Income Dynamic: Process
I want to talk in this video about your process. So, in a job, you might have a singular process for what you do when you go to work, that might be sitting down, putting your feet up, drinking coffee for 45 minutes, taking an extra half an hour at lunch, you know, the normal things that employees do. But if you’re entrepreneur and you’re trying to do that individual job for you, the reason that you’re stuck at $100,000 market is because of the lack of process, it is because of the lack of systems and procedures, if you’d like to call them. Every single thing that you’re doing in your business needs to have an exact procedure.
Here’s a good example. I just printed up the new version of the procedures for our CFO, it is the exact book she creates for me every Monday that has every project they’re working on, every business that we’re investing in, all of the PNL, the cash flow, the balance sheet, and she idiomizes everything for me, she shows us what our credit accounts look like, she shows us what our incoming revenues are supposed to look like, she shows us our weekly sales goals, and it is all broken down to about 16 page binder that I get every Monday morning by 11 AM. So, that is a procedure for me keeping track of my numbers, which for me is the most vital thing in my business.
So, if you’re starting to ask yourself: “Why am I stuck at this $100,000 range and we’re talking about the process today, what processes have you put in place? Do you have a sales script, do you have a sales phone, do you have a lead generation process, do you have an implementation process for the first 30 days of your new client or the new customer? Say you’re a local cleaner, do you have an exact process for when an item comes in, what hands it touches and how it goes back out with the time framing between each touches so that you know the exact recipe for success and how you can trim time and increase profitability. If you’re a chiropractor, do you know the exact process of confirming appointments, similar to a dentist or similar to that?
When the customers leaves after the last treatment, what is the process that the person at the front desk follows through with it that they make sure that they’re going to get the paying customer back real soon? When you move from the job to the hobby side, you’re getting into the $250,000, you’re starting to put some processes together because there’s no way you’re making $250,000 a year. That’s some process, even if it’s all in your head. You’re starting to put them in Excel, you’re starting to put them into the Smart Sheet, you’re starting to put them in GoogleDoc, maybe you’re typing them out in Word docs, you’re starting to create a little more organization. But I’ll tell you, when it comes to creating a business that’s getting to this $1,000,000 mark, you would have to have perfected processes. That means that every single process in your business has to be documented, there has to be a binder somewhere, or a folder on the computer, where you can print out the exact process for every single thing you do in your business.
Now, that’s prettier than done. That doesn’t mean that they’re done. That means that you have the set that’s working for you now, but you’re always wanting to be looking to continually improve it, but not necessarily change it. One of the problems that entrepreneurs run into that keeps them in glass ceiling here is that they’re consciously changing all of their processes. They say that the only constant in business is change, but the less change that you can have, meaning improvements, one or two improvements here, 5% change is okay, but throwing it out and starting over, not a good idea once you get to this point, you have to be perfecting. You don’t want shiny objects, that’s facing a lot of entrepreneurs, which actually keeps most of them below the hobby point. So this is Rodger the Partner here, and we’re just talking about the processes here and how perfecting processes and procedures can get you to a job to hobby to a business. From $100,000 to $250,000 to $1,000,000 a year.
I want to help you get there, but in order to do that, I need to know what is going on in your business, so let’s talk, let’s figure out people-process-product, which one of these it is, and let’s figure out how we can fix it together. So, I’m Roger, talk to you soon.