Today's success tip comes from Brad Sugars.
Chairman of Action International, currently the 16th fastest growing franchise in the World and World #1 Business Coaching Company.
Why do you say that the key to business success is laziness?
Understand that business isn't about working hard, it's about employing people who work hard for you. Yes, you have to work hard to initially set it up, but the aim of business is to have the work done profitably by someone else and as the owner of the business your aim should be to do yourself out of a job. This is known as 'leverage'. Your job is to think - to search out new opportunities and add value to the company. Your team's job is to run the business and grow it.
My definition of a real business is a 'commercial, profitable enterprise that works without me.' It's funny how when I teach people this definition they are usually taken aback for a few seconds and then it's like, well yes, I guess you're right.
There are several elements within this definition. A 'commercial enterprise' comes first, that's one in which you can reliably and productively deliver what you sell. Most companies we coach have to go back and start at this level to remove customer complaints, bottlenecks and so on, so that the basics of the company are running right. It still amazes me how many companies don't even know what their break-even is on a day-to-day basis. We also put a very big focus on making sure that profit margins are solid right up front in coaching.
The next element to add is the 'profitable' part. That's where you learn to market and sell what you deliver. Here we find that most business owners use only two or three ways of getting new customers and even fewer of getting them back or having existing customers spend more money. Getting business owners to focus on their conversion rate from prospect to sale is a massive area for growth.
Then, it's about systems to make it all work, a system is simply a documented way of doing something. Systemising everything from employment to customer service is all about having it recorded and documented. You can write it down, film it, photograph it, or record it any way that you like, what's important is that you have a documented way of doing things.
The last stage is the team building to make it work without the owner. Team building and leadership go hand-in-hand, but teaching it to business owners is often a challenge. On the surface it's pretty simple, but as you get into it, you begin to realise the complexities.
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