Is your business growing as planned? Are you as profitable as you should be? In this episode of The Dropout Multi-Millionaire, Brian Will tackles the issue of business growth and how to overcome stagnation. You'll learn the three phases of stagnation, with an emphasis on the significance of delegation, overcoming fear, and attaining clarity. Listen in for the keys to unlock your business's potential and break free from stagnation.
We are back with the Dropout Multi-Millionaire podcast. Because anybody can be a millionaire, but it takes something more to be a multimillionaire. And by the way, at the end of the show today, I'm going to give you a discount code for my Intro to Masterclass in Sales. It's on my website.
Stay tuned. I'll give you the code at the end of the show. And today I want to talk about business growth. Love this topic. And I'm going to start the podcast with three questions. Alright? Number one, is your business growing the way you want it to? Number two, are you as profitable as you want to be? And number three, or more importantly, Are you as profitable as you should be?
And three, have you ever worked with a tactical coach? Not a relational coach, not a technical coach, but a tactical coach. We'll get into that a little later. All right, let's jump right into these. Is your business growing the way you want it to? I have found that stagnation in business growth is generally a three phase problem that people move through.
And as I go through these three phases, I want you to look at yourself in your business and ask yourself if your business is stagnant. Which one of these phases are you in? Okay. Phase one. We have an entrepreneur who is trying to do everything in the company. They're wearing all the hats. And when you run out of bandwidth, the growth stops.
In other words, you start your business, you're working 40 hours a week. You're successful. Everything's good. The business starts to grow. You're at 50 hours a week. It grows some more, 60 hours, 70 hours, and you're making good money. But the problem is you eventually run out of time and bandwidth. And the business stalls out and doesn't grow.
This is a problem with delegation, not a problem with the business. And then as an entrepreneur, you tend to get frustrated. Okay. You get burned out, burned out as a cliche. It's an entrepreneur cliche. There are books, websites, podcasts, trainings, coaches, all about this burnout that entrepreneurs go through.
And the problem is this burnout is primarily. Because they never learned to delegate. What's worse is if something happens to you and you can no longer put in the 50, 60, 78 hours a week. Now it's not just growth that stops. You're actually going to start going backwards because nobody else in your organization.
Can pick up the slack. This lack of delegation is generally caused by a lack of understanding on how scaling a business works. Big sentence. Okay. It's a lack of understanding on how scaling a business works. The entrepreneur doesn't understand that. Scaling a business is not about perfection. It is about delegation and there's a difference here.
All right. And here is the dirty little secret. If you are in this phase of the business where you're doing everything and you have not learned to delegate yet, or you don't understand delegation, it is because you did not build your business correctly from the start. And unfortunately, if you're going to move past this stagnation phase, your business will probably have to take a profit hit short term.
In order for you to grow longterm, you need to stop thinking about today and start focusing on where you want to go and how you're going to get there. We call this the reverse engineering phase. It's one of the three tracks in my training program. Okay. Once you understand that you need to delegate, however.
We come to phase two of the problem. Phase two is fear. The entrepreneur says, okay, well, I understand I need to get delegate. However, I am afraid to either hire two new team members or to train new team members and turn over the tasks that I am already doing. And I'm afraid. Probably about two different things.
Okay. I'm afraid that my new team members will not do things exactly the way I would have done them, or they will not do them as fast as I would have done them, or even as good as I would have done them. All right. It can also be a fear of loss of income. The entrepreneur can be afraid that they can't afford to pay these people to do the job.
And that is because this entrepreneur is personally consuming all of the profit. Out of the business. If you are consuming a hundred percent of your profit, then there's nothing left over for you to have the ability to expand with. You can't hire somebody else. There's no money. There's no money because you're consuming all of it.
All right. You have to understand that if you implement delegation again, your business is going to take a profit hit for a period of time because you have to hire that person and you got to pay them and you got to train them before you can let them take over and allow you to go. Grow the business. All right.
Now, how long that takes could be a short time or it could be a long time. And that depends on how well you implement the delegation strategy. Okay. Again, this is what we do in the coaching track. You need to get this delegation piece, right? Or it will not work for you and you will just get frustrated and you will probably quit.
All right. Lack of delegation and fear will stop growth in its tracks. Which is fine if you're making money and you're happy, but if something happens to you and nobody can pick that slack up, you're going to get hurt. Okay. Now that fear I talk about, the fear of the delegation is usually a product of what I call phase three and phase three of stagnation is a lack of clarity.
It's a lack of clarity in both the longterm vision of the company and where you want to go. And it's a lack of clarity in the specific steps needed to accomplish the goals that you set out to accomplish. It is the lack of clarity that causes the fear because it is an unknown. It's a lack of understanding why you're doing something and how you need to do it.
It's a lack of understanding on what's going to happen if you do do it, alright? So, in other words, let me give you an example. Let's say that I want to go from Atlanta to LA. I'm sitting in Atlanta right now and I want to drive to LA. Now, I know that L. A. is west of here, so I could literally get in my car right now and start going west, all right?
I'm gonna be going on all kinds of crazy back roads, I'm gonna hit dead end after dead end, I gotta back up, I gotta go a different direction, I gotta go forward, hit a dead end, but in other words, it would probably take me a month to get to L. A. If I just tried to drive West, all right, now, a lot of times when we talk about change in business, we think, well, I need to grow my business.
And if I'm going to do this delegation, then these are the results I need to get, but I don't really have a specific clarity and how that's going to work. And so if I try it, it generally fails. If I try it without clarity, if I try it without a plan, it will generally fail. The reverse of just going West is I can actually go from Alpharetta, Georgia.
I can go South. I can go south on 400, then I can get on 285 east, and I can go east for a while. By the way, those are both exactly the opposite of what I'm supposed to be doing. I need to go west to get to California, but to do that, I got to go south and then I got to go east. And then if I go far enough down in about 45 minutes, I can hit 20 west and I can zip all the way across the country.
I get on that highway and now I'm flying. All right. This is what we call reverse engineering. Your business and your goals to create the specific steps needed to get you where you want to go. Just like when you're driving, you have a GPS. If you have the GPS, you say, I want to go to California. And it says, great, you got to go South and East and then go West.
You go, Oh, perfect. I understand the goal. I understand why I'm going the wrong direction. I understand why I'm going the wrong direction for an hour. It's because I have to go the wrong direction in order to go the right direction. Same thing with delegation. If we build you a plan, if we reverse engineer where you need to be and we bring it back to where you are today, I'm telling you, your business is going to take a hit.
You're going to make less money. You'll probably have to put in a little more work, because you have to get yourself in a position where you can hit 20 West and start zipping across the country. and get your business to really grow. All right. Clarity in the plan will overcome the fear of delegation that you absolutely need to do to get from where you are to where you want to be.
And that is, that is the bullet point you need to memorize. Clearly, clarity will overcome the fear of delegation that you need to do to stop the burnout, to stop the stagnation, to get from where you are today. to where you want to go, alright? So we've talked about these three phases of stagnation. The first is...
I either don't know how to delegate or I am afraid of delegation. That's fear and I'm afraid of delegation because I don't understand how to do it, how it's going to work. And that is clarity. And all this brings me back to my last question. Have you ever worked with a tactical coach or really any coach for that matter?
We talk about three types of coaching, right? There's relational, technical and tactical relational coats are going to relational coaches are going to talk to you about how are you doing? How's your staff? How are you getting along with everybody? What's going on in your business? How do you feel? That's relational coaching.
Technical coaching is you have a software company and you bring in a software coach or you own a daycare and you bring in somebody who owns daycares to show you how to run your daycare specific to your daycare. That's a technical coach. And then there's tactical tactical coaching is operations, sales structure.
It's. actionable steps to move your business forward based on your operations, which are generally general, I guess we'll call it to every business. Okay. Have you ever worked with a coach? Was it a relational coach? And you said, Hey, it's relational coach. That's great. But they didn't help me out to grow my business.
It's because it's not their job. If it's a technical coach, it might be specific to your industry, but do they really understand P& L analysis and reverse engineering and historical P& L analysis using pattern recognition to predict the future? Do they understand operations in your company? What I do is tactical coaching.
I focus on the operational side, P& Ls, organization, tactical sales training through what we call the psychology of sales. You work with me, we will dissect your business. Build you a plan to make those necessary changes to accomplish whatever goal you have. If you have never worked with a tactical coach and your business is not growing like you want, maybe it's time you bring somebody in with company building experience and coaching experience to help you move your business to the next level.
And as an example, we're going to talk about Tim Cook. Tim Cook currently runs Apple Computer. One of the biggest companies on the planet, the guy's clearly a genius and yet Tim Cook has a board of directors that comes in every quarter. Basically, it's eight or 10 or 12 people. I forget how many and they all sit down and they say, Hey, Tim, what's going on in your business?
And Tim tells them and they say, okay, based on all of our experience, here's our advice. Here's what we think you need to do. And Tim takes all that knowledge and all that advice. And he uses that to help him move Apple forward. Tim also has a personal coach. He has a personal coach that comes in outside of the board of directors.
In fact, the board pays for it. That helps him on the other stuff, not just the business, but personal and how are you doing and how you feeling and what's going on. So if Tim cook running one of the biggest companies out there and needs both a board of directors, as well as a personal coach to help him run his business, what in the world.
As a entrepreneur with a much, much smaller business, what in the world do you think you're doing not having at least one coach or mentor helping you? All right. So that's it for today. And as a final thought, here's the deal guys. If you want to win the game, You got to be in the game. See you next time.
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