Running a business can be one of the most rewarding, but also stressful things that any entrepreneur has to deal with. Many business owners end up telling us that they are most stressed because they feel like the business is running them, rather than them running the business. If the correct systems and processes are not in place, the business can consume your life and you end up over-reacting to too many problems, rather than being proactive in growing the services for your clients. After working with many business owner clients, we have narrowed down the five most important tips so you can feel like you are running your business, rather than the business running you.
Having the correct systems in place can help create structure in your business and allow you to scale. We have found implementing the EOS (Entrepreneurial Operating System) to help create structure and system implementation. One quote that I really love is “discipline creates freedom”, and this is very applicable to a business having the right systems. If you have processes in place for a way to do something inside of your business, this allows everyone in your business to prioritize what is most important, which ultimately leads to more freedom to do things that you like. Having a structured process in place for anything removes the decision fatigue so you can operate in a clearer headspace, leading to more creativity.
|Watch Video (02:53)|
Most successful business owner clients we work with have adopted and not run from technology. This is becoming more and more important as artificial intelligence is growing rapidly. Many people fear that technology could replace the value that their business provides, but the best entrepreneurs are able to use technology to make systems more efficient and save time. A good analogy of this is a surgeon using a robot to perform surgery. The robot does not replace the surgeon, but allows the surgeon to be more efficient and get to angles that they are not able to with the human hand.
|Watch Video (02:28)|
Typically in small businesses, there is a sales team that is responsible for bringing in new business, and can be highly effective. We have found that the most profitable and fast-growing companies we have seen grow mostly from word or mouth. This can be done most effectively if the service or product you are offering is impeccable and provides so much value that your client/customer wants to tell their friends and family about it. Inbound referrals tend to have much higher close and retention rates than a prospect that comes from an outbound call. This ties back to tip number one in making sure that the right systems are in place to allow for a repeatable experience for your client/customer. It is very hard to keep an excellent experience a secret.
|Watch Video (02:25)|
The most successful businesses we have seen operate in a one ship mentality. To continue the analogy, all team members are rowing in the same direction, and if one tries to row in a different direction, that will slow down the entire ship. One way to do this is to ensure accountability is high and there is no politicking back and forth. Everyone has a clear understanding of what their role and responsibilities are. Internal competition can also be destructive if it is used in the wrong ways. Competition is a good thing for productivity if it is used for the greater purpose of the company. Using an analogy of a professional sports team, during the week they have to practice and compete against each other, but on gameday, everyone is on the same “ship” and the competition is against the other team. The same concept is true for a business. Everyone has to be on the same team and competition can best be used if competing against an outside competitor for the greater good of serving your clients and driving your mission forward.
|Watch Video (02:22)|
Most successful business owners are very good at delegating. Each team member has a clear role and career trajectory, allowing the business owner to delegate as many responsibilities as possible. A good exercise to go through is to write down 100 things that you could delegate to get off your plate in the next 12 months. Many business owners struggle to go from practitioner to business owner because they are used to wearing many hats in the start up phase. Once you are able to master delegating, you realize there are very smart people that can do the task better than you could in the first place. This allows the business owner to spend time on high level activities that cannot be replicated.
Running a successful business with a greater purpose can be one of the most rewarding things any entrepreneur gets to experience. Implement these 5 tips to get your business to a point where you are running it, instead of it running you, and you could see your business begin to scale at a record rate.
|Watch Video (02:10)|
In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.
Add me to the weekly newsletter to say informed of current events that could impact my investment portfolio.
Securities and advisory services offered through EWA LLC dba Equilibrium Wealth Advisors (a SEC Registered Investment Advisor).
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* The risk of loss in trading commodities and futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage is often obtainable in commodity trading and can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
In 15 minutes we can get to know you – your situation, goals and needs – then connect you with an advisor committed to helping you pursue true wealth.