Want your business to work for you instead of you working for it? Keep reading to find out how to turn your service business from one that earns you a paycheck to one that builds long-term financial wealth!
Okay, time for some honest truths: If you’re a service business owner who works long hours in your business then you’re probably facing the same struggles and frustrations that I was when I first started my service business.
Well, here’s the harsh truth that no one wants to admit: when you’re grinding it out in your service business 24/7, you don’t have a business… you have a job. You’re not building a long-term wealth-creating business, you’re in survival mode and just trying to keep your head above water and your bills paid.
Here’s a simple exercise to know if you are on track or not:
What’s your 5-year plan? What’s your ten year plan? How are you progressing? And, are you currently on track from what you planned 5 or 10 years ago? Many service business owners aren’t. They are just going day-by-day trying to keep afloat and hoping for some magic wizard to appear and make everything better. This is insanity—doing the same day-to-day grind over and over, and expecting a different result. It won’t happen. If you’re struggling now, you’ll be struggling tomorrow unless you do something different. You, yourself are in charge of furthering your business’s success.
Start with changing your mindset: stop treating your business like a job and start thinking of it like a wealth-creating asset. This means thinking long-term about acquiring assets in your company and ensuring that you squeeze the most out of each asset for maximum growth. (Jay Abraham talks about this when he is a guest speaker at Service Business Edge). Think of your business as a portfolio of assets where you acquire money-making assets and they work to grow for you. That might be more team members, more vehicles, more trade-lines, more offices, more markets… maybe even acquiring your competitors! When it comes to investing your finances you use this approach, right? So why not take the same concept and apply it to your business.
Next, create a plan. No matter what your situation, you should have a short-term and a long-term plan for where you want to be with your business. Think 5 years down the road and create a vision for what that future looks like. Then, create milestones, targets, and KPIs that go yearly, monthly, weekly, and daily, so you know exactly what to do each and every day to get to your vision.
Then, find someone who is doing it well and reverse-engineer their strategies. This is why a lot of service business owners join our exclusive membership called Warrior Circle—because they want to see how Rob and I built our service business into a $30+ million service business empire. In fact, they don’t even have to reverse engineer that strategy… Rob and I wrote everything down and now help other service companies simply implement what we did. Of course you don’t have to use CEO Warrior’s strategies but why try to reinvent the when there are already successful companies out there that you can copy.
Then, grow your business but constantly look for ways for YOU to stop doing the day-to-day work and instead get out of your own way (and out of the company’s way) so your business can grow while you command the ship and keep striving to reach the next level.
This is a simple recipe when I lay it out, right? And yet, so many service business owners make it extra complicated on themselves by doing more work than they need to do. Just follow this recipe in your business and stop working in your business going paycheck-to-paycheck like a job, and start building your business into a wealth-creation vehicle that will change the game for you and your family.