The “6 Steps” is a proven step-by-step approach that helps business clarify objectives, producing consistent profits in the future. The 6 Steps are the steps needed to create a business that the owner can eventually work ‘on’ and not ‘in’. The 6 Steps are:
- Mastery – getting your business from chaos to control
This focuses on ensuring the business delivers productivity and profit with enough information and resources. It is broken down into four areas:
Destination – as a business owner it’s vital to know where you want your business to be in the future and what you want from it. You should have a vision of your future destination. With this, you can break it down into achievable goals, making you much closer to accomplishing that vision.
Financial – do you have the three crucial financial reports on a monthly basis – Profit and Loss Statement, Cash Flow Statement and Balance Sheet? Are you even aware of the financial basics within your company? All of this shows you how well your business is performing and how you can make improvements.
Time – once you’ve lost time you can’t get it back, so it’s so important that your time is used efficiently. Stop procrastinating by starting each day with identifying your initial goals, and be productive!
Delivery – your business doesn’t just revolve around what you sell, but also how you deliver to your customers and prospects. This includes your marketing techniques and customer service.
- Niche – having a predictable cash flow
Niche relates to having a healthy and predictable cash flow, becoming a profitable and commercial enterprise. This is done through highlighting your USPs and adding value to your products and services.
We recommend using the 5 Ways Profit Formula to understand your profits. The formula can show you that by increasing your key numbers by just 10% can make your profit grow by a whopping 60%. The key numbers are the Number of Leads, Conversion Rate, Customers, Number of Transaction and Average Sale. We have many strategies that can be put in to help you increase and improve these numbers in your business.
- Leverage – systemising your business to make it efficient
80% of most companies’ operations are routine at some level. Yes, creating systems takes time, but having them in place will enable you as a business owner to save time in the future which can be put towards more productive things.
Also by having systems put in place your business will be producing the same quality results, therefore meeting customer expectations and increasing profitability. As three experienced business coaches, we all have experience in putting systems in place for business to use that can produce massive results.
- Team – having a structured team for growth
It’s uncommon for a business to be successful without a strong and productive team all working towards the same vision. In this level we work on how to recruit and build a successful team.
This also involves how to be an effective leader. You should give your team clear objectives, whilst understanding their KPIs and using them to your business’ advantage.
- Synergy – turning your business into a well-oiled machine
The main reason why people start businesses is to result in building one that can work and run without them, to give them the time and lifestyle they wanted from the start. From completing the previous steps with guidance from us, you will have everything in place for a thriving business that you don’t have to completely run yourself.
- Results – acquisition or multiplication
Once you’ve reached your end vision and your business can run without you, consider the next step of growth – is it investing into something else? Or expanding your business to new locations, new markets or franchising?