July 27th, 2011 David Finkel (Taxloopholes.com Advisor)
One of the things that has become very clear for me over the past decade building businesses is just how important it is to focus in your business on the things that make the REAL difference, not just the sexy, glamorous things we want to focus on instead.
Here is a summary of the bottom lines to focus on in your business. (I’ve also put the direct links to the 5-9 minute training videos for each stage and level from our new online training tool. Remember, only follow the link to ONE of the videos so that what I cover in the video stays fresh and top of mind as you work on your business.)
Level One: 4 things you MUST do…
1. Clarify your business concept and do your market research.
2. Create your draft business plan.
3. Test market your offer so you get REAL feedback from people in your market.
Choose this link if you have not already started to market and sell your product or service.
Early Stage Level Two: Sell, sell, sell, sell. All kidding aside, if you’ve got an Early Stage Level Two business, no need doing fancy systems or planning 5 years down the road. You’ve got to make those early sales that ensure you have the cash flow to survive!
Choose this link to learn what the three top priorities are for your Early Stage Level Two business.
Middle Stage Level Two: Build out your core system(s) in four areas:
1. Lead generation (so you have a baseline system for reliably generating a minimum level of leads).
2. Lead conversion (so you have a baseline system for reliably converting your leads into paying customers.)
3. Fulfillment or production of your core product or service.
4. Your accounts receivable system to collect on the money you’re owed.
Choose this link to see the 5 critical components to build to solidify your Middle Stage Level Two business.
Advanced Stage Level Two: Finish fleshing out your systems, controls, and winning management team. This is the time you’re scaling your business and you need these building blocks to do it well.
Choose this link to learn how you continue the process of systematizing your business and building out your management team.
Level Three: Deciding, planning, and executing on your exit strategy… whether that be to sell, to own your business passively, or to scale it much larger.
Choose this link to learn about the three main exit strategies for your business and how to best choose and implement your desired exit strategy.
These are the bottom lines by Level and Stage. Don’t make things overly complicated. Building a business is a known equation. You don’t have to reinvent the wheel.
I hope these ideas sparked you today.