Last week I talked about the one-page business plan and why you have to have it. Today, I’m covering the rest of your business operations. Do you have the operational processes and systems in place to where you can go out to the market without drowning? Ask yourself this, if we increased your revenue by 50%, could you handle it?
If you’re already working 10 to 12 hours a day, six or seven
days a week, you need to get operational systems and processes in place so you
can, delegate, automate, and bring on new clients.
You need operational processes for:
- Marketing – How are you going to generate leads?
What happens to those leads once they hit your system?
- Sales – How are you going to convert leads into
customers? What will their journey look like?
- Customer Service – Once someone becomes a client
how are you going to make sure they are happy and they want to remain a client?
- Bookkeeping – Don’t wait until tax time! Get a
solid bookkeeping system in place that tracks income and expenses.
- Accounting – Make sure your taxes are paid on
time, you are getting paid by your clients, and your bookkeeping is accurate.
- HR and Onboarding – How do you advertise a job? How
do you create a job description? How do you create a job offer and employment
agreement? What happens when I have to fire someone?
If you are at a level in your business where you’re making $100,000 a year or more, and you do not have a corporation set up, you really need to do that. It’s not a big deal. You can go to incorporate.com and they will set it up, it won’t cost you more than $500.
If you’re a business partnership, I highly recommend you get a what’s called a buy-sell agreement between you and the partners. Otherwise, you’re not going to be protected from your partner and vice versa. It’s good to have a good solid buy-sell agreement in place that covers all kinds of things.
It only takes about two to three weeks to get the
corporation set up in California. If you’re in a different state, let me know I
can help. Or you can do the Home Depot route and do it yourself. If you join my
10x Business Owners Mastermind Group I’ll give you the step by step
instructions on how to get that done.
So now you have a foundation in place to grow your business. If you’re just getting started, do it now, with the exception of the corporation. Wait until you have the revenues to justify that. But everything else you need to get set up right now. I promise you this, when you get to $100,000, $250,000, right around $300,000 you’re gonna start suffering the consequences of not having this setup. I promise you that because I know! I’ve been through it, I’ve kind hit my head on it over and over again. So, don’t be that person, do it right out of the gate, get it done right the first time. If you need help you can always talk to me for free for 10 minutes on the phone.