Ep 99 - Million Dollar Systems other people use

We all start our businesses the same way, with hard work. But hard work can only get you so far. It might get you to the million-dollar mark, but to get to $2M or $5M, you need something more.

Things don’t need to get complicated, but to get your business to the next level, you’ll need to bring in simple systems. The keyword here is “simple.” Don’t overcomplicate things.

Here are some simple systems to get you started.


KNOW YOUR NUMBERS

There’s an exercise I like to use that I call “A Beach in Hawaii.” Imagine you’re on a much-needed vacation, on a beach in Hawaii. You’re only going to have 1 phone call to check in with whoever you left in charge of the shop. What questions are you going to ask that person?

Whatever questions you come up with, you want to turn those into numbers, and then those are the numbers you should focus on like a hawk.

The fact is that there are too many numbers to track in your business. You’ll go crazy trying to track and understand them all. The idea here is to decide which are the most important, and to make sure that you know them.

The customer formula, revenue formula, profit formulas, and your revenue responsibility per hour are good places to start. If you don’t know what these are, listen to some earlier episodes of the podcast or click around on the website for more info.

CULTURE AND EXPECTATIONS

Culture, vision, and values… I know, it sounds a little hokey, but this isn’t all unicorns and rainbows. These are the glue that holds everything together.

Your company culture is made up by a company vision and values, and it’s driven by leadership. Are you taking an active role in defining your company culture?

Do your people share a vision? Do they know where they’re going? Or are they just processing wood?

I like to say that the stuff you’re making is the first thing people see when they wake up in the morning and it’s the last thing they see before going to bed at night. You and your team are making an impact on this world.

Feel free to steal that message and use it to motivate your team. Or come up with your own.

To do their best work, your team needs to know what they’re working for. Tell them.


COMMUNICATION AND ACCOUNTABILITY

I’ve got news for you: meetings are not for meetings. They’re for decision-making. Your meetings need to be efficient, otherwise they’re a waste of time.

For a head start on having more productive meetings, download this finance and forecasting meeting script with agenda. Use that document or just take some ideas from it. Better meetings mean more effective communication and more time for production.

Your employees want to feel proud of where they work. Help them do that by holding every member of the team accountable. But to be accountable, they need to know what you expect from them.

Communicate expectations clearly, and then hold employees to the standards you set. Don’t let someone hold the team back.


HEADSPACE

If you’re so busy that you can’t afford to think, you need to take a step back. Leave the office for an hour. Bring a pen and a piece of paper. Take the time you need to get a handle on the business.

Placing blame, denying, and having a scarcity mindset are no good. Attitude drives everything we do.

Surround yourself with positive, forward-thinking people. Take care of your headspace.


Check out our website for free downloads to get you on the right track.