Stage 3 – Your business coach explains that your model is actually quasi-sustainable. You are able to consistently close deals and deliver on what you promise, but it does take a lot out of you to make it happen. At this point, you are your company’s top salesperson, service / product provider, and accountant. At the end of the day, the company begins and ends with you.
Stage 4 – Your company is doing well and you are gaining traction and new business quickly, but you have not yet developed any other leaders or top-level managers. You realize that you need quality people and a business coach to turn your big vision into reality and you’ve recently realized that you need to become a developer of people if you are ever going to develop your idea and take it to the NEXT LEVEL. You are spending massive amounts of hours per week attempting to improve both your business process and your leadership/management team.
Stage 5 – The team you have views you as a source of wisdom and your business is absolutely beginning to produce big revenues and you are excited about it. You have now developed at least three leaders and managers who are capable of running the daily operations of your business.
Stage 6 – You no longer must work in the daily operations of your business, and you are beginning to make large amounts of money while no longer exchanging your time for money. You could spend massive amounts of time pursuing your non-business-related hobbies and passions, but you desire to take your business to the next level.
Stage 7 – You have developed a team of hard-working strategic leaders and are confident they could do your job as well as you do it, or better. You are very comfortable with where you are at financially, but you have begun to see the vision of your company expanding regionally, nationally, and even internationally.
Stage 8 – Your business model is now so well-refined that it may make sense to license the business, franchise the business, sell the business or bring in an infusion of venture capital and private equity. You want to positively impact the world and now you are looking for a way to scale your vision to get it out to the rest of the planet.
4.10 – Marshall Marination Moment: Being Honest About Your Business Coach Evaluations
Throughout the book, we’ll ask you to evaluate yourself in several different areas; this is to get you thinking about the reality of the business. For most business owners, this is the first time they’ve been asked and GIVEN PERMISSION to be candid about their businesses. You will not help yourself by artificially scoring yourself above your current reality. Remember, this book is about YOUR business and moving beyond working in it. Use this as an opportunity to create an honest baseline to improve upon and understand that we are going to help you through every stage of this process. Your success in your business is our sincere passion.
Phase 5.0 – Create a Duplicable Business Model Based Upon the Foundations of a Duplicable Process, a Winning Team, and Well-Defined Guardrails
Consider this. If you had millions of dollars to invest and SHOCKINGLY, your goal was to make a good return on investment, which of the following would you rather invest in? Would you rather invest in a company that is stable, scalable, and profitable, or would you rather invest in a business that is entirely dependent on the owner and key team members, where no systems are recorded and where tons of gross revenue is generated but no profits are actually created?
Having worked with thousands of companies over the years as a business coach, I can tell you from first-hand experience that most business people build systems that are dependent on key people who know all of the passwords, who have all of the skills and who could actually kill the company simply by deciding to move on. This is not a good thing.
My friend, when you build a business that is dependent upon documented processes, checklists, and systems, you eliminate the necessity of hiring geniuses. When you have good systems in place, you can actually just focus on hiring honest and diligent people (which are semi-hard to find). Creating these systems allows you to hire for character and not for skill; this is where you want to be. When you decide to build your business around processes, checklists, controls and systems, you make it much easier to find key employees to fill key positions and DRAMATICALLY EASIER to grow your business exponentially.
Most people deep down crave to have structure and systems in place to guide them, especially at work. By diligently working to install the systems, checklists, and processes for each position within your company, you will make it EXPONENTIALLY EASIER to hire new people. I realize that most people (including me) are very visual so we have provided proven checklists, systems, and processes for you at www.Thrive15.com/Checklists
5.1 – What the Heck Is a System: Systems Are Really the Skeleton of Any Successful Business
My friend, I realize the word “systems” is very cyborg-like and may come across as sounding very mechanical, so I am going to dial in with some details for you. A system is a step-by-step process or business coach checklist that has been created to systematically produce predictable, satisfactory results for your ideal and likely buyers. A system has been typed up and saved into a location that is quickly accessible by your team members who need to use this system on a daily basis to minimize errors and avoid results that are less that satisfactory.
“Checklists seem able to defend anyone, even the experienced, against failure in many more tasks than we realized.” -Atul Gawande (Bestselling author of The Checklist Manifesto and the Professor of Surgery at Harvard Medical School)
When referencing checklists, I am talking about a specific list of items that your company will hold your team accountable for delivering to each and every one of your clients. These lists need to cover nearly every aspect of your business from the smallest tasks to the most complex. These business coach checklists need to cover the processes that you will use to edit videos, clean bathrooms, train your staff, code websites, provide haircuts, fly airplanes, maintain vehicles, onboard employees, manage the finances of the business and beyond. If you expect anyone on your team to do anything on a consistent and repeatable basis, you must create a checklist and follow-up loop for this.
To begin creating your first checklist and download sample best-practice checklists visit: www.Thrive15.com/Checklists
Create your first checklist.