We are going to release a series specifically for Holistic Health Professionals… But you’ll like them too! Here is the first episode of that series.
If you are ready to scale your business but haven’t been able to, it’s most likely due to a lack of foundational systems and infrastructure. To achieve scalability, it’s essential to implement procedures that foster accountability and develop systems that pave the way for an owner-independent business.
In today’s episode, Dr. Terri Levine explores why many entrepreneurs struggle to scale effectively. Additionally, she outlines the advantages of owning a business that is independent of its owner. From increased financial security to the ultimate goal of independence, she underscores how transitioning to an owner-independent model can transform your business and personal life.
To transition your business towards becoming owner-independent, Dr. Terri Levine emphasizes the importance of implementing robust systems and procedures that hold teams accountable and streamline operations. She concludes by posing critical questions that entrepreneurs can use to evaluate whether their company has achieved owner independence.
Key Highlights From The Episode:
[00:34] Introduction to the episode
[00:51] Why you are unable to scale your business
[01:30] The advantages of owning a business that is owner-independent
[01:53] How to shift your business to become owner-independent
[03:04] What are you missing in order to scale?
[03:53] Questions to help you determine if your company is owner-independent
[05:37] Get Dr. Terri Levine’s one-page plan on how to scale your business
Email: Terri@heartrepreneur.com
Golden Nuggets:
- If you are ready to scale your business but haven’t been able to, it’s most likely because you haven’t set up the company’s foundational systems and infrastructure. [00:44]
- Having an owner-independent business gives you financial security, personal fulfillment, and independence. [01:30]
- The key to transitioning your business to become owner-independent is establishing procedures that hold people accountable and building the right systems. [01:53]
- When you scale your business following a roadmap, you rekindle your love for owning it. [03:38]
• 90% of U.S companies still hold the owner in a vital role. [04:30] - While scaling a business, it’s important that you learn how to regain control over your life. [05:20]
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Full Transcript:
Welcome back. This is Dr. Terri Levine from Heartrepreneur, and I want to ask you a serious question. Are you the master of your company, or is it the other way around? Because if you’re ready to scale your business, and you haven’t been able to, you may constantly ask yourself, “Why not?” And, most likely, it’s because you haven’t set up the company’s foundational systems and infrastructure, and you lack the blueprint for doing so. So, if you’re stuck, it’s not your fault, nobody ever taught you to set up intelligent business controls to benefit your company.
And without this big shift in understanding, you’re not even going to want to think about scaling. So, what is that shift? Well, to scale, you need to shift to owning an owner-independent business. And that transformation, literally, for my client family members have given them financial security, personal fulfillment, and independence. They now trust their staff, their systems, and their culture to run the show daily while they take time off; they vacation, they’re with their family. And they simply keep in touch with their company just to make sure things are on schedule.
Now, the key to being able to do this is to establishing procedures so that you’re holding people accountable and you’re building the right systems. Now you might think, “Oh, well, no. Dr. Terri, my business is unique. It’s not going to work.” And I’m going to say that I’ve heard that probably from all of my 7,200 clients, and yet I do help install the right feedback loops, the right mechanisms. And once we install them in your business, you can literally, like my client family members, manage multi-million dollar companies that function properly and function apart from you as the business owner.
That means you have money rolling in while you can spend a considerable amount of time on vacation or just away from your business. And you can do that just like I do and my client family members do. So, what do you need to do? Well, first, you have to start with a distinct mission and culture, and that serves as your compass for your business. My client family members have money rolling in now, even when they’re away from their businesses a lot. So, what are you missing in order to scale? Well, there’s this kind of an elusive treasure map that every entrepreneur needs. And, really, I have found that people are really looking for this map.
It’s like the Holy Grail. So, from the beginning of a company’s journey to the eventual dissolution or sale of the company, whatever it might be, you need a crystal clear roadmap, something that you follow. And based on my experience as a serial entrepreneur, the map and its distinctions are really compelling. When you scale following a map in this manner, you’ll rekindle your love of owning your business, and it will be owner-independent. So, are you an owner-independent company? Well, let’s see. Answer these questions honestly. First, if you fail to go to the office tomorrow to work, would your company keep expanding or would things come to a standstill?
Question number one. Honest answer. Question number two: What if you suddenly decided to take a week off? Would your business keep growing or come to a standstill? And number three: What if you took a month off? Let me push you a little. What if you took a whole quarter off? Because it is possible. So, my guess is that you answered no to most of these, or, in fact, to all of them, if we’re being honest. So, according to the US Census Bureau, about 90% of US companies still hold the owner in a vital role, meaning the owner is primarily responsible for delivering the goods or the services, plus overseeing daily operations and handling financial matters.
Furthermore, there was a index by Wells Fargo group along with the small business index and the Gallup company, and they reported that small business owners work an average of 52 hours per week, with 57% working six days a week, and 20%, or more, working more than 20 hours a day. Now, while scaling a business, it’s important that you learn how to regain control over your life, and that could be a missing element here. So, if you really want to scale your business and you want my one-page plan to do so, I’m happy to give it to you. I just need an email to Terry, T-E-R-R-I @heartrepreneur, the word heart, R-E, preneur, P-R-E-N-E-U-R. Terry, T-E-R-R-I@heartrepreneur.com. Subject line, ‘one page plan.’
And I’ll get it over to you immediately. Be sure that you subscribe, and we do love when you share the show and when you give us your five-star reviews. See you next time you.
