How To Build A Fast Growing Business, Part 4: The Force Multiplier Number 2

How To Build A Fast Growing Business - PART 4

 

We know one force multiplier, and we’re getting a clear idea of how we can use that in our business. Let’s talk about another one. Let’s talk about the freelancer economy and the global talent pool. What are the key processes that drive sales and experience? If we just think about it, phone calls need to be made and answered. Emails need to be responded to and sent out. We need consoles to understand exactly what’s going on. These are the things that need to be done.

The problem with staff is they may not be spending all of their time or even as much of their time as they could be on the highest value things that will drive your business forward. If we think about it, on a daily basis like tomorrow or even today, who in your team is responsible for attracting new customers via online channels? Every day we have a 24-hour cycle. Every day that window of opportunity disappears. If we’re not having somebody in our team responsible for attracting new customers daily, it’s just not going to happen. The second step is who on your team is responsible for checking that current customers are delighted and happy with the service they’re receiving, on a daily basis?

The customers that bought from you yesterday, who’s checking to make sure everything’s okay there? You need one eye on the future, with some team members making sure new customers come in. You need another team member making sure current customers are happy. Otherwise, if they’re going out the back door, you’re always going to be trapped. Then, there’s one further step. Who on your team is responsible for reactivating inactive customers? If someone is becoming inactive every day, and checking out a competitor’s website thinking, “Maybe, I’ll buy this from here. I’ve not heard from the other company”, you need somebody in your team reactivating those relationships.

Who on your team is responsible for upselling or suggesting additional items to customers? You have customers that bought from you, but have they bought as much as they could do? Is the solution they bought from you the best possible solution they could have? Has someone in your team educated them about additional items or how to get a better result from what you’re buying? After all, that is what they want, they want a result. They’re not buying your widget or your service, they’re buying their result.  Do they know about your referral scheme? If the answer to any of the above is “nobody”, you’re missing opportunities. The question is, “How on earth can we get all this done?” How many hours are your team members, truly productive? Truly productive means moving your business to more sales, more profit, and a higher value experience. Are they doing specific activities, leading to increased sales? Are they doing specific activities that deliver great customer experiences and results? If they’re not doing those things, basically, it’s an expense and it’s a cost. As you saw with Amazon and Uber, businesses that focus on delivering value and eliminating waste are going to beat you.

Imagine your team only did the tasks needed, when you needed them doing. This would give you a significant advantage. The other thing you can take advantage of is currency. For example, a full-time UK team member could cost you between £1,500 and £2,000 a month. This is great because this person could be a highly skilled person. If they’re giving you 10 times or 50 times their salary back, this is absolutely worthwhile. There are many tasks listed above that are not being done. There’s no UK team member that could be assigned to those tasks because maybe the job isn’t a full-time job. Now, if you’re able to outsource, a full-time Filipino staff member, for example, could cost you around £300 a month. It’s about $500. You could have a full-time person, working 40 hours a week, focused only on the tasks which drive your business forward, for £300 a month. If you have three of them, that’s still less than the cost of one, full-time UK team member. If you assigned them to the three tasks with the biggest leverage, such as reactivating old customers, upselling and identifying other opportunities for delivering a great service, you’re going to be able to drive sales in a way that other businesses simply can’t, because their teams are tied up on other tasks.

This presents another advantage which is having a scalable virtual team. With a talented team based all around the world, you can then take advantage of two things. You’ve got the currency multiplier, so you earn money in pounds, but you spend in dollars or rupees or pesos. Your money goes further. The second multiplier is the time zone multiplier because when you’re sleeping, they can be doing things for you. In a 24-hour period, you can get 24 hours worth of work done, maybe even more, depending on how you manipulate the time zones. This is a Force Multiplier because you’ve got low cost, focused tasks, on-demand, 24/7 effect, paying per task. You can align your team members to the processes which drive your business forward in the most productive way possible. Again, when you combine this with automation, you’ve got a significant advantage over other businesses.

Building a team and automating processes all sounds good, but how do you avoid the chaos that having another four team members could create? At DominateCon, Strategic Coach will be teaching you how to create a multiplier mindset® and how to build your self-managing company® with unique teamwork. During their two-part presentation with exercises from the Strategic Coach Program, Paulette and Georgia will guide you through the processes you need to go through to achieve breakthroughs in your business and leverage your time, money, relationships and purpose to get your bigger, better results. Something else you may want to look at, and which we’ll be covering at DominateCon is leadership, alignment and Objectives and Key Results (OKRs).

 

Essentialism Greg McKeown

There is a book called Essentialism  that I highly recommend you read, by Greg McKeown. It’s an amazing book. He asks us to consider all the resources available to us, and they’re all around us. If we don’t focus on just the resources that are useful and supportive to us,  our energy goes in all directions, we chase every opportunity available to us, our team are confused about what they need to do on a daily basis and ultimately, we’re not going to move forward. Strategic Coach speaker Georgia Kirke is going to touch on this in more detail when discussing unique teamwork with you on the 19th, but as the book also points out, if your resources are all focused in a single direction, they have momentum, direction and become a force.

As your biggest resource, your unique support team need to be aligned, with all of their efforts coordinated to drive your business forward by supporting you as you focus only on the activities you love and have passion for as the business owner. In other words, you create the vision for your’s and your business’ futures, and create a team made up of individuals who support that vision and are working with a passion of their own for the tasks they’re completing. This level of unique teamwork will enable you to beat any other business that has a distracted, unfocused, unaligned team. Once we’ve identified our vision, our unique abilities and those of our team, one of our best resources could be technology we can leverage to keep our team aligned and moving in the same direction.

Objectives and Key Results were introduced by Andy Grove at Intel some time ago. Intel is widely known as a very fast-growing company. What’s so interesting is that OKRs were introduced to Google in its early days, by John Doe. OKRs have been responsible for building teams which can grow quickly, achieving highly ambitious goals. It would make sense to take advantage of that in your own business. At DominateCon, Weekdone, specialists in creating software that helps you manage your OKRs, will be sharing how their team use it, and how you can use it too. I want to just briefly summarize that for you.

Let’s look at objectives. Let’s say you’re the General Manager of an American football team. Your objective is to make money for the owners of the football team. That makes sense, right? You’re the General Manager, you’re employed by the owners. Your job is to make money for them. The key result for them is to win the Super Bowl, and to fill stands to 88%. We’ve got the objective and the key results for the General Manager. The General Manager then breaks down his two key results to his two team members; the Head Coach and Public Relations Manager. The Head Coach’s objective is to win the Super Bowl. The Public Relations objective is to fill the stands to 88%. If those two objectives are hit, the Manager can make the money for the team owners, and the goal is achieved.

The Head Coach and the Public Relations Manager then have team members working for them, so they break down their own objectives further for them so that each team member knows exactly what their objective is, and exactly what their key results are. This pyramid system is designed so that the objectives and key results at each level feed into the next right up to the peak. Everyone is aligned. If your team is aligned with what the key results are, you’re not going to waste effort, which means you’re not going to waste resources. You’re going to get more done in a 24-hour period than your competitors will do. Using objectives and key results is critical to coordinate and organize your team because the most coordinated and organized teams deliver the most value.

Why come to DominateCon? DominateCon was set up specifically to help small businesses. Most businesses in the UK that are successful have business owners who are trapped. They’re working too hard in the business and they don’t get as much freedom from the business. They may not have the lifestyle they desire. At the same time, they can live from their business. Many people consider them successful, and they are successful. They want to go to the next level. DominateCon is here to help these business owners take that further step, to be in a room with other ambitious business owners, to get concrete strategies, techniques and tools that you would otherwise have to travel to the United States for and spend thousands and thousands of pounds.

We’re aiming to build a culture of high growth businesses in the UK, and this is how we want to support it. We want to help you turn your business into a faster-growing company, so you can get higher value customers and it’s more profitable, enjoyable and fulfilling for you. By applying Force Multiplier Number 1 (automation), you can attract and retain even more higher value customers. At the same time, by applying Force Multiplier Number 2 (your unique virtual team), you’re able to go even further and work on your business rather than in it, with more freedom and profit than ever before. With the freedom, you can live your life as you want. You can spend it with your family, you can take the time to contribute to other causes. You can also learn new things. With the profit, you can donate to worthy causes, you can look after your children, you can look after your parents. This is, after all, why you created your business. We just want to help more entrepreneurs get there faster.

On Friday 18th September, we have a pre-conference on Advanced Automation Outsourcing. If you want to get a step ahead, and you want to get training and advanced strategies on implementing automation and outsourcing your business, we have a limited spaces workshop. It’s from 4pm to 8pm, and we just have 25 places in total. We’ve already sold some of those, so if you’re interested, you need to register now.

Then on Saturday 19th September, from 9am to 7pm, we’ve got an intense, fully active, concrete day for you. All of these strategies, techniques and advantages will take shape and be fully explored. All the resources you might need to create your fast growing business will be there for you on the day, and we can’t wait to share this knowledge with you.

If you haven’t already registered for DominateCon or the pre-conference, tickets are now limited. With only a few days to go, we’re close to selling out and don’t want you to miss out on this opportunity! Buy your ticket HERE, and gain exclusive access to the UK’s only conference for fast-growing businesses.

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About

Lucie & Aalok

Lucie & Aalok are husband and wife and co-founders of Click Convert Sell. When they first started to use Infusionsoft in their private dental practice in London (their marketing lab), back in 2012, they saw a constant growth in the following years. After lots of testing they refined and created a scalable and reusable system, a unique framework they now teach and plug in other businesses. They are all about delivering a premium experience and quality service through integrated solutions and the leverage of automation & outsourcing. Continue reading

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