The Fastest Way to Build a Multi-Million Dollar Small Business
The Fastest Way to Build a Multi-Million Dollar Small Business
The top 1% or 2% of all small business owners net between $29,000 and $86,000 a month. You can join thiselite group within 3 to 5 years in the business you already own, or the one your going to start. All you reallyneed is to understand one secret. The secret is
STOP working on things your customer's don't know about
What that means is, you should focus all your time and energy and resources on what customers see. Theydon't see your bookkeeper, they don't know anything about your shipping department or your web designer or100 other little time sucking details in your business. So STOP doing those types of work in your business. Forexample outsourcing accounting is an easy first step. So is using document management systems to become apaperless office.
I mean why on earth would you set up a shipping department or a bookkeeping department or run your ownweb sites or write your own advertising.
I talked to one business owner a while back and asked "How much is your time worth?" Without even blinkingan eye he says $100 an hour. So I said. Your doing your own bookkeeping to save money, something thatcould be done by someone else for 20 cents on the dollar. That means doing it yourself gives you the mostexpensive bookkeeper in America for below average results.
This struggling business person is wasting $100 hours to save money on accounting services instead of callingon customers. They will NEVER get past struggle. Never.
In our own 5 businesses we contract out everything that does not add value to the customer or clientsrelationship with us. That allows us to expand or contract our overhead depending on sales and it allows us tobuild share holder (what I can sell this business for in 5 years) so I am creating more wealth.
By reviewing my QuickBooks accounting data every day over a 30 day period I discovered I drove cash flowbest when I engaged in two activities.1. Developing clever and innovative ways to deliver better services to my buyers.2. Developing better relationships with my team, vendors and most of all a new customers.
Contracting out back office and support services is scary because were afraid the cash drain will kill ourbusiness. The exact opposite is the truth. When you work on low value tasks or manage those tasks you aresucking your business dry instead of building a top 1% operation.
Interview anyone you know in the top 1% and it will be one of the first things they tell you. "Do what yourgood at and get rid of everything else out of your life." Words to grow by.