In a perfect world, growth would happen in a linear fashion. But growing your business is a little more complicated than that. So how do you scale your business and move past the inevitable growth hurdles and sales plateaus? This week, Mandi shares her wealth of experience helping custom service businesses scale so you can step away from your team without worrying that it will crash and burn without you.
- Getting too comfortable with your business can be dangerous and often leads to plateaus. To grow your business and beat the plateaus you need a steady mix of consistency and innovation. And when you’re experiencing little to no change in your business progress, then you should consider taking the latter up a notch. Do something new, better, different.
- Plateaus keep you from making a profit. If you’re still paying the same operating costs and not making money, then you’ll need to do some cost cutting. With budget restrictions, you might have to let go of some employees. This is not only damaging to your business but also to the rest of your team. Without the necessary manpower to scale the business, you’re stuck in an even wider plateau.
- It’s crucial that you stop that downward spiral of no new profit, cost-cutting, and inability to scale before it happens or you’ll end up shouldering huge losses in your business. Outside perspective will prove to be an invaluable resource for identifying blind spots in the business.
Mandi shares how she has helped her clients accomplish a lot more in less time – and cut 11 hours off her work week by breaking the process down into levels. The business was at a sustainable pace and scaled to 7 figures. Even after the client had gone away from manning the business, her 7 figure company was still generating income. Completely without her, and with the highest cash reserves she ever had.
Want to know how to prevent the downward spiral? Here are three simple levels where you need to address problems:
- Free up time for growth and work-life balance.
- Address the profit issue.
- Streamline services into offers that add value at a fraction of the owner’s time.
Now, this may or may not apply to you. But have you ever wondered what could be possible if your company didn’t depend on you for everything? If your life weren’t dictated by your work schedule? If the business could grow, make more money, and keep a high level of quality? That is the kind of growth that is possible as you become a Hands-Off CEO.
Which is why it’s so important to seek outside support before your business reaches a dead-end. But what are some different approaches to getting valuable feedback?
- Before we talk about what to do, let’s talk about what NOT to do. You can’t count on finding a “miracle worker” who can come on board and save the day, especially when you don’t have good strategies and procedures in place. It will only end in disaster. So let’s talk about what you CAN and SHOULD do.
- Seek out quality-committed peer groups who are about the same level as you. This is helpful because you’ll be around people with different ideas, opinions, and takeaways on how they made progress. Granted, there will be a lot of ideas and information to digest, so you need to stay true to your vision and your goals and modify their ideas to fit what will work for you and your business.
- Find and connect with a mentor who has achieved what you want to achieve. They can provide great insight and you can model your steps to match theirs. But if you have unique challenges and circumstances then their strategy might not be the best fit. And beware of ‘gurus’ who sell you the story of how they succeeded. There’s no guarantee it will work for you.
- Hire an expert who has solved the problem you have over and over again. Because they have solved different problems over time, they’re more flexible in customizing solutions. The only problem is that the best coaches are often too busy to get you through the process themselves.
It’s important to have an outside perspective that will enable you to focus on what matters most in your personal life and in business. Keep these key learnings in mind and you’ll be a step closer to becoming a Hands-Off CEO.
The Hands-OFF CEO Podcast
We hope you enjoyed this episode! If so, you’ll love Mandi’s flagship program, Scale to Freedom. If you own a custom service business and you’re trying to break 7 figures, you might be interested in the upcoming, exclusive, bi-annual retreat where our tribe of B2B service companies gather to share high-level ideas, release limiting beliefs, and level up as leaders. It’s fun and transformational. If your business is successful, but you’d like to scale more efficiently, send Mandi an email: [email protected]