Podcast Summary
Transforming a profitable business into a thriving enterprise: To build a profitable business, focus on having a clear vision, thinking big, defining a well-end goal, and automating processes for growth.
Business owners, like Steve Knight from CleanRight, often face common challenges such as acquiring better paying clients, working on the business instead of in it, and implementing automation. To overcome these challenges, it's crucial to have a clear vision of what the business will look like in the future – one that is profitable and running smoothly. However, many business owners, including Steve, focus too much on profit margins and not enough on building a truly successful business. To build a profitable business, it's essential to think big, have a well-defined end goal, and work towards automating processes to free up time for growth. By addressing these challenges and having a clear vision, business owners can transform their companies from profitable jobs into thriving enterprises.
Expanding a Business with Diversified Online Presence: Explore various online platforms and resources to reach a wider audience and grow a business, like Steve did by learning about Amazon sales from James' YouTube channel and joining Entrepreneurs University.
James Sinclair, the host of the podcast, emphasizes the importance of diversifying one's online presence to grow a business. He shares an example of a business owner, Steve, who has been successful in his carpet cleaning business for 35 years but is now looking to expand. Steve has been watching James' YouTube channel, which has over 500 videos, and was particularly intrigued by a video about Amazon sales. James encourages listeners to check out the YouTube channel and offers a free trial to his Entrepreneurs University, where he coaches businesses every week. The Entrepreneurs University provides swipe files, blueprints, and cheat sheets to help businesses grow. Steve's business has faced challenges due to staffing issues and long hours, and James offers to help him grow it further. Overall, the discussion highlights the value of having multiple online platforms and resources to reach a wider audience and grow a business.
Training the Next Generation for Business Success: Realizing the need to delegate and bring in family help, a business owner plans to train their future son-in-law, focusing on managing the business instead of being in the thick of it.
The speaker, who runs a business, has been working excessively long hours during the lockdown and realizes the need to delegate tasks and bring in a family member to help out. The speaker plans to train their future son-in-law to take over some responsibilities, recognizing that they need to step back and slow down despite their work ethic. The business has been profitable, but the speaker's wages have not been substantial due to the company structure and the need to reinvest profits. The speaker also faces challenges with family dynamics and the need to care for a family member, adding to the stress. The plan is to bring the future son-in-law on board, provide training, and focus on managing the business rather than being in the thick of it.
Exploring Entrepreneurs University for Business Growth and Family Involvement: Despite financial uncertainty, Steve aims to expand his business and involve family members, showcasing his determination to succeed and provide for loved ones.
The speaker, Steve, is considering joining Entrepreneurs University to grow his business and bring in family members, but he's hesitant due to current financial uncertainty. He currently generates around $10 a month in revenue and is surprised by his accountant's report of his turnover. He's unsure of his predicted sales for January and February due to the impact of government guidelines on his business. To better understand his financial situation and potential growth, Steve is advised to try Entrepreneurs University for free for 14 days. Despite his current financial situation, he plans to bring in family members into the business and expects them to earn the same amount as him, emphasizing the importance of hard work and earning one's keep. Overall, Steve is seeking ways to grow his business and secure a stable financial future for himself and his family.
Focus on customer acquisition while delegating cleaning work: Maximize time and skills by delegating cleaning work and focusing on customer acquisition to increase efficiency and potential growth.
Running a successful carpet cleaning business involves a clear division of labor between managing operations and acquiring customers. The business owner, in this case James, should focus on bringing in new clients while delegating the actual cleaning work to trusted team members. This approach allows James to maximize his time and skills, increasing the efficiency and potential growth of the business. Additionally, having a clear understanding of your role and your team's roles, as well as setting monthly management accounts, is crucial for maintaining a profitable and well-managed business. While James expressed enjoyment in both the cleaning aspect and the customer acquisition aspect, it is essential to focus on one area to ensure the business thrives.
Putting off important business tasks due to focus on operations: Business owners should consider employing someone to help with operations, even if it means a financial investment, to take action on important tasks and potentially see significant returns.
Business owners often put off important tasks, even those that could significantly grow their business, due to procrastination and a focus on day-to-day operations. For instance, during a conversation at Crew Alexander Football Club, John Smith and Mark Kreaser from Entrepreneurs Network were praised for their marketing skills. The speaker acknowledged that he knew the importance of marketing but hadn't taken action, instead focusing on operations. He had over 3,600 customers on his Sage account that he hadn't marketed to, and he had the GetBookedUp software to help him do so. Alan Simmons, the owner of a carpet cleaning business, kept 4 or 5 vans on the road but hadn't taken the step to expand due to being busy with operations. The speaker suggested that if business owners were forced to act within a short timeframe, they would take action. He encouraged the listener to consider employing someone to help with operations, even if it meant a financial investment, as the potential return could be significant. The speaker acknowledged that he himself had the ability to sell and market but was still procrastinating on expanding his business. He challenged the listener to consider why they were putting off important tasks and encouraged them to take action, even if it meant making a financial investment.
Hiring staff can motivate business owners to be more productive: Investing in human capital can lead to greater returns in the long run, especially when hiring skilled family members to manage and grow the business
Business owners who are hesitant to hire staff due to financial concerns may actually benefit from doing so. The added pressure of having to pay salaries can motivate business owners to be more productive and efficient. In this specific case, the business owner has the financial resources to hire a skilled family member, who can help manage and grow the business. By investing in human capital, the business can potentially transform from a profitable job into a profitable business, and eventually into a profitable investment. This can lead to greater returns in the long run. The conversation also highlighted the importance of continuous learning and education for new hires, as well as the potential benefits of building a network of industry peers.
Plans to Expand Business and Improve Website: Consider expanding business, hire for digital marketing, add engineer, automate processes, research competitors for website improvements, address customer pain points, and display testimonials.
The discussed plans involve expanding the business by doubling its size, employing a son-in-law to handle digital marketing and lead generation, hiring an additional engineer, and automating processes. The website was identified as an area for improvement, with a suggestion to research and learn from successful competitors to enhance its design, data capture, and call to action. The importance of addressing the customer's pain points and having visible testimonials on the website was emphasized. If resources allow, consulting with marketing experts was recommended for optimizing the website further.
Delegating tasks for business growth: Delegating marketing tasks and focusing on sales can lead to business growth. Define roles and responsibilities based on individual strengths to maximize productivity.
Investing in improving website copy and headlines, as well as clearly defining roles and responsibilities within a business, can significantly contribute to business growth. Steve Knight, a carpet cleaning business owner, shared his plans to delegate lead generation to a team member and focus on sales. James Sinclair, the podcast host, emphasized Steve's strengths as a salesman and encouraged him to let go of marketing tasks. Additionally, Steve mentioned the areas his business covers and provided contact information for potential customers. Overall, the conversation highlighted the importance of delegating tasks based on individual strengths and focusing on core competencies to drive business success.
