Today we’re going to talk about how to acquire wealth from the three S’s in business. The first S in business, unfortunately, is not a very empowering word, and that word is “Struggle.” Most businesses fail. The vast majority after the first year are dust. Only 3% of businesses ever exceed a million dollars in revenues and rarely get to that scalability next level stage.
Why do so many businesses struggle? Understand that the first step of a business foundation is mastery. If you want to build a business, you need to have that solid foundation of mastery. There are four components of that foundation. Money mastery, knowing your numbers inside and out. Unfortunately, the vast majority of business owners, especially smaller ones don’t know their numbers or even know how to properly read a P&L. It’s crazy when you think about it.
Time mastery, many small business owners don’t manage their time very well. They’re running around, they are like a chicken with their head cut off, they’re wearing too many hats. Destination mastery, have they gotten clear on exactly what it looks like in the perfect world of where they’re going with that company. How big? How far? How wide? Whatever it may be, and delivery mastery, delivering their goods and services to their clients with consistency.
The S in struggle is right there, mastery is where a lot of business owners get stuck in the struggle. When things aren’t going well, this can really hurt us. However, think about the struggle for a moment. Think about those who persevere through all the struggle, you can now advance to the next level of growth which comes when you’re going through the struggle by going outside our comfort zone.
The second S is “Scalability.” Once a company gets to one of two million, you start looking at that scalability. You start looking at creating a team, the systems, and the structure of getting your divisional managers in place. As long as you’ve mastered mastery, your time, your money, your destination, and your delivery. You can begin to scale the team and the company. That’s where you start acquiring and building your company’s value and net wealth. Once you get all the systems and scalability in place, the team is now running the show for you. You have a business that works for you, and most importantly without you.
However, most people didn’t get there on their own. They either had a system that they followed or hired a coach to guide them along the way. So much value with a coach that has been there before and done that with so many different businesses, they could just show you the blueprint. They have the blueprint, and plus, they can keep you from slipping when things aren’t going right.
Once the systems, team, and scalability are in place, you then have a business generating over 10 million. That is where (only if you desire to do so) you bring your organization to the next level, of 10, 20, 30 million and beyond, where you become one of the key players in the industry. This is where you’re creating a legacy, and the third S which is Significance, where you’re taking earned money and investing it into different vehicles to produce additional income and wealth. You’re donating a portion to your favorite charities. You’re taking care of your family; you’re creating wealth for yourself. That’s a journey that the minority of businesses get to.
And most of the ones that hit the top, I’d wager to bet they didn’t go at it alone. So, look at yourself and your business of where you’re at in this situation. Realize as a new business owner, there’s going to be struggle, however, I recommend that you don’t go at it alone. Get a system, get a coach to guide you in the process. Know your numbers, get intentional on your time. Get clear on what it looks like of where you’re going. And do your best to deliver your goods and services. Scalability at this point, you begin to get a few things in place. You’re beginning to learn some lessons; you’re taking it to the next level. However, our true goal, no matter what, is take our business to the significance stage where you’re creating a legacy.
COACH MICHAEL DILL is an Award-Winning Certified Business Coach, global speaker, and published author. He is a proud ActionCOACH Franchise Partner as well as the President of Power & Ice Wealth Creation—a strategic leadership company that works with business owners, leaders, teams, and entrepreneurs to both develop a systematized and structured organization while accelerating their mindset, efficiencies, and effectiveness to grow both personally and professionally to achieve extraordinary results. He brings more than 40 years of business and entrepreneurial experience in his leadership, team training, and mentoring practice.
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