The top 1% or 2% of all small business owners net between $29,000 and $86,000 a month. You can join thiselite group within 3 to 5 years in the business you already own, or the one your going to start.
The top 1% or 2% of all small business owners net between $29,000 and $86,000 a month. You can join thiselite group within 3 to 5 years in the business you already own, or the one your going to start. All you really need is to understand one secret. The secret is…
STOP working on things your customer's don't know about
What that means is, you should focus all your time and energy and resources on what customers see. Theydon't see your bookkeeper, they don't know anything about your shipping department or your web designer or100 other little time sucking details in your business. So STOP doing those types of work in your business. For example outsourcing accounting is an easy first step. So is using document management systems to become apaperless office.
I mean why on earth would you set up a shipping department or a bookkeeping department or run your ownweb sites or write your own advertising.
I talked to one business owner a while back and asked "How much is your time worth?" Without even blinkingan eye he says $100 an hour. So I said. Your doing your own bookkeeping to save money, something thatcould be done by someone else for 20 cents on the dollar. That means doing it yourself gives you the mostexpensive bookkeeper in America – for below average results.
This struggling business person is wasting $100 hours to save money on accounting services instead of callingon customers. They will NEVER get past struggle. Never.
In our own 5 businesses we contract out everything that does not add value to the customer or clientsrelationship with us. That allows us to expand or contract our overhead depending on sales and it allows us tobuild share holder (what I can sell this business for in 5 years) so I am creating more wealth.
By reviewing my QuickBooks accounting data every day over a 30 day period I discovered I drove cash flowbest when I engaged in two activities….1. Developing clever and innovative ways to deliver better services to my buyers.2. Developing better relationships with my team, vendors and most of all a new customers.
Contracting out back office and support services is scary because were afraid the cash drain will kill ourbusiness. The exact opposite is the truth. When you work on low value tasks or manage those tasks you aresucking your business dry instead of building a top 1% operation.
Interview anyone you know in the top 1% and it will be one of the first things they tell you. "Do what yourgood at and get rid of everything else out of your life." Words to grow by.
KC Truby
The Lonesome Cowboy
http://www.kctruby.com
Top 50 Questions For Business Owners
When we teach business owners how to build a virtual business by outsourcing everything the customer / client doesn't know that you do.
The 71 Item Check List For Building A New Virtual Business
The 71 item check list for building a new virtual business from raw idea to turn key-cash cow. As you heard from Michael Gerber in his book "The E-Myth" no business can prosper without the 4 basic systems you must develop if you want to make $29,000 to $86,000 net per month.
Cash Cow: 2 Good Reasons To Outsource
2 Surprising Reasons Your Sales and Cash Flow will go upwhen you finally stop doing your bookkeeping once and for all. FIRST: 19 out of 20 small businesses can double their net cash flow in 120-160 days and rapidly build sales.
