Business Consulting

Do This One Thing Or Your Business Won’t Grow

Has this ever happened to you?

 

You set a financial goal for your business.

 

You meet it.

 

You’re exhausted. You think, that’s it. That’s the max I can handle.

 

I was having this conversation with a business owner just this week. Rightfully, she was really proud that month after month she had met her financial goal. And so I asked her: “Why don’t we double the goal?”

 

She stopped talking. Gave me a blank stare.

 

She wasn’t sure whether I was insane, or whether I didn’t realize how much effort meeting her current goal had taken to accomplish.

 

I pressed on.

 

“You’re looking at this all wrong,” I said. “You can double this. But if you don’t do this one thing, it’s not going to happen.”

 

I asked her to look at her revenue year to date. And I asked her to compare the percentage of that revenue she had personally earned to revenue earned by contractors she had hired to do the work. The percentage was small, but it did exist.

 

“That’s how you double,” I told her. “You increase the percentage of work done by others.” By identifying those two numbers, we now knew what the max was revenue-wise that she could earn while also running the business. And we knew that the rest of the revenue had to come from someone else doing the work.

 

There’s a limit to how much “you” you can sell. This conversation reminded the business owner that her job is to sell the firm, not herself.

 

So do this one thing: Scale your business by delegating and contracting work out to others wherever possible. It’s the only way to continue to grow.

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I am a business owner operating effectively but looking to learn how to take my business to the next level and earn some more mullah!