The trick to building a great business, one that allows you to have the life you desire for your family and yourself, is that there really isn’t one. That’s right, no secrets or tricks involved at all, just simple, fundamental behaviors and skills. I guess the trick is in understanding what these fundamentals are and how to apply them to your business.
Here are my Top 3 Tricks for creating a business that Treats you and your family to the life you desire and deserve for your efforts.
The first trick is to learn how businesses grow and scale. No matter how big (or not so big) you want your business to be, you must learn the system for growth that applies to every business if you want to have it support you and your family. There are 6 fundamental steps to the growth system that you need to learn, apply, and master in your business. You need to know the four areas of Mastery (Delivery Mastery, Time & Self Mastery, Destination Mastery, and Financial Mastery) that are key to supporting future growth, you must understand how Sales and Marketing really work, then you need to Systemize, followed by creating systems to Attract, Train, and Retain your Team.
The second trick is to realize that as your business grows, you will need to go back to each of the four areas of Mastery and strengthen them. You will continually outgrow the systems you create, because “What got you here, won’t get you there” to borrow the title of a great book on personal career development that applies equally to business growth. For example, the accounting system and processes you utilize very effectively as a $500k revenue company won’t serve you well when you pass the $1M sales mark. You will outgrow other business systems and processes as well. The trick is to be aware and anticipate where you are outgrowing your business systems. You will never get to the fifth and sixth steps in the growth system unless you continually work on the core four steps.
The third trick is to look in the mirror and recognize the limiting factor in your business – you. Every one of us is the limiting factor in our own success – in our life, our job, our business, our everything. In business, the trick is to understand that you are the limiting factor to your business’s profitable growth and success. If you are a 7 out of 10 as a business owner, your business can only be a 6. John Maxwell coined this the “Law of the Lid”, and it is very real.
If you would like to know more about the 6 Steps to scaling your business to the point where it works without you, register for our upcoming Entrepreneur Masterclass, where we walk you through the entire 6 Steps System and how it can be applied to your business. As a bonus, every business owner who attends will get a free 6 Step Business Assessment to show you how you are doing, and our recommendations for your next steps.
Author: Mark McNulty, Business Coach in Louisville, KY