The wrong priorities
Many small businesses believe the path to success is:
- Growing revenue,
- Growing the team to serve the growing client base,
- Financial freedom and independence.
They completely overlook the importance of creating control over their business. This leads to the hamster wheel effect. More clients mean more time working in the business and less time to systemise and work on the business. More clients mean less time with existing clients. Existing clients get annoyed and leave and the cycle repeats. All of this leads to unhappiness and burnout because despite working hard, it feels like your are never making progress.
Everyone thinks they need the latest marketing gimmick – a click funnel, webinar auto-enrolment system etc. but these are often making a bad system or process worse.
Most owners think they need more clients, not realising more clients would sink their business because more clients = more time until something breaks.
- First you need an effective organisation that scales with the number of clients with out increasing your hours or decreasing the quality of their service.
This is a common mistake because growth and control aren’t seen as the opposing forces they are.
Instead, owners should focus on:
- First having control over their business, then
- Growing their revenue and team in a systematic way, which produces
- Financial freedom and independence. Happiness is then a by-product.
This is why our approach in the Business Accelerator is to first create a strong foundation, what we refer to as preparing the soil. Then we focus on growth during the nurture phase. Finally, we reap the benefits in the harvest phase.