Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business
You're a smart, hardworking entrepreneur, and you're moving fast. You are highly educated in your field and your business is growing and getting busier each day. But somehow, you find yourself stuck. You're doing more tasks that take you away from your core business, you are working more and earning less. You need help. Wouldn't it be great if there was someone, anyone out there who could help you take away some of the daily tasks so you could focus on the things you really love?
Maybe you've looked, tried to work with or even hired people to help you manage your business. But somehow, every time, things just didn't go right, and there you were, left again with the mounds of paperwork, details and projects to manage. Alone.
"No problem," you tell yourself. "I can do it faster myself anyway."
In that one statement, you just fell into the biggest trap of your entrepreneurial career.
Growing and leading your business is by far the biggest challenge a business owner faces. After all, you are highly specialized in your field - which is not business management. Unfortunately for most business owners, when a new employee or contractor comes into the business, one of two things usually happens.
1. The business owner and new hire spend hours, days, weeks and sometimes months working side by side, with the business owner explaining all of the intricacies of the job. When the employee or contractor gets good at the job, the business owner begins to panic, wondering if the person will stay. When the person leaves the company, the process repeats. Frustration, fear and doubt plague the business owner.
2. The new person is hired and told briefly what is expected of him/her. The big picture is provided and the person is left up to his or her own judgment as to how the job gets done. The person does the job in a different manner than the owner and is reprimanded for doing things a new way. The employee feels disempowered, afraid, and leaves. Frustration, fear and doubt plague the business owner once again.
It doesn't have to be that way.
You can have the freedom, focus and results you want in business. Solving this problem is simple. You probably weren't trained in school as a business manager, so you must first understand that business operations management is a required skill for a success in business. Most people make it too hard, by hoping for a single person to show up on their doorstep, smart, focused, creative and able to take away the tasks that lay before them with hardly a second thought. I'm about to burst your bubble, because that person is probably already in business for themselves. It's up to you to create the environment where other people can be empowered to assist you. Here are four simple steps to get you started on the road to turn-key success.
1. Create total focus.
Get out a piece of paper and draw a line down the middle. Title the page Total Focus. On the left side, write down all of the tasks you do in a week, from answering the phone to shipping to providing service and creating new products. On the right side, write down the three things you love doing. Compare the lists.
2. Group tasks for easy delegation.
Next to each task, label it with one of the three major business areas:
- Administrative (office paperwork)
- Sales/Marketing (attracting customers or making the sale)
- Production (producing/shipping and delivery of products or services)
3. Start Documenting.
For each task, write down the steps to completion. You might start with "Here's How We _____________" to prompt you. Use whatever method is simplest for you - a screenshot, written or typed steps, diagrams - just get it down on paper and put it in a binder called Procedure Manual.
4. Get Help.
Begin looking for people to work on tasks that are not in your "love to do" column. Start small. The right person works only a few hours per week on the things that take you days.
There is no magic person who can do all business tasks (except you, of course!). With your Procedure Manual in hand, you can delegate properly, relax and enjoy building your business, the simple way.
Stephanie Frank is an internationally known author and speaker. Take the free quiz "Do You Have What It Takes To Be The Next Accidental Millionaire?" and receive $1,574 of business building tools and resources at http://www.AccidentalMillionaire.com
Last week I was working with one of my small business clients, a bright and dynamic woman who's passionate about positioning her artisan business for growth. We were talking about her financial picture and forecasting robust sales over the next three years.
Securing Second and Third-round Venture Capital Financing
Widget sales are booming ? the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc. Opportunity is abundant; but how will you fund that next big leap?
Its Good to Know Your Banker
Recently my bank opened a new branch that is a few miles away from my house. I used to visit the local branch that was located in the grocery store and enjoyed seeing the ladies on a weekly basis who were the tellers.
Oil Change Guys History; Part IV
One trait of franchisors and something you will find in all their biographies both; official and unofficial is their competitiveness and refusal to give up. Now onto Part IV of our saga:
How To Grow Your Micro-Business
If you want to grow your micro-business (defined as a
business with fewer than five employees), you might
consider some of the findings of a survey by Statistics
Leadership Attributes for Business Success
Business success is essentially the result of successful
leadership. Contrary to the popular myth, leaders are not
just born. Leadership skills can be learnt and developed.
A business is a distinct reflection of the leader, who may
be the owner or manager. A business is never successful
despite the leader, it is always successful or otherwise
because of the leader.
Raising Capital for Your Business ? How Long Does it Take?
Most companies vastly underestimate the time commitment necessary to successfully complete a financing. In actuality, a company seeking financing needs to budget between 500 to 1000 work-hours to the capital-raising process, spread out over a 6-9 month time period.
The Dirty Dozen
1) No Umbrella Business Plan or Strategy -- Without a plan, there's no serious way to gauge the growth and progress of your business. You need a realistic map for where the customers will come from and where your business is going. You also need a plan to bail you out when difficult personal and business times come your way. Solution ? get a plan together. Stop thinking about it and do it.
Adding a Service After You Buy a Business
When you buy a business, you should have a plan. Why have you chosen that particular business? Why that particular time to buy a business? What can you bring to the business? Some of the most successful business stories are of people who buy a business with the intention of bringing their specialized set of skills to it, and using them to grow the business.
Walt Disneys Failures Could Inspire Entrepreneurs
You are a struggling entrepreneur and sometimes it feels like you are pushing a 3 ton boulder up a steep hill. Costs keep mounting and you are considering giving up. Well before you do, check out these 10 setbacks that Walt Disney had, some were financial nightmares that put him millions of dollars in the red:
What Qualities Do Franchisors Need?
When I got into business I wanted to build a company, which helped people and provide a product and service that people loved and were willing to pay for; one I would not have to sell or convince anyone of. Something that people truly wanted to extend and enhance their pursuit of happiness. I found the perfect service that everyone wanted and where sales were not really needed at all. In addition I found a way to allow my team to reap the rewards of delivery of that service to the masses.
Beware the Opposition!
Any time you make changes in your life you are going to be met with opposition from people who would prefer you to stay exactly as you are. Sadly, these people are often the ones that love you the most; your family, friends, partners and even work colleagues. However, in your moments of entrepreneurial seizure, the greatest opposition that you will experience (particularly if you're a seasoned employee) will come from within yourself.
Traits of The Successful Entrepreneur
Want to know why certain people succeed and others don't. Well successful people have certain traits? Do you have them?
Getting Rich Isnt a Bad Idea
You've seen plenty of articles claiming to offer you the secret
to getting rich. Some ideas, however, are thin veneers
covering some scheme that often involves multi-level
marketing or a service with questionable intents.
Entrepreneurship as Your Passion
Entrepreneurship has been my passion for as long as I can commit to memory to learning how to type, and that started in 5th grade! Strangely enough, I wasn't raised around lots of business owners growing up in New Jersey nor surrounded by many business-minded individuals.
Before the Business Plan
Purveyors of conventional wisdom would have you believe that the very first thing you ought to do when setting up a new business is to create a business plan.
Business Name - How to Choose One
It's very important to get your business name right. You may
already have a business name but it's not too late to change
it. Let's face it; big organisations change their business
and product names all the time.
Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently
Adolescence brings with it many challenges ? for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images. More often than not, however, their journey more closely resembles an elongated stampede of enraged elephants than it does an innocent soul-searching endeavor. But no one said growing up would be easy.
The Myth of Undercapitalization - Six Ways Entrepreneurs Achieve Success in Spite of Start-Up Money
This year more than 17 million people will become entrepreneurs, according to the National Association of Self Employed (NASE). By the end of the year, 8 million of them will return to the corporate world because their entrepreneurial effort did not succeed. Many will say the businesses failed because of insufficient capitalization. Actually under-capitalization is not the cause of failure, but a symptom of a far more serious problem.
Use Your Youth To Your Advantage
You should wait until you're older and have more business and real-world experience before starting a business. You should just focus on school for now. Nobody will take you seriously at this age.