If your business saps your energy, time, and motivation, then you don’t own a company. You own a problem. Today I want to teach you a powerful new way of looking at business that will revolutionize the way you think about your role as an entrepreneur.
You see, every business, regardless of industry, must go through five basic steps of organizational “growing pains” before it can become a hands-off, revenue-producing asset that you don’t have to worry about. The faster you can confront and defeat the challenges common to each step, the faster you’ll be truly “free” – from both a time AND income perspective.
THE FIVE STEPS:
1. CREATION. This is when you’re beginning as an unknown in the marketplace, researching a viable niche or approach for your business, developing a working prototype of your business model, and launching the enterprise.
This step is called “creation,” but sometimes even established businesses haven’t taken the time to put together a solid business model or research an exact market niche! If this describes you, one of the most important things you can do is lay a sure foundation…because until you do, you’ll be dramatically hindered in your ability to transform your business into a profit-producing asset.
2. CHAOS. This step is just like it sounds! It’s when you begin waging the often-bloody battle of becoming cash flow positive. You do it by investing heavily in sales and marketing and other high-impact growth strategies. Your goal is to create effective marketing systems and build enough brand awareness to capture as much market share as possible, as quickly as possible!
Sadly, only a handful of businesses ever make it past this step – and if you’re struggling to find enough time to really work on your business, chances are you’re stuck here. Still, there is a light at the end of the tunnel, and if you can power through it, you’ll soon find yourself in the next phase.
3. CONTROL. This is when you convert cash flow into profit by stabilizing and organizing your operations, measuring your well-chosen performance metrics, and fine-tuning and adjusting the business model.
This step is all about systems: organizing the business in such a way that YOU aren’t needed for every decision, sale, or day-to-day interaction with staff and customers.
4. PROSPERITY. Your goal here is to solidify a position of dominance in your niche market by economizing and optimizing for efficiency. This will allow you to continue to invest in growth and repay debt. When you’ve reached this point, you can really start to enjoy the fruits of your labors!
5. FREEDOM. Your final act is to reproduce yourself and develop a strong core of leaders who will continue to grow the business through partnerships, joint ventures, and acquisitions.
At this point, you will enjoy the luxury that comes from having free time…and free cash flow.
Reflect on the five steps outlined above. Figure out which phase YOU’RE in. Then call me for a FREE consultation and let’s talk about it! Once we know exactly where you stand, we’ll be able to create a custom plan for moving through all the steps as quickly and effectively as possible.
To contact me, call me direct at 506 872 2900, send me an email, or CLICK HERE to book your FREE consultation.