Summary Below!
Mp3/transcript of this episode: www.melabraham.com/session035
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In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham goes in-depth about Business Systems. He talks about the characteristics of a good business system and the keys for its success. A good business system leverages your time so you can focus only on the core elements.
The Anatomy of a Good Business System
Customer Focused: Everything we do needs to be focused on customer experience. The system is no good if it creates friction. So we need to create a system that transcends customer experience.
Best Practices: We should make it world class while avoiding the perfectionist syndrome which gets nothing done. Get the best practices that exist. Be flexible to improve on it regularly and build a system that grows with time.
Single Outcome: The system should be focused on a single outcome because then we can measure it. Make sure it typically has a specific outcome focused on it.
Single Ownership: It should have singular ownership where one person is responsible. At the beginning, it will be you. But as you grow, transfer the responsibility.
Simple: A simple business system is the one that gets followed. It will not be respected if it is complex. So make it a simple system that works.
Documented: It should be documented so that the person responsible for it can be replaced. It might take time to document it but it's worth the avoidable future aggravations.
Measured and Rewarded: It should be measurable so we can manage the process, inputs and outputs. If the value creation goes up, the team should be rewarded.
The Key Systems for Success
Attraction System: A marketing system to attract the right people. It should be constantly connected so clients are brought in regularly.
Conversion System: After attracting people, how do we shift them from interested to buyer? Have a way to convert them.
Delivery: After something is bought it needs to be delivered. Have a fulfilment house that can ship the goods and deliver the services.
Connecting: Have a people system to connect with your vendors and teams. Your success is a team pursuit. So, have one in place to nurture, coach, support, evaluate and bring in people.
Tracking System: It is meant to track your productivity, profits, cash flow and other elements. It deals with data and accounting which is the life's blood for your business.
Watch the video and get the mp3/transcript here: www.melabraham.com/session036
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ABOUT MEL ABRAHAM
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Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. As the #1 Bestselling author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.
Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.
Meet Mel at melabraham.com/
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THE ENTREPRENEUR'S SOLUTION
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The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.
Subscribe to the free entrepreneurial podcast here: www.melabraham.com/podcast
The Entrepreneur's Solution Blog: melabraham.com/blog
14 сен 2015
