Effective Business Systems: How You Can Create Wealth While Struggling Less
If you want to make your company a success without getting bogged down and overwhelmed by the excessive workload, there are three strategies suggested by Harv Eker, world renowned trainer and author of Secrets of the Millionaire Mind, that will help you to run an effective organization while finding balance in your life.
Most people start a business to make money, usually to make more money than they would with a traditional job.
And why do they want to make more money? Usually so they can do more of the things that they really want to do and have the freedom to do them whenever they want.
That’s not typically what happens. Many business owners get caught up in their business. They find themselves working harder and longer than they ever did before starting a business.
In the beginning stages, this is often necessary to make sure the business is growing and thriving.
Many business owners continue to do this out of fear that in their absence the business will collapse.
The business takes them over. Even after years they find themselves in that same supervisory role. They have made things harder on themselves.
How well you structure the foundation of your business has a direct impact on your freedom to accumulate wealth.
Establish 3 Effective Business Systems To Allow You To Scale Your Business
What happens if you build a house on a weak foundation? Eventually it will start to crack and crumble.
Harv Eker shares that the business equivalent of building a solid foundation is creating systems; repeatable methods and procedures that produce profits.
The concept is that you want to systematize your business. In this way, you can efficiently sell and support your products or services in greater and greater numbers as you grow.
How Do You Create An Effective Business System?
Keep things simple. There are 3 categories your business systems should consist of:
- Marketing: making sure people know what you have to offer
- Production: getting your products and/or services made and distributed.
- Administration: accounts payable/receivable, human resources, finance, assistants, etc.
Each of these require specific processes so they run smoothly. Perfection in the processes is the ideal, but be prepared to settle for processes that run “almost automatically”.
The idea is to build an efficient and effective machine that makes money.
Think about what machines do. They repeat the same functions over and over. That’s exactly what you want. Repeatable processes that can work without you.
Why Does Your Business Need Effective Systems?
Without systems in place, you will need to be physically present almost all of the time for your business to work. Your business cannot grow past your own personal capacity.
It does not matter how energetic, charismatic, or brilliant you are. There are only 24 hours in a day. You still have to eat, sleep, relax, spend time with loved ones, etc.
If you want to gain wealth, your income cannot have a ceiling.
The Bottom Line: What Good is Creating Wealth if You Are Killing Yourself in the Process?
You want to be able to work on your business, not constantly in the business. Creating systems will give you that freedom.
If you can create effective systems, you will have two options:
- You can turn your business over to a competent manager or team of managers and enjoy a source of passive income.
- You can sell the business and perhaps become an instant millionaire.
The more solid you build your business foundation, the faster this can happen for you.
An effective system that works and allows you the freedom to work on your business rather than being an employee of your business, will allow you to enjoy the journey and start creating wealth today.