5 Things You Need To Know To Create A Successful Service Based Business
By Kathleen Black
The Buzz Conference
We don’t have one full, complete business. We have different parts of the business and we need to thrive at all of the different pieces in order to grow.
Everyone who runs a sales or service business needs to understand the following next 5 sections in order to have clarity and focus.
You need to know where you’re going. What is that top 1 percent life, what is that top 1 percent team, what do those look like to you?
That’s going to give you depth. The number one stressor for team leaders is people management. If you have a vision of the business you want to have in the coming years, you can step into the reality that the key players might change, you need to make decisions based on where you’re going, not based on where you’re at.
We believe in having an approach that works before we invest a ton of money into lead generation or marketing. If an agent were to join your team, and they were converting at the same percentages you were for a step in the client process, would you recruit them?
Would it be enough for you to invest money into that agent, if they were performing the same as you are.
This is an important awareness to have, because when you have team members come on, you want them to have the exact same eyes. These are our minimum standards and the guidelines to how you’ll be efficient.
Lead Generation and Marketing. We need to be in tune with the opportunities that are coming into the business, the source of business, what our top sources are and whether we need to expand them.
We need to be aware of checking in on the things we’re testing, to ensure that they’re working properly, and to not be afraid to cut things, but make sure you’re getting insight into how long you need before you know something is working or not.
Do I know what I’m great at, and do I know the right profiles and the right expertise that I need in the other areas of my business?
Am I always aware of the next steps for my business, and how I’m going to get there?
Who’s the next hire you’ll have and are you adjusting your systems and processes to include them in it?
Leverage is very important because if you can take some things off of your plate, it is very valuable to the business overall.
This includes tracking to target training, it includes multipliers, to know which business is coming from where and how much it’s costing you to create an appointment or deal.
What are your budgets, profits and losses? This allows you to be more agile and adaptable quickly.
You need to track in order to know how to spend your money, and stay up to date on how your business is getting and doing business.
All of these different steps rely on strong systems and the protocols that support them.