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Episode Highlights [03:06] — The biggest mistake entrepreneurs make * Entrepreneurs spend way too much time working in their business instead of working on it. * Your business will not be successful if you treat it like a job. Instead, treat it like a machine. * You need three parts to build your machine.
[04:44] — Part one: The importance of standard operating procedures * Building a business machine requires establishing standard operating procedures (SOP). * SOPs are highly detailed sets of instructions for the business's repetitive processes. * These are crucial because you’re not going to do all the work yourself; you need people who will follow them.
[05:06] — Part two: Why automate in business? * Using software to automate recurring or repetitive processes is one of the key business growth strategies. * Delegate tasks a software could do. If you don’t, you run the risk of driving up costs. * Unlike software, people make mistakes.
[05:36] — Part three: Training people to be part of the business machine * The people you hire will be the ones following your SOP. You need to train them to be part of the business machine. * Virtual assistants can be excellent additions to the business if given the right processes, coaching, mentoring, and accountability.
[06:42] — Why entrepreneurs should not make decisions based on where the business is today * Many earlier stage entrepreneurs make the mistake of making decisions based on where the business currently is. * Make decisions with the mindset of where your business will be in the future. * Create an SOP so that you can hire VAs that will get those things done for you. * Always think about how you can make the best use of your time as a machine builder.
[09:31] — Business growth strategies: develop a quarterly planning template * First, set a revenue goal. * Second, have an offer. It should solve a customer problem and have an element of scarcity. * Third, come up with a strategy for how you will sell your offer.