There is a formula to growing a businesses – six basic steps that we use in our business coaching programmes:
1. Mastery – moving from chaos to control
Master your cash flow, master your finances,master your time to make sure you’re using it effectively, delivery to deliver your product profitably and consistently, being clear on your objectives.
2. Niche – marketing in a non-price-competitive market
Getting into a niche is not that hard. Understand what is unique about your product and what you offer. When you do that then you start to make big profits out of your current sales.
3. Leverage – building systems in your business
Growing the business beyond YOU. Developing the processes to follow – so you can employ people AFTER you have processes developed for them to follow. Build your processes first!
4. Team – AFTER you have your processes THEN you can start a team
You need job descriptions in place, systems in place and processes – without them you can’t measure whether your team is working well – and they don’t either.
5. Synergy – where 1 + 1 = 3 because your team is working well
Your business is working even when you’re not there, because your team is working for you to grow the business.
6. Results – You’ll end up with more money in the bank or more time to do something else.
You’ll be in a position to look at other things.The aim of building a business is to build a business that works without you. Follow this process and you’ll be able to achieve that.