Every multi-million dollar business has mastered these 6 things" />
When our business is in the startup and scale stages, our head can feel like a computer with 100 tabs open.
The computer is probably working a bit slower than usual, sometimes tabs disappear and we forget things… there is just so much we are carrying in our mind.
Everything from big strategic objectives, to the tactical elements we are trying to improve on the ground, to the unhappy customer we have a meeting with later today, and the next couple of hires we needed to start last week… and this is just the tip of the iceberg.
There is also the fact that we are also a wife, a husband, a mother, a father, a friend… and a human ourselves with needs and wants like having some downtime to rejuvenate if the opportunity should ever present itself.
So rather than feeling like a computer with 100 tabs open, let me simplify it for you. In this video, I talk about the 6 core elements of every successful business and share how you can achieve success in each.
Element 1: Marketing
We go out into the world and we generate attention and interest in our products, we call this marketing.
Element 2: Sales
That attention and interest then walk through the door – for many of us, this is more metaphorical than literal. The lead comes in, the user lands on the landing page, the email drops in the inbox, the phone rings. At this point it is our job to turn this attention and interest into a paid customer, we call this sales.
Element 3: Product Development & Delivery
Once we’ve marketed it and sold it, what do we then need to do? Deliver the product or service we have developed. We call this product development & delivery.
Element 4: Operations
As we go up the growth curve, operations become increasingly important. Ensuring we have systems & processes for people to follow, an Operations Manual that is a central source of truth for ‘how we do things’, technology to underpin the business and the customer journey in its entirety, and to ensure that important internal projects are progressing and are on time. This is called operations.
Element 5: Finance
Once we are marketing, selling, delivering products, and operationalising, we then need to ensure we are counting and managing money. We call this finance.
Element 6: People
And the one element that brings all of these five functions together? People.
Without the people and processes in place to fulfil each of these activities in a structured way, you are spread thin across all of the functions. You are entrenched in the operations of the business.
Master These 6 Elements To Build An 8-Figure Business
To build a multi-million dollar business, you need to stop thinking how and start thinking who when it comes to each of these functions within your business.
Being a well-rounded CEO means that your business is not just strong in the areas where your natural talents lie, but in all 6 key areas. You may consider using a business coach to help you master these areas.
The objective is for you to build the people and processes necessary, to elevate yourself so that in each of the six key areas you are wearing the hat of the entrepreneur and the leader. You know you will have been successful when you are spending 100% of your time doing the things you love, the things you’re best at, and the things that add exponential value to your company.
Your Entourage journey starts here. Join Australia's largest community of over 500,000 business owners and entrepreneurs, and receive instant access to exclusive content and updates delivered straight to your inbox.