Are you a business owner?
Most of you reading this article are going to answer, yes. I’m here to tell you that’s bullshit. It’s more probable that you are a business operator. Let me share my view on the perfect business model and what you need to do to become a true business owner.
There are many ways to do business and throughout the years I’ve discovered my ideal way to run any business. Keep it simple! Your business needs:
Marketing: Simply put, when you are not marketing your product or service no one will know you exist. Like Tony Robbins says; “You’re a billboard in the desert and no one knows you’re there”.
Sales: Sales is the lifeblood of your company and if this lifeblood is not streaming through your company’s veins, it will die very rapidly.
Customer care: So many entrepreneurs focus on getting new clients and completely forget to nourish their existing ones. When your existing clients are happy the probability of them buying from you again is somewhere between 60-70%. Whereas a the probability of a fresh prospect is 5-20%. Keep your current customers happy and well taken care off at all times.
Administration: By this I mean, everything from administration, to daily operations to finance. To me backend tasks are like plumbing in a house. You don’t see it, but it’s essential that they’re there and running smoothly.
Delivery or fulfillment: Your product or service needs to be delivered. Make sure this, as any part of your business, exceeds people’s expectations.
Innovation: With the demand for better problem solving rising at an exponential rate, you can’t avoid to respond. Make sure you create an innovative culture in your business, so you are ready to respond when the markets change. You will be the first to see and materialize new opportunities that arise. Always be growing because if you aren’t growing you are dying.
Now that I have shared my perfect business model with you, let me ask you this: Are you the one that does the marketing in your business? Perhaps you are the sales manager in your business? Are you responsible for admin? Many entrepreneurs will focus on some, if not all, of the above mentioned parts, however in my experience there is no way you are truly passionate about doing them all. Plus, and maybe even more importantly, there is no way your superpower is in all of these areas. Most people have one or two superpowers and by not laser focusing on them you are essentially diluting your power.
Let me give you an example. Coca Cola is a billion dollar formula. Now lets say you add water to it, will it still be a billion dollar formula? No, it won’t. Will it sell? Yes, but it’s certainly not worth a billion dollars. It will be that cheap coke that you see on the floor of the supermarket which sells for cents not dollars.
The same applies to you. When you dilute your power and do things you shouldn’t be doing you are never going to be the Apple, the Coca Cola, the Amazon. You are never going to dominate in your industry.
The secret is to focus on your strengths and delegate the other areas to experts in those. Have the mindset that some tasks is simply someone else’s job. Now if you’re passionate about delivery or innovation, then do that! I’m not saying you can’t. Ultimately, what you, the entrepreneur, wants to be focusing on is being the OWNER.
The business owner should focus on maintaining the vision. It’s the one thing that cannot be outsourced. And just like in football the owner is also responsible for watching and enjoying the game. Just be aware of where you are and how you are operating in your business. Instead of diluting, step into your power.
The upside is that because of COVID-19 so many people are looking for jobs or part time gigs. That means you can dive into the talent pool and attract people that are going to do the things you shouldn’t be doing. By working hard you can go very far, but by working smart and working together with your team, you can go even further!
Arnon Barnes started his first business at age 11 and built and sold his first multi million euro company by the age of 28!
In the past 7 years Arnon has personally trained and coached more than 90 000 people from well over 65 different countries including, The Netherlands, Belgium, Poland, Italy, Sweden, Denmark, Norway, the UK, Brazil, Singapore and South Africa to name a few.
Arnon is an explosive international speaker, author, investor and one of Europe’s leading and most exciting business mentors.