How much time have you spent on your start up business? This is a very common question I ask any entrepreneur with the intentions of growth. You see while there are so many positives on business growth, timing is everything. If you want to spend a ton of time on the business, you also want to make sure you have paid your dues in it!
I recently took on a coaching call with a local service provider who was looking to grow rapidly. The challenge is he has spent a very short time in his own business model to work out the processes, the kinks as well as the operations. The reason for his growth was because he wanted to expand the flow of customers in his own business. While this would be great for his sales process he would also have to pay a good portion of his income to outsource some of his work. The challenge is he would have to work on a lot of leads to justify paying all those outsourcing fees.
This becomes harder when you are taking on clients who do not pay for your premium services. For example would you consider giving away half your profits on a sale thats less than $300? Or would you rather give out a portions of your profits on a larger sales? You see at the end of the day what we discovered was that the reason why my client wanted to grow fast was because he was feeling overwhelmed. When we broke this down further we identified that he was spending too much time on his clients workload and he needed to fine tune his operational process. Too much custom work for a client can only be justified if you are being paid for it. After a few tweaks to his operations he was delivering on timelines without failure and he did not need to consider outsourcing.
When spending time in your business you need to perfect the following areas
- Daily operations
- The Sales process
- The marketing process
- Branding and social media
- Internet Marketing
- Time Management
Once you find the sweet spot for all these areas and you have perfected your skill at it you can now consider growing your business! Are you spending time in or on your business?