March 29th, 2011 David Finkel (Taxloopholes.com Advisor)
This past weekend we hosted 74 business owners in Denver for our advanced “Build a Level Three Business” workshop. Today I wanted to share with you a recap of the top ideas from the training.
1. Building a Level Three business means replacing yourself from the center of your business.
Many business owners find this scary, but to create the success you want and the lifestyle you desire, you’ve got to do that. If you don’t, you won’t have built a business, you’ll have built a job for yourself.
This leads directly into the next key idea…
2. When replacing yourself from the center of your business, you’ve got to build on more than just “key team”.
Too many business owners get hurt because they hire a few “special” people they plan on having run their business. But invariably all that does is create a business that is still vulnerable and dependent, only now, rather than being vulnerable and dependent on the owner, it is vulnerable and dependent on these key employees.
Instead, I’m suggesting that you build on the stable base of team, systems, and intelligent controls.
Team: yes you need smart, talented people.
Systems: they are what allow you to formalize and crystallize the knowledge of how to do your business so that future people can step in with minimal disruption. Plus, they help you get better results with less time, money, and effort.
Controls: they are the specialized systems that let you KNOW that your team is using your systems, at the right time, in the right way, to get the right results. They include things like process scorecards, key checklists, procedures that people follow to make sure things happen smoothly, etc.
3. Don’t reinvent the wheel when building your business.
What do I mean here? Building a successful Level Three business is a solved equation. What happens when you try to make a round wheel rounder?
The Level Three Road MapTM we have developed lays out the milestones, systems, controls, and team a business owner needs at each stage and level of their business’s development. By following the process check point by check point you are able to make steady progress.
What became clear from the workshop is that too many Early Stage Level Two business owners create stress for themselves because they think they should have business systems and controls in every area of their business. Not only isn’t this realistic, but it is counterproductive. At that place in their business they should be focused on building out their rudimentary lead generation and lead conversion system, their collections system to make sure they are getting paid on sales they make, and their basic fulfillment process so that they deliver on what they promised to clients. (And they should build out these systems in this order.)
This is just an example of what we saw from those business owners with newer businesses. But we also saw distinct patterns at the other end of the business spectrum where seasoned business owners also wasted efforts by focusing on non-essential parts of their business.
The bottom line is that as a business owner you’ve got to know which areas of your business need and demand your best attention and efforts, and which areas you should set aside to develop later.
In fact, if you want to get direct feedback on exactly where your business stands and what it needs to focus on, I have a big opportunity for you.
I’ve asked two of our senior program consultants to set aside several blocks of time in the coming week to do a few private, one-to-one strategic consultations with qualified business owners.
We’ll do these consultations for free because we know that in the long run, we’ve found some of our most successful consulting program clients this way.
You get to experience what it’s like to work with us, and we get to see what it would be like if we accepted you into the program.
Again there is no cost nor obligation, all we ask is that you participate in the strategy session with a sincere desire to make your business better. If you want, we can even record the call so that you can review the Mp3 later.
While we can’t do this complimentary session with everyone, a short 5-minute call will help us make sure you and your business qualify.
To participate, either call my office direct at 866-214-6619 or send us an email at [email protected] with the best times and phone number to reach you and I’ll ask either John or Michael to connect with you to follow up.
For those of you who are serious about taking your business to the next level and open to outside input and feedback to do it smarter and faster, please grab on to this opportunity while it’s available -now!