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Tag: systematize your business

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Tending Your Turf

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In developing strategies for millionaire success, there are crucial truths I couldn’t say enough: start with the end in mind; create a business to sell it, not run it indefinitely. Create systems that can be imitated and duplicated. Increase its value and worth. Sell high!
As redundant as it seems, those words never get tired to me. It’s part of my gospel.  I’m talking about creating a business with the full thought, knowledge and intention that you won’t be running it one day.
How powerful is that intention? It’s the difference between being a poor business owner who gets by and a rich business owner who isn’t working anymore. He or she is doing exactly what he or she wants and intends to do.
Knowing your intention to sell your business will determine who you’re bringing in on your team and in what capacity you’re bringing them on. In order to systemize as well as grow value and worth, you have to have people who are going to help you achieve that effectively.
One of the most important areas to focus on is building a team that you trust, a team that is reliable, and will be held accountable for their performance.
To increase accountability and get the results you need, you have to define your role as leader. It’s your turf and your responsibility. One of your responsibilities is to create winning situations for your team, where winning is defined as meeting the business’ top priorities toward profit making.  Once these priorities are identified they should be clear, measurable and achievable if not easy.
To help your team win, you have to remove the obstacles that stand in their way. Have each team member identify three things they need to accomplish, have each set a goal and review. These suggestions may work or may not, but give the respect and practicality of seeing the plan from their point of view. Finally, reward results. Whatever stake you have in profit, make that stake relative to their performance and results.
But remember, one way or another you’ll ultimately be held just as accountable for your decisions and commitment as should your team, and this accountability will show in one simple result—can that business run without you, and can you sell it for gobs of money?
Here a few quick tips on how to build a strong organization and system to facilitate smoother operations, growth, success and win-win scenarios for you and your team:
Write down your top three objectives and how to measure them.
Write down the three most important ways for you to improve your leadership abilities.
Who needs to delegate better? How can you get him or her to do that?
Finally, here’s one last point on the importance of choosing a good team to grow the value and worth of the company. The more exclusive products or service you offer that no one else in your market has or can get, the more your company is worth! This means higher quality candidates, but as we saw before—more money means more energy, hence more or higher quality people—it depends on how far you want to go.
Now it’s your turn! What about your Millionaire Mind community? Do you have any quick, simple tips or suggestions on how to spot great potential team members, what to look for, signals that tell you to steer clear? Leadership suggestions? Share them below.
iStock_000004633733XSmall Tree

In developing strategies for millionaire success, there are crucial truths I couldn’t say enough: start with the end in mind; create a business to sell it, not run it indefinitely. Create systems that can be imitated and duplicated. Increase its value and worth. Sell high!

As redundant as it seems, those words never get tired to me. It’s part of my gospel.  I’m talking about creating a business with the full thought, knowledge and intention that you won’t be running it one day.How powerful is that intention? It’s the difference between being a poor business owner who gets by and a rich business owner who isn’t working anymore. He or she is doing exactly what he or she wants and intends to do.

Knowing your intention to sell your business will determine who you’re bringing in on your team and in what capacity you’re bringing them on. In order to systemize as well as grow value and worth, you have to have people who are going to help you achieve that effectively.

One of the most important areas to focus on is building a team that you trust, a team that is reliable, and will be held accountable for their performance.

To increase accountability and get the results you need, you have to define your role as leader. It’s your turf and your responsibility. One of your responsibilities is to create winning situations for your team, where winning is defined as meeting the business’ top priorities toward profit making.  Once these priorities are identified they should be clear, measurable and achievable if not easy.

To help your team win, you have to remove the obstacles that stand in their way. Have each team member identify three things they need to accomplish, have each set a goal and review. These suggestions may work or may not, but give the respect and practicality of seeing the plan from their point of view. Finally, reward results. Whatever stake you have in profit, make that stake relative to their performance and results.

But remember, one way or another you’ll ultimately be held just as accountable for your decisions and commitment as should your team, and this accountability will show in one simple result—can that business run without you, and can you sell it for gobs of money?

Here a few quick tips on how to build a strong organization and system to facilitate smoother operations, growth, success and win-win scenarios for you and your team:

1. Write down your top three objectives and how to measure them.

2. Write down the three most important ways for you to improve your leadership abilities.

3. Who needs to delegate better? How can you get him or her to do that?

Finally, here’s one last point on the importance of choosing a good team to grow the value and worth of the company. The more exclusive products or service you offer that no one else in your market has or can get, the more your company is worth! This means higher quality candidates, but as we saw before—more money means more energy, hence more or higher quality people—it depends on how far you want to go.

Now it’s your turn! What about your Millionaire Mind community? Do you have any quick, simple tips or suggestions on how to spot great potential team members, what to look for, signals that tell you to steer clear? Leadership suggestions? Share them below.

Don’t Be An Army of One

Posted on by 21

pulling together in the same direction

Can you make it on your own in business, and be outrageously successful? Heck yeah! Don’t let anybody tell you any different.

You get so much more done with teams, though, and the more people getting more done, the more fun it’s going to be. How fun would it be to play volleyball when it’s two of you against five people on the other side? What if you could have as many people on your side as possible if the rules allowed it? Would you do it?

In sports, there are strict rules to follow in terms of how many people are allowed on your team, on the field, or on the disabled list. In business, you can team up or manage or contract as many people as you see fit. For goodness sake, why would you want to go at riches alone?

Again, you can make it on your own. I made it on my own. The only distinction is to what level you can get rich on your own? In my experience, you can get a little past mediocrity and that’s about it. I’ve tried it several different ways, and trust me, putting a team together—especially as far as my own staff—is not my favorite thing in the world. But when it comes to what’s easier, it’s not even close.

If you want to get rich you will need help. You will need support. It’s a matter of energy. A lot of money takes a lot of energy! Will the wealth you want take the energy of one person, five, or 10, or 50 people?

At the beginning there’s a good chance you’ll have to do most everything yourself. However, the intention is not to just create a short term working income. The intention is for you to … say it with me … create passive income and increase the value and worth of your company!

Therefore you literally have no choice but to bring on people so the business can work without you and grow to its fullest potential.

I hear it all the time; a single business owner will say that they’re not sure that they can afford to hire an administrative assistant. Really? Once you’re up and running and have a little bit of a sales system going, you cannot afford not to hire one.

The idea is to use your strengths and delegate your weaknesses to someone else who is strong in that area. If you are handling the administration of the company and you could hand it off to somebody else—and double the time you have for marketing—what would that do to your bottom line? Even if you’re not the best at marketing and sales, lending a hand and focusing on getting and motivating the people who are good at it can make a big difference too.

Now it’s your turn! Tell me your stories of the power of having a great team, and what it’s meant to your energy level if not your bottom line. Next week we’ll talk further about the role of team in building a financial bank machine for your future convenience!

What good is creating wealth if you’re going to kill yourself in the process?

Posted on by 42

Help!What’s the point of starting a business? To make more money, yes or yes? And what’s the point of that? So you can do more of whatever you want whenever you want.

If you haven’t experienced this for yourself, though, then you might have heard: that’s often not what happens, at least not at first. People get caught up in their business, a lot of the time working harder either out of necessity to make sure that it’s running, thriving and growing, or out of fear—sometimes over-reacting panic—that without their presence, the business will collapse.

In other words, the business—for one reason or another—takes them over. And that’s not unusual, at least not in the beginning stage of a business. However, if you find yourself in that same “supervisory” position after years and years, then I’d say you made things harder on yourself than you had to, and that’s because the freedom of accumulating wealth through business is directly related to how well you structured your business’ foundation.

What happens if you try to build a house on a weak foundation? It eventually cracks, caves in, or turns into the leaning Tower of Pisa. The business equivalent of building a solid foundation is creating a system, repeatable methods and procedures that produce profit. The idea is to systematize your business so that you can effectively and efficiently sell and support your product or service in bigger numbers as you grow.

So how do you create an effective business system?

Keep it simple. When it comes down to it, business should consist of only 3 parts:

  • Marketing—getting people to know about what you have to offer
  • Production—getting the products and/or services made, distributed, or performed
  • Administration—accounts payable/receivable, human resources, finance, assistants, etc.

Each part requires specific processes so they run smoothly. Aim for flawlessness, but be prepared to settle for “almost automatically.” The idea is to create a well-oiled machine—a money machine. And what do machines do best? They repeat the same functions over and over. Your system must be a repeatable process that can work without you!

Why?

If you want to gain wealth you can’t have a ceiling on your income. Your earnings must be unlimited. If you have to be physically present for your business to work, it can only grow to the extent that you can personally handle. It doesn’t matter how brilliant and energetic you are, you still only have but so much time in a day! You have to eat, sleep, relax, talk, think, meditate, spend time with family and friends …Tired young couple resting at the beach

In other words, all the things you’d rather be doing other than stressing. What good is creating wealth if you’re going to kill yourself in the process?

Work on the business, not in the business. Creating a system is what gives you freedom to do just that. With a strong system in place, you’ll two have options. You’ll have the flexibility to hand it over to competent managers and have an excellent source of passive income, or you can sell the business and become an instant millionaire. The more solid your business foundation, the quicker it can happen.

In both cases, because you created a system, you win. An effective system that works instead of you working is an absolute must in order to enjoy the ride.

 

You know the drill….it’s your turn!  I want to hear from you.  Make sure to leave a comment below and share your insights with all of us.  Have you had successes with growing your business in ways it can thrive even when you are not around?  If so, share your tips and strategies here.  If you have not gotten to this point (yet!) share your struggles and challenges—you might be surprised with the support and feedback from the others in our community.

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