In the latest edition of the “Listener Question of the Week”, James and Phoebe show you how to grow and scale, while stepping into that CEO role in your business. The first thing you must ask yourself is why you would want to scale and grow.
Stepping into that CEO role means taking on some new responsibilities for who you are in your business.
James notes that when you’re a “do-it-all” entrepreneur, your business won’t see as much revenue, but due to the lower costs involved, you will see a much higher profit margin.
Having higher expenses really started putting pressure on his business, but it can be motivating when you don’t let fears and concerns get in the way of your profitable business.
Usually scaling a business comes down to having a desire for something bigger than yourself, and having a vision. When you bring on team members, this vision becomes essential.
Many entrepreneurs have trouble stepping into the CEO role due to fear of letting go and not having everything be “perfect” anymore. Not only is the vision crucial, but also it has to be measurable.
The CEO’s number one job becomes protecting the vision. James stresses that he has to determine “what” needs to be done, and leave the “how” to the team to figure out.
A helpful exercise to do on a daily basis is recording every single task as a $10, $100, $1,000 and $1,000 per hour activity. You’ll want to spend most of your time in the $10,000 per hour category, doing activities involving strategic planning, decision-making and deal making.
Investing in your business on a higher level can give you that one little nugget that will make all the difference in the success of your business.
People tend to focus on activities without knowing what the actions will produce, or without hitting a measurable metric.
Besides having a vision, a leader’s goal should be to become an effective communicator, along with making your team a priority.
Phoebe shares that when you put a positive spin on having others help you to scale your business, it’s going to allow you to have that bigger vision.
James adds that some of your best future team members are going to be your biggest fans, or past students of your courses.