I haven’t spoken to an entrepreneur who doesn’t want to grow their agency and in return increase their wealth.
Often profit is seen as a dirty word and last week I had one business owner ask me if they could say that was their primary motivation.
My answer “Of course you can!”.
The biggest problem with making more money is not finding ways to increase your income, but rather, doing the boring activities that will put more dinero in your pocket.
If I asked you to write down 10 ways to increase your income, many could do this with their eyes closed. In fact, as entrepreneurs, we’re wired to look for the next opportunity. The reality is that this focus takes us away from the tasks that will make us more money now and in the future.
By following the next shiny object or your next big idea you’re less likely to be focused on the business that is building your wealth. And that’s criminal….but we all do it. Because often the mundane tasks we must undertake bore us. Many revel in the buzz of start-up hustle when it’s the boring old processes that bring in the big dough.
I’m here to tell you that wealth is built in the boring, and while there will always be time for your ambitious future plans, right now you need to focus on doing the basics right.
Speak to your customers
We get caught up doing the work we’re being paid to complete. That’s normal. But when did you last speak to a client and bring them value beyond the project you’re working on? When was the last time you pitched them a new idea or focused on growing the value of their spending with your business?
When times are leaner, it’s easy to focus on business development. It’s a necessity and we focus on building back revenue to a level we’re happy with. Then we get comfortable and take our foot off the pedal. This should never happen.
Your clients want to spend money with you, help them do so by providing value and the opportunity.
Boring & Effective Activity 1
Speak to 1 customer each day with a plan to increase their spending with your business.
Create systems and processes
Trying to run a business without documenting your systems and processes is like building a house of cards. Every time the wind blows, you’re starting from scratch.
If you complete a task or project more than once, write the operating procedure for it. Hiring a staff member? Their onboarding documentation should be 90% the same as the person before them.
You need consistent quality and to achieve this you need a plan for every task, process, person and role.
It’ll feel like a significant effort now, but I promise a year from now, you’ll wish you started sooner.
Boring & Effective Activity 2
Document repetitive tasks as you complete them
Make plans (and action them)
Trying to build a business without a plan is like trying to drive to Carrigrohane without a map. It’s down in Cork btw.
A plan is a roadmap to achieving your goals. I wrote a vision plan for my business back in 2015. The end was close to the expectations, but the journey took many twists and turns. Yet in moments where we needed to decide on a course of action, we used the plan to provide direction.
I speak to dozens of entrepreneurs each month and many of them have no plan. Or if they do it’s rarely communicated with their team.
And they wonder why they don’t reach their destination.
Boring & Effective Activity 3
And there you have it. Boring, yes. Effective, absolutely!
If you do nothing else this week, take action.