 6 Steps.
Being a business owner can be lonely, there aren’t many people you can talk to about the on-goings of the business. Having a coach by your side will help you get better at business, because ultimately you need to learn more to earn more.
What you want is “A commercial, profitable enterprise that works… WITHOUT you!”
Step One: Mastery… (Commercial)
There are four key factors to Mastery when it comes to business, and following them all will help you achieve a commercial business that will eliminate chaos, and form stability. Firstly you need to consider your destination – what are your vision and goals? Where is your business going? Not only tomorrow or next week, but for the next 90 days?
Next up is Money – KNOW YOUR PROFIT GOALS. We can’t stress this enough, know your finances and be involved in the numbers, understanding this will pivot your business forward. When you know your destination and money, the next key factor in Mastery is TIME. Understand your, and your teams productivity level each day. Get your team to plan their following day each evening, so that when they come into work, they know exactly what it is they need to be doing. This key factor will help you work ON and not just IN the business. The last key factor to Mastery is delivery… how is your product or service being delivered to your customers? Is they payment method customer-friendly? Do you have a system for consistency? Think about these questions in relation to your own business.
Step Two: Niche… (Profitable)
Here’s step two simplified – Repeat Business = Profit! Use your marketing strategies to talk about your brand, not your price, stick to the “No Price Competition” methodology so that you are drawing in customers who are in for the long haul, and not seasonally interested in your “sale” or “price cut”. What is your business’ Unique Selling Proposition? What makes your business unique? The key thing here to ask is what does your brand offer that your competitors do not – use that leverage to create a predictable cash flow.
Most importantly…TEST & MEASURE! Know what your marketing is doing for your business, you cannot manage what you cannot measure. Know what each post, article, link is doing for your business and change it if it is not working. Don’t settle for outdated marketing, keep with the times and embrace change!
Step Three: Leverage…(A business that works)
Here’s the great thing about having a SYSTEM as shown below:
Train your team, train them often enough so that their productivity is spent DOING the job and not figuring out how to at any given time during the day. Analise and improve on old systems that may not be working as well as they used to, how does your delivery and distribution run today? Make sure everyone has set KPI’s to follow – daily, weekly, monthly even quarterly. Document your workflow charts – save yourself stress, time, energy and money with leveraging your business.
Step Four: Team…(Without you!)
As the business owner your key responsibility is supporting and leading your team, without your team your business will be working you and not you working your business. A simple way of understanding this is depicted below:
You support your team, your team supports your customers, and your customers support your business. Many business owners are working 60-80 hours a week, why is that? If you have systems in place and are leading your team then the need for you to be actively involved lessens – giving you more time to focus on running a business that works WITHOUT you!
Step Five: Synergy
Once you have your first four steps in place, and have mastered them, then what follows is synergy which means more time for you, and a higher percentage growth for your company. Have you employed a general manager? Is there someone on the ground running the team so that your time and efforts are placed where they need to be? Again, answer these questions for your own business. The key output of synergy is… A Commercial, Profitable enterprise that works WITHOUT you… and isn’t that why you got into business in the first place?
Step Six: Results
Here is the prize, the efforts of putting these 5 steps above into practice… RESULTS. What is your growth plan? Can your business be a franchise? Does your business have the tools for investments? This is where you as the business owner can look to build new businesses in your portfolio, you can reap the rewards of working these steps by generating passive income.
“The smartest people in the world hire people smarter than themselves.” – Brad Sugars.
Build your business team into a well-oiled machine, and you will gain a commercial, profitable enterprise that works without you!
