What sticking points or bottlenecks hold entrepreneurs back? This week Ryan Daniel Moran interviews Michelle Bosch of the Ultimate Boardroom. Michelle works with entrepreneurs who are doing at least $500K per year with the goal of growing their business 10X. Michelle speaks on why it’s important to make your business boring if you want to grow, when to hire, and who to surround yourself with in order to build a winning team.
The Goal of Business is to Make it Boring
You don’t have to constantly be jumping from crisis to crisis and be reactive. The focus should be on processes and systems to ensure predictability in cash flow, outcomes, and customer and client experiences.
In order to get to the $500K point, you have to say ‘yes’ to everything, which means being permanently in reactive mode; however, in order to break through, you will need to start saying ‘no’ to certain opportunities so you can say ‘yes’ to the ones that have potential for 10X growth.
Zone of Genius
The genius zone advantage shows you what activities you are doing on a daily basis, where you are incompetent and competent, and highlights your superior skillset or genius. The area where you have a superior skillset that you love working on (Zone of Genius) is where you should be spending your time. Your Zone of Genius is usually one or two things, and everything else needs to be either delegated or deleted.
When it comes to entrepreneurs, there is a lack of self-awareness, as a lot spend their time outside the Zone of Genius, which leaves them exhausted and unfocused on the important things.
Resistance to Hiring
If you are below the $500K threshold, the first hire needs to be a strategic assistant who is a tremendous fact finder with amazing follow-through. As an entrepreneur, you are trying to find a person you can pass the baton to and who can finish the race. You might be a visionary and start things you might need someone else to finish.
This strategic planner and operations manager is a critical hire and is the person who will help you with hiring the right people, identify core values, corporate identity, onboarding process, training rhythms, reporting modules, and delegation formula.
When you bring someone in with high-level expertise, you will see results within a quarter. Often, unnecessary expenses will come to light, which will make the hiring of that person not add to the cost of business. Think about ROI as ‘return on involvement’ rather than ‘return on investment.’
To think about 10Xing you need to think about subtracting instead of adding. 10Xing doesn’t always just have to be revenue; it can be profits too. There is the perception that if you are going to 10X, you are going to multiply what you are doing. What you actually need to do is separate it and 10X the business from an outsider’s perspective.
Thinking that you will have to work 10X with your existing skillset and frustrations isn’t correct and brings along the weight of the past, whereas 10Xing means you have to be extremely light.
When Your Industry is Your Bottleneck
The X Factor is an exercise in strategic innovation where you look at the bottlenecks in your business. Sometimes there is opportunity to 10X your business simply by solving the bottlenecks, which could be in either your company or industry.
When there is a bottleneck in your industry, this is key, because when you can identify and solve that bottleneck and make it the primary question your business answers, then you can disrupt and become the market leader in the industry.
Ask yourself, “What is the biggest bottleneck, and why?” until you come to the core of the deep seeded issue that affects your industry. You need to get to the bottom of what is preventing, not just you, but your industry as a whole from selling more or selling a different quality of what you already do.
Buying Your Life Back
This involves automating and hiring a lot more to enable entrepreneurs to have more freedom in their personal lives and freshness of mind in the business. Buying your life back lends itself to 10Xing your business and your personal freedom.
On your iPhone? Listen on iTunes here.
Links to Resources Mentioned