Today I wanted to share one of my Growth Tools called “Know It – Go It – Grow It”. I teach this over a weekend so I thought I would cover a little of each to get you started.
The important thing to know about business growth is that it must be intentional. You cannot hope to get what you want, and if by chance you do and you get it, it will not be sustainable. So, with intention to grow spend a little time doing these exercises.
The key to this piece is to know exactly what your ultimate role within your company will be when it is running the way you want it to run. By knowing which role is yours, you can create a plan to eventually offload the roles you should not be doing to someone else.
- Create an organizational chart for your business.
- Put the name of the person that performs the role in each position. You will likely find your name is in most roles.
- Define what your ideal day in your business is, when it is running the way you want, making the money you envision, doing the thing you love to do, and helping the clients you want to help. What is your role in this company? This is your ultimate role.
- List three (3) things in your business that you should not be doing. It may be because you hate it and you procrastinate finishing this work, you are not good at it, and it is not the best use of your time.
- Go back to your Org chart and circle three (3) roles that best fit your ultimate role in your business.
- In your Org chart put an X through the three roles you should not be doing.
Now you know what you are working towards (your ultimate role) and which three roles you will give away first.
This piece of the process helps you determine how you can let go of those 3 roles you should not be doing in your business. The key here is to realize that to keep the quality of your product or service the same and reduce time or cost you will have to put in more work or money. To grow your business and increase your businesses value you will need more. The best way to do this is to start by making your business as efficient and effective as possible. Reduce costs now before you start to build.
Here are some tips on how you can do this with minimal or no cost to your business to start.
- Charge for your uniqueness. I bet you are an expert at what you do and now that you are becoming more in demand you can charge more for your time. This way you can hire someone else at less cost to do the work you should not be doing.
Reduce the amount of time you do something by defining the process and repeating the clients’ best experience over and over.Create procedures for what you do so that you can more easily offload the work and maintain a consistent client experience.
This is about stepping up and getting uncomfortable. You must intentionally choose to grow your business, take on the new challenges, and invite the new opportunities. Growth does not come without struggle, so be ready to do what it takes to make the difference in your business.
This is the piece I use to help people to brainstorm where the opportunities are in their business already. Where can they charge more, free up time or create new products. Start with this simple exercise to evaluate your value in your business and the gap between what you do and what you could be doing.
- Write down what you charge per hour/day for your expertise? ($ME)
- List your three items that you should NOT be doing any longer in your business.
- What can you pay per hour for someone else to work on those three items? ($HELP)
Savings = $ME – $HELP
I found that I could save about $280 / hour by paying my niece to file my receipts once a week, not to mention the side benefits that I got:
- The work got done
- I was not stressed doing it.
If you want to go through more of this work with me check out this recorded webinar.