Last week I covered Part 1 of The Entrepreneur Process. If you have not read it, I suggest you take a look at it before proceeding forward. For those who have read it, you know that we have established that simplification is needed in order for an entrepreneur to succeed. What you want now is the information that instructs you on how to create a system to implement into your entrepreneur process.
The system is important for two reasons:
1. You stop having to constantly trade time for money
2. Your ability to make money multiplies significantly, giving you the opportunity to scale your operations
The goal of every entrepreneur should be to build a system which can be automated or delegated out to others to handle the time-consuming tasks that take your focus away from making money. Time is a very valuable resource as an entrepreneur. Therefore, your time should only be focused on those activities that pertain to your business’s growth and money generation. Task that are not related to those two things should be handled by those you assign to work the other processes within your designed system. I know as entrepreneurs we want to be hands on with everything but that only stifles our ability to grow our businesses and truly prosper.
Systems = Growth = More $$$
So you want to know how to build a profitable system from the simple model right? In actuality it is quite simple but also quite complex at the same time. It is simple because you are just multiplying your efforts done by one person. It is complex because you must determine what is the correct way of implementing effective actions in order to scale your operations.
Let’s focus on four processes when developing your system. These components are: Marketing, Sales, Fulfillment and Administration. Having these 4 processes effectively structured combine to produce a fully functioning business that does not need your constant involvement in order to sustain.
Your marketing system is what enables you to constantly reach your target market and stay in contact with existing clients. You don’t want to be the annoying person who is ignored but you do want to be a constant reminder of your business. This reminder should always be focused on bringing a refreshing perspective on various topics revolving around your business or the target market’s business or personal life.
Your marketing system should include:
• Social Media
• Email List
• Speaking Engagements
Create a constant flow of a mixture of these activities in order to keep your lead generation pipeline full of potential opportunities. This pipeline should be constantly fed and never become empty because once it does; your business will come under intense pressure trying to secure new customers.
Your sales system is the constant flowing blood that keeps your business alive. Without a consistent flow of sales, your business will inevitably meet failure and die a miserable death. The process of sales is how you turn interested individuals into paying customers. Therefore, you want to develop a sales funnel and actively know where an interested prospect is within the funnel. Doing this allows for you to know the proper actions to take place when engaged with a specific prospect.
Understanding the system of this funnel allows for you to eventually convert a prospect into a paying customer.
Your fulfillment system is how you turn customers into loyal clients. This part of the process is the work that is done once money is exchanged. Many businesses make the mistake of talking a good game during the marketing and sales process and then failing by doing poor work once they are paid.
You must never do business like this because your worth is dependent on your ability to produce value for the paying customer. Once the customer puts trust into your ability to produce results, you are obligated to work with 100% effort.
Your administration system is the support in place that takes care of the daily time-consuming tasks you have no time to do yourself. This is where the art of delegation becomes very important for a fast growing business. You can’t be handling every single call nor reading and responding to every single email; while still doing the work which brings in the money.
If you are quickly growing and becoming more busy, outsource those tasks which take up your time but don’t produce any money. Get yourself an assistant (virtual), an accountant, a lawyer, an HR Systems. Bring in the experts who can effectively handle their designated tasks; leaving you to only focus on growth and making money.
You should want to make your business a well oiled machine that can operate independent of you. Having systems in place means you own an ACTUAL business. Not having systems in place means YOU ARE the business. Which one can actually be sold when you are ready to exit?