So far in this ‘How to Make Money’ blog series we have focused on the creation, giving and receiving of value and the person you need to become in order the make ‘Rockstar Money’.
But as the Irish say:
‘There’s many a slip twixt cup and lip’
(Which basically means that even when things seem certain, something can go wrong.)
Many businesses have managed to get the entire front end of their business working like a well oiled machine, brought in a ton of raving fans and awesome business only to have it all ruined by a weak and badly designed back end!
Today’s Tweetable:
The secret to really killing it in business is to have a well oiled front end coupled
with a military style, systems driven back end.
The front end of your business is all about driving more sales, higher revenue and increasing lifetime customer value. This is referred to as top line growth. It is the lifeblood of your business and so naturally gets a huge amount of attention.
But think about your lifeblood. What use is it if your heart is not pumping the way it should be, if the valves are blocked and the heart muscle is weak?
No amount of gorgeous, oxygen rich, life-giving blood is going to work if there is nothing but a rickety old pump & valve system to keep it moving!
The same logic applies to business. Once you start implementing all the front end strategies around value and rockstar money generation it will only last if the back end systems and processes you have in place are at peak fitness and can cope with the influx.
You need to approach your business from the perspective of selling it one day even if you never intend to or actually do.
That means continually building your business like it’s a product that has enterprise value outside of you. Costs need to be kept low while systems, automation and delegation remains high. This is when your bottom line growth looks big and healthy!
As Michael Gerber, author of The E Myth says:
“Approach it like a franchise prototype – like it’s going to be cloned 5000 times and all of them have to work.”
The ecosystem inside your business needs to be working in harmony which requires a systems approach and process driven thinking.
If you activate this mindset shift you will not only have a thriving business, making lots of money but a truly sustainable one that keeps your loyal customers, employees and business partners well looked after and very happy.
You, on the other hand, will be kept nice and busy living life to the full while your business works for you and not the other way around.
Got something to add?