This Biz Podcast episode is covering one of the most common reasons people hire a business coach - to help them figure out how to make MORE money. Business owners want to make more money but they don't know how they're going to do it because they are already operating at full capacity. They have no more time.
How are they going to make more money without burning out, without feeling like everything is falling apart, and most importantly without hating their business?
In this podcast episode, I am speaking with Maya Khanna Le Roy, founder of a coaching and strategy firm called MKLC where they help entrepreneurs and leaders get clear and create space for their best work. We get into all the things you can think about and do to make things less dreadful.
When you have a great idea, but can’t find the time to execute it, it can feel awful.
What are you spending the most time on in your business? Are you spending time working on tasks that will grow your business, such as sales and marketing? Or are you busy working on mundane tasks that are preventing you from growing your business.
Kelly Roach is a coach who helps entrepreneurs all around the world make six and seven figure leaps. She also helps people build businesses around systems. Kelly joins me on the podcast to discuss why systems are so important in entrepreneurship and how focusing on the right tasks can make all the difference when it comes to reaching your goals.
Entrepreneurs tend to push back against systems, but systems can create freedom in your business. Systems don’t have to be hard. Systems are the things that hold and bind your business together and keep businesses running like well-oiled machines.
Systems are the core-principles or the automatic things that run a certain way to keep things moving each day. They are executed a specific way to generate a specific result and that could be your marketing, people management, product or service delivery, etc. If productivity is important to you and you want a freedom-based business, then you need systems to create the fluidity that can give you freedom.
The sooner you create your systems, the sooner you will grow and achieve your goals. Many people think of advertising or outsourcing as something that happens when you reach a certain level in your business, however the sooner you put systems in place for these things, the sooner you can do these things and reach your business goals.
Entrepreneurs do not necessarily enjoy sales and marketing. Because of this they are working more hours then they need to be on many areas in their business that make them feel busy, but all the while they are not working on anything that is going to produce a specific result.
Track and measure how much time is going toward sales conversations (online and in person. Also measure how many webinars you are doing, etc. Measure everything you are doing to get more clients. Many entrepreneurs can free up time if they focus on systems that will get them more sales, that will make you more money – because that should be your priority.
Most entrepreneurs probably only spend an hour or less a week on prospecting, when they should be investing a lot more time interfacing with their target audience. This can be via email, webinars, and networking events. If you’re not closing sales it could have something to do with where you are spending your time. You need to be making enough offers to be able to close more offers.
If you are in the new stages of your business, then you need to spend a lot of time outward facing and getting in front of your target audience. Sales are the driver of everything in your business so it is where your attention needs be.
Figure out what you need to make hourly in order to make the income that you want to make. Then sort out the tasks that you spend your time on each day and see which of those hours are profit producing – everything else should back into those tasks. Separate your genius work from the mundane tasks and then believe in yourself! Hire someone who can do the other tasks so you can focus on what you need to do to build your business.
You cannot build a million dollar business trying to piece together $10 an hour tasks. It doesn’t work. Trust the mundane tasks to someone else so you can focus on your genius work.
None of us get into business with the intention of stressing over their financial situation. This is why you need to get uncomfortable… so you can do more of what you want to do, such as taking more vacations, home renovations, etc.
You need to be growing your audience, and this means getting in front of them and as uncomfortable as this may be for people – it is necessary. In order to do whatever it is you love doing, you also need to become a great marketer because if no one knows about you then it doesn’t matter how great whatever you are producing is, you are never going to get to do it and make money.
People have thousands of choices every week so new, fresh content on a regular basis is necessary so people can vet why they should work with you. People are buying through your teaching and the content you are sharing versus through a direct sales pitch. So if you are not strong in sales, think about where you are strong – can you use your podcast to show your audience what you have to offer and how they can take it to the next level?
If you’re an entrepreneur then you know you can make income for yourself. You should also know you can earn extra income to pay for a virtual assistant, etc. You need to invest in your business so that it can grow, you can’t wait for your business to grow before investing in it.
Be honest with yourself with how much time you are spending having conversations with prospect. This will enable you to release the work that is keeping you busy and that isn’t growing your business.
Remember: Your time should not be diluted on 100 different things that is not growing your business – align your time with your goals.
Time Mastery Revolution: Cut 20 Hours from your work week while growing your business quickly.
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