Profitless in Southeast Asia: A Case Study for Getting Past Bootstrapped

I had a discovery call with a prospective client the other day.  For privacy, I’ll call him Les. I ended up telling Les that I couldn't, in good conscience, take him as a client. When I first saw his application, I thought he would fit right into my specialty. I could potentially add a lot of value. However, after talking, we both agreed that my fee would put an undue hardship on his business. I…

Continue Reading...

Derailed By Details

Have you ever had a big idea, set out to figure out how to do it, and then realize you couldn't do it and just killed the idea? I know I have. Still do it a dozen times a year. What happened was you jumped into the mechanisms of implementation. You started thinking about all the details of the idea before the idea could coalesce into a commitment. When working with clients I try to…

Continue Reading...

Creating Abundance In Your Business When You Don’t Feel Abundant

Are You Really Thinking Abundantly?   What you're about to read isn't a holier-than-thou screed. I'm just as guilty of thinking in terms of limits instead of abundance.   So I'll start there...   Many times I find myself with limited thinking. And I have to remember my definition of abundance for me -- T.I.M. Having time, income and mobility freedom. I have those things.   Then I remind myself to look at what I'm…

Continue Reading...

Hiring For Your First Management Team (Who They Are & How To Afford Them)

In the self-funded world, there is a pervasive and popular idea that when you start a company, your first hires should be for administrative tasks. Popular advice essentially says to delegate the little tasks that you hate doing to focus on the “big picture”. The most common way for you to get rid of these tasks (according to this advice) is to hire a virtual assistant. The tasks could include data entry, data mining, email…

Continue Reading...

Wealth Accumulation, Wealth Creation, and Lifestyle Funds

What’s the Difference and Which Should You Focus On? Ask any entrepreneur: “Are you going to retire?” and they will say, “No, I am probably going to work until I die.” If that’s your mentality, you have to ask yourself – are you working because you have to make money to pay your bills – or because you’re enjoying it so much that you can’t stop? Consider if you can get to the point where:…

Continue Reading...

NO REALLY, DON’T MAKE SOPs

The following is my side of an email thread to a member who is going to talk about my insane idea that a founder shouldn't make SOPs. I've left out that person's emails for privacy and not to spoil the talk that this info will be a part of. .................................................................. HIRE FOR IMPACT You were sort of close. I recommend that founders never write a single SOP. (SOP stands for standard operating procedure.) If a…

Continue Reading...

You’re Invited To Grow Your Business

I'm doing a free training on a framework I use to help my clients grow team-driven companies. Learn how to use Team Mapping™ to structure your company with the right people at the right time. Go here to register for the upcoming training: Team Mapping™ Join me October 4th at 6pm US Pacific / 9pm Eastern.  

Continue Reading...

How To Be An Exceptional Business Owner

This is a post from my private Facebook group for entrepreneurs, The Forge. HOW TO BE AN EXCEPTIONAL BUSINESS OWNER In my previous post in this series on average and exceptional business owners, we learned that being an average business owner is rather pathetic -- the median revenue (not net profit) is $44,000. The median employee earns $52,000 before taxes. (Part 1: https://www.facebook.com/groups/TheForgeGroup/permalink/955854154525321/) Taking on all the responsibilities and workload that comes with a business…

Continue Reading...

Rule of One-Third: An Intro

*** THE RULE OF ONE-THIRD *** How To (Almost) Guarantee A Profit In Your Business A reader asked me to clarify this rule on cost of labor in a professional service business. Here's the premise and how to use it. The Rule of 1/3: A professional service business should not have TOTAL salaries exceed 33.33% of revenue. Total salaries: includes contractors, employees, and management. Product businesses should not exceed 1/4 of revenue. Caveat: this is NOT…

Continue Reading...

8 Common Growth Mistakes (Rarely Talked About)

...And what you can do to avoid or fix them. In a previous email to my list, I shared a critical mindset shift that's absolutely required for your revenue growth. You need to view how you acquire customers differently. Without this change in your strategy, your growth will stagnate at best and drop at worst. The shift? Seeing your customer acquisition as a system. And right now, we need to continue down that line of…

Continue Reading...