Entrepreneurs make big things happen by personally taking on every challenge that comes their way. However, there comes the point in your business’s growth where you’re going to find it hard to have a life outside of your job, and your business’s growth will be limited by the amount of time you have. In this episode of the Owning The Edge podcast, I talk about the concept of internal one-to-many and why it is the path to ENDLESS SCALING IN YOUR BUSINESS.
One-to-One Business Is Limiting You
It’s not uncommon to be completely fixated on being the linchpin that creates your business’s value. Every time you get paid, it’s because you directly did the work to make it happen. Doing business this way can be empowering because you have 100% control over every aspect of your business.
But doing business in this one-to-one manner is majorly limiting you.
One-to-one business is limiting your quality of life outside of your business. As your business grows, your level of stress is going to grow right with it. This is because, with each new customer, each new client, the work to make that profit is put directly on your shoulders.
How many hours can you work before you start to feel like that’s all you do?
If you’re the bottleneck for your business, you limit your business’s growth to the number of hours you can realistically put in.
One-to-Many; Set Up Scaling Within Your Business
When you hire someone, and everything they do is dependent on you, there is a limit of how much value your business can get from that person.
If you hire ten people that report directly to you that all do different jobs, you’re going to find that you’re going to be putting a lot of hours into evaluating, training, and making sure they’re doing their work the way you want them to.
How do you hire people in a way that is going to unlock endless growth for your business?
When you hire your first person, what you’re eventually trying to get is a cluster of people that can work together and collaborate. Teach every new member your vision of what you want your business to be and what it is accomplishing.
Once you have a large enough team that is collaborating, they start to do the double-checking themselves and start really generating income. This is when you can put a manager in place, freeing up even more of your time and really setting your business up for endless scaling.
What your business is capable of doing will no longer be limited to the number of hours you can put into it!
It’s essential to build systems into your business so that you have a standard process for getting things done. If you don’t have sound systems in place, almost all of your time is going to go into checking in on everyone’s work and progress.
Once you know that a project is complete only when it’s been submitted to a specific folder, renamed, and confirmed by your management team, you won’t have to keep checking in.
You won’t have to stand over each person to make sure the work is actually happening.
You’re going to be able to start having your team take on whole projects. You can have someone in charge of your coaching, someone in charge of graphics and designs, someone in charge of your social media. As these areas and your business start growing even more, you can begin expanding your teams.
When you’re not managing every aspect of your business yourself, you’ll be able to: