This is the time in your business when you are beginning to scale in earnest. This means increasing your capacity by building out your management team and refining your systems.
You’ll notice that your business is more systems reliant and that you have key leaders in at least two of the five main pillars of your business (sales/marketing, operations, team, finance, or executive leadership).
As your revenue climbs your business may feel like it’s bursting at the seams. This is normal and a challenge all Advanced Stage Level Two companies must solve.
An essential piece in building a Level Three business is enrolling your team in building the systems, controls, and scalable solutions with you.
Rather than regarding the team around you as a form of leverage that magnifies your personal reach and production, instead see them as partners in taking the business to the next level.
As management guru Peter Drucker once said, “The founder has to learn to become the leader of a team rather than a ‘star’ with ‘helpers.'”
Business growth and success is important for any small business owner. The road map to getting to level three or even level two isn’t always clear. That’s why having a growth coach is important for any scaling business. A business coach can help and guide a small business owner by helping clarify their vision for their business and how it aligns with their personal goals. Ultimately, the coach will assist taking the business to the next level.
Some responsibilities of a rapid coach include the following:
Three years ago, an introverted ex-engineer turned successful entrepreneur attended one of our business owner workshops. Like many business owners who find their way to one of our live events, Tom was burned out. He owned and ran a highly successful wholesale business, but he built his company to revolve around himself, which meant long hours, high stress, and sacrifices at home.
In fact, it was Tom’s wife who enrolled him in the workshop and even bought him the airline ticket to attend! Tom felt he couldn’t afford several days out of the office, but he listened to his wife and went anyway.
What happened when he took the concepts and strategies from the workshop home and applied them in his business?
Here’s what he said:
“I’ve always been one of those driven people who believed in working hard to reach their goals. Before I began working with David and the Maui team, I’d been fortunate enough to build a successful business (thisoldstore.com) and real estate portfolio that generated a seven-figure income. But I had to work long hours tied to my computer, phone, and email to do it – or so I thought.”
“Using the Level Three approach, I’ve cut my working hours in half and still make the same income. Only now I don’t come into the office until after 10 a.m., and I take every Friday off to be with my family for the weekend. This sure feels a lot more like wealth and freedom to me. For anyone who owns a successful business, I strongly recommend you use the Level Three business system to help you make it better. Who knows, you just might get your personal life back like I did.”
So what happens if you don’t take your business all the way to Level Three? Is it still worth the investment of time, energy, and money to grow and improve your business?
It sure was to Maui client Ryan Arnold.
He applied the insights and strategies to grow his HR company and sold it when it was Advanced Stage Level Two. The price? $5 million cash!
Here’s how Ryan puts it, “The value of the content has been remarkable, and [Maui Mastermind] consistently shares insights and ideas that you just can’t find anywhere else. Several of the techniques and strategies have literally saved me hundreds of thousands of dollars in the last year. I built my last service business into an Advanced Stage Level Two business and sold it for over $5 million cash. These ideas work, but you have to listen to the Maui team and put the ideas into action. It’s totally up to you.”
“Too many business owners are afraid of hiring better, smarter, more experienced team members to lead areas of their business, as if the presence of these team members threatens to eclipse the insecure owner. I’ve always believed in hiring top people and giving them the resources and support to do a world-class job. In fact, this has been the single biggest secret that Jack and I have discovered on our journey to Level Three.”
Reaching Level Three requires finding and enlisting key members to “own” parts of your business. More important, it requires you to let go of control so your business can thrive without you.
Rather than have all roads lead back to and through you like a hub in the middle of a wheel, encourage your team to work with each other directly. Grow their capacity to make their own decisions and take the initiative within the company. Remember, a business dependent on its owner—you—for its success becomes a prison that traps you. Plan for your great prison escape now by building your management team. Before long, you’ll have key leaders in each of the five core pillars of your business: sales/marketing, operations, team, finance, and executive leadership.
Get Started Now Schedule Your Free Coaching Session
Or, learn more about our Business Coaching Program