Don’t things get too complex and break down as businesses grow? Who wants more work when we’re already too busy? Do you even want unlimited business growth?
Many business owners are living a “Catch 22” business life. When times are slow, they want more income and have more free time, so they increase their marketing efforts and budget. This creates more paying clients and more sales and life is good again. Unfortunately, the business owner gets too busy to do the marketing and the business starts to slow again. What a vicious and tiring cycle. Picture two SIN waves of income and marketing efforts crossing each other like “figure 8’s” ski turns in the snow. If there is long term growth, it’s slow and not significant.
Want to get out of that cycle? Want a leveraged business with unlimited growth potential? Want to know how? It is simple, yet I don’t promise easy. If you’re willing to do what it takes, your future business adventure will be tremendously rewarding. With the right concepts, paradigms (points of view), and systematic approach, steady and unlimited business growth can be accomplished without more work and without dreaded breakdowns.
Perhaps you don’t think you want more money or business profits? Think about your BIG WHY. What would be possible for you, your family, your community, country or world if you made more money? Some common BIG WHY areas include kids college, retirement, travel, vacation, hobbies, bucket list items, charity, etc… The more money we make, the more we can make a positive difference in the world. It’s also possible to grow your business with leverage and create more free time and higher quality of life. What would you do with more money and more free time? How would you make your life better and the world a better place? Read on fellow business warriors …
The first leverage point is TEAM. We’re not talking exploitation of workers like in the industrial revolution. We’re talking about a high performing team that is well respected, rewarded and set up for success. For more ideas on how to create and keep a great team, you can read How to find great employees or how to keep your great employees.
In order to grow your business, you will need team. One of the best ways to start is with part-time administrative support. The highest and best use of your time is business development – marketing and sales. You also have individual gifts, experience and skills that you can leverage. The problem that most small business owners run into is trying to figure out and do everything themselves. Also, they often are afraid to delegate because “no one cares as much or will do as good a job as I do”. Also, “it’s easier to just do it myself than to train someone else”. An approach that works to overcome these paradigms is to journal your activities for 2 to 3 weeks. Write down everything you do and how long you do it for. Then look at the list. Ask yourself what are the things that help build or make my business more efficient and better? What could I delegate with the right person and training? What can I stop doing? What should I do more of? Believe it or not, you can delegate just about anything on your list with the right people, training, and checks and balances. I know, your ego doesn’t want to hear that, but the truth is that there’s someone else nearby that’s just as good or better than us at whatever it is that we do. I’m not discounting your skills, experience, knowledge and passions, just helping you make your business and life better.
For several of my clients that wanted to start and build a business while they were working a full-time job, I threw out this challenge: Start your business without “doing any of the work”. This means that they effectively built their new business by being the connector between service providers and customers. Even if they were a highly skilled brilliant engineer, they were challenged to hire other engineers that wanted extra income but despised marketing and selling themselves. It was a win-win, and allowed them to transfer from a job to a business without killing themselves, allowing unlimited growth, and avoid the trap of doing the work themselves.
In order to build your team and have a profitable small business, a good rule of thumb is to initially pay your team 1/3 to 1/2 of the rate you bill them out at. This allows for you to reward them with raises in a timely manner, and cover all your employment, operations and marketing costs. Bigger companies can have a smaller margin due to higher numbers of employees.
Some business owners might still think that they will make more money if they do the work themselves, because they don’t have to pay their team. This is true short-term, but will create that ugly glass ceiling and exhausting Catch 22 cycle in the long run. If you’re still not convinced this will work, it’s a great idea to create a revenue model with your own income and expenses and also the profits you can create with team income and expenses. You’ll soon see that you can actually “work less” and double or triple your income.
Another amazing way to create leverage and unlimited business growth is to create products. They can be retail products related to your business, or information products designed to help your clients based on your experience and expertise. These include eBooks, digital or tangible audios, workbooks, books, DVD’s, etc… It does take effort and time to create your products, but once they are created, they can create another stream of income for you and your business. Having an online store, doing effective internet marketing or even using an existing platform like Amazon, Etsy or EBay allows you to make money literally while you sleep.
The third business leverage idea is real estate. Imagine buying your commercial real estate building and having your business and other tenants covering all the rent and maybe even some profit while paying down the principle, saving on taxes, gaining appreciation and increasing your net worth.
Creating unlimited business growth through these three principles is very rewarding when done well. I’m here to help you along the way. Business coaching helps tremendously with this type of growth and expansion outside of your comfort zone. The concept is simple and vital, and there are pitfalls and challenges along the path. I have helped many clients create their dream business and life. Obviously there’s more to learn than what’s included in this article, but I did include the major principles and key steps to get well on your way.
There’s not enough space in this article to talk in detail about digital product creation, systems, outsourcing, internet marketing or streamlining operations, but all these topics will be covered in future articles at PEAK Business Coaching Helpful Articles, so come on back soon and be sure to tell your friends! Please comment below with any questions or suggestions.