Episode 41 (6)

 

Here’s the part 2 of the FREE audio copy of The Business Essential Series: Back to the Basics.

Back to Business Basics

In the Back to Basics, 6-Part Podcast Episodes, we introduce a number of fundamental ideas and theories that you will use through the entire Business Essentials Series workshops. You will learn how a business is supposed to work and most importantly it provides you with a series of practical tips, suggestions, ideas and tools that you can apply to your business immediately as you begin your journey of making More Profit in Less Time.

RESOURCES MENTIONED

CEO on Demand website – www.ceo-ondemand.com.au

More Profit Less Time website – www.moreprofitlesstime.com

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TRANSCRIPT: Bonus Episode 15

Title: Back to Basics (Part 2 of 6)

Date Published: March 1, 2016

Running Time: 10:18 minutes

Take responsibility in driving your business before it does drive you nuts. A big part of that is, many people in business have literally just bought themselves a job. They’re not really business owners. And part of the process throughout the Business Essentials Series, is to take you through that process step by step and to help you understand what you can do to go from being a self-employed individual or from somebody who’s bought himself a job with numerous employees, and to somebody who’s actually a business owner. And in fact, one of the things that I look with an acronym in a word, the name JOB, is that JOB stands with J-O-B, just over broke,  and so many business owner’s that I see these days, are literally just over broke. They’re earning little, or barely even more than what they would’ve had as wages, we bought over stresses in working for somebody else. If you are one of those special individuals who actually wants to be a business owners? Then don’t just take yourself just having a job, run it like a business. And you’ll enjoy the benefits.

So what’s the leading cause of business failures? What is the whole host of them? One of the big part of this is actually burnout. And burnouts really really scary, not only because you can become burnout within yourselves, but you can actually catch the contagious effort of burn out from others. Allowing other people to drag us down in their level of incapacity. So at my definition of a business is, a profitable business that can actually operate without you. If you’ve got a commercial, profitable business, if you’ve got a well-organized business , there’s no reasons why things can’t work without you when they can. Some businesses they can if I’m a former brain surgeon, then my business is my hands. And we’re gonna be talking about other areas that can be run by others, to enable them to practice on their core skills and capabilities and experiences.

So if you actually look at that and think about it, do I have a profitable business? If you don’t have a profitable business you really don’t have a business at all. And can you go and hold of those, can that business operate without you. And if not, why not? What can be done to make that happen? So if you look at that, the whole point of when you’re actually in a job and before you became self-employed or started your own business, is that you have to learn one thing at that was to become really really good at what you did, now going in to business or being in the business for some time, and I’ve doubled the business from start up to right through having been in operation for 20, 30 plus years, the reality is, most business owners stopped at that level, they didn’t really progress themselves beyond that initial capacity to be able to take that first leap into a business.

And one of the big things besides all the other tools is actually an attitude no sector and part of that is looking after, who looks after what? Who can I delegate to what can I let go? So in big part of that if a business owner has a team then what they need to do is spend their time looking after their team, their their team looks after their customer, the customer looks after the business and then the business looks after the business owner.  Too often the business owner tries to be all things to all people trying to do everything, and customer walks in, and they push their team aside and lights come on and angelic choirs singing and they say “Oh no, they’re here to save me” I bet that’s not you, but I’m sure you know someone where does fall in to that category. The day you are able to step away from doing that and empower others and enable that to occur within your business, is the time that you begin to have a far more profitable business that will operate without you.

Very important, most of the business that I deal with on a daily basis and I have seen over the years has got various level of chaos within their business. So what do we need to actually do in moving from chaos to control inside that business. One of them is your destination. Now, why do I actually wanna know that the destination of a business when you’re looking at either beginning or part way through business yourself? The reality is, unless you understand the destination of your business, what it looks like when it’s finished. Where you want to take it. Then how do you know what you need to do, to get it there. So what does your business looks like when it’s finished? We’ll cover that a little bit more later.

Planning mastery. Many business owners actually get involved with business planning of their business before its starts, and even in the early days. Unfortunately, that ain’t continue that practice, or they create something that’s not a living organic document. If you don’t have correct planning within your business you’ve got troubles. We’ve all heard the saying “If you fail to plan, you plan to fail” the reality is how any of us listen to that aged old maximum make it happen. So what do you do to plan things every day, every month, every quarter to make sure that you achieve your goals of the year? Have you mastered your money? Have you had your finances on the control? No don’t necessarily mean talking about whether or not you’ve got a good accountant, I certainly hope you do. Or good financial planner or another essential part of any group on your business.  I’m talking about do you actually understand, how money works within your business? And how to make that money works for your business. Do you understand some of the physical responsibilities that you have to yourself? To your team? To your clients? To your suppliers? On how are you able to maximize those things within your business to make sure you make better money, more profit. Have you mastered technology? Are you using technology effectively within your business. Technology is moving along in an amazing range. Have you got all the tools that you actually need to make sure that you can provide the most possible service time and time again.

Outside of that, have you mastered your time? Lot of time actually dealt with clients has also problems with their time. Their working ridiculous hours. They’re not affected. They’re not efficient. They’re not making it happen. So are you making your time work for you? We all have 24 hours in a day, why is that some people tend to get more out of it? We’ll guide you to some of those things throughout this Business Essentials Series.

The other one is do you have good quality systems within your business? Systems is so important. Systems allow you how to have actually a predictable, consistent business. Systems allow you to overcome and make sure that you never repeat a little of those problems and issues that rises in business every single day. So how good are your systems? What is your delivery like? Is your delivery consistent? Now, I don’t care whether your delivering cans on a shelf or you’re delivering a professional service or whether you’re delivering the billing of a house.  Is, have you got those delivery issues covered? We’re gonna cover a lot of these areas today in some detail. But again, we don’t have enough time so we’re going to be covering those in individuals sectors within the business essentials programs.

The other one is, what is your customer service like? You would be amazed. People provide an amazing product, they’re right at what they do, and they don’t have idea why their clients never come back to them. They spend all of this time and money acquiring new customers and don’t get that repeat business. And even when people do their business with them, they don’t maximize the opportunities to make sure that they’re having their maximum average dollar sale. And maximum opportunities for repeat their business with their client. So what’s your customer service like? I’m yet to meet anybody who doesn’t have a customer. My definition of a customer is somebody who requires your products and services either internally or externally. So customer service cannot just apply to external people but they can apply very much to those people inside your team, to your suppliers and to everybody you come in to contact with. You don’t have those things under control then your business is still in chaos in different areas. You may have ideal level of control. I will provide you some tools that will be coming with this dvd. And that we have available online, that you can actually asses your individual business. We’ve got a hundred points assessment program. We all provide this to you free of charge. This will give you a much better idea of 10 different categories inside your business and how you tracking. Now, you gonna know whether or not you answer them truthfully or not. You are going to whether you are kidding yourself. But that the reality is, get that self-assessment, do it truthfully and do it well and your better benefits there off.

So let’s have a look at it, what is your business look like when it’s finished? We mention that before that’s one of the really important first things to look at. So have you done any succession planning? Are you preparing your business for sale? Do you want your business to finish under management? What are you actually doing to make sure that you’re getting something out of this business? Are you going to run this business in a hope that one of your competitors is going to buy you at? The reality is, we’re on an age where baby boomers which are great adopters in becoming self-employed over the next 5 to 10 years are going to be looking to get out of their business. Many of them maybe sitting here and watching this DVD right now.

John Millar

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