The Road to Scaling up The Business: Planning is Key to Success
Jose and Chris started their conversation by discussing their day at the board meeting where they spent their time planning for scaling up their business – Trade Mastermind. Planning and strategizing are extremely important for any business to grow. Both Jose and Chris emphasized on the importance of spending time working on the business and not just in the business.
During the board meeting, they focused on looking at different aspects of their business like people, products, promotions etc. and strategizing ways to take the business to the next level. Planning allows you to allocate your time and resources efficiently towards the right things. Jose mentioned that they saw tremendous growth last year when they used to dedicate their mornings, between 6-8 AM, to planning for the future. This shows that even a small time spent on planning can yield great results if done consistently.
Perfection through Specialization
One of the key focus areas for Trade Mastermind currently is scaling their event strategy model which is delivering three-quarters of a million dollars a month compared to just a quarter of a million previously. Their goal is to take the number of events from the current 9 to 20 per month by September which will generate $3 million in revenue monthly.
To achieve this, they are working on building an efficient team. As the business grows, they are able to hire more people allowing roles to be specialized. This helps individuals excel in their specific area of work rather than being a generalist. Specialization leads to perfection and better returns. As the podcast progressed, they also touched upon importance of constantly evaluating team members and redeploying resources to maximize productivity.
Asking the Right Questions
An important lesson mentioned was asking the right questions. Previously, they were focused on creating more ads without questioning if that truly aligned with the main objective of generating more leads. Getting lost in unnecessary functions can divert focus from the actual goals. As entrepreneurs, having limited time, it is important to channelize 100% attention to the important areas.
Chris also stressed on the significance of identifying the correct problems needing solutions rather than just providing answers to the wrong questions. This ensures resources are deployed effectively towards the right issues. With experience, they have learned to second guess processes and strategies through questioning to continually improve.
Building a Scalable Model
Their goal for the next 12-18 months is to establish efficient systems through which the growing team can execute all the work so that Jose and Chris can scale back involvement. They are investing heavily in HR to develop the right infrastructure and hold team members accountable in a way that brings out their best performance.
Succession planning was discussed where top performers will be trained to become the next generation of trainers, thereby expanding the training offered. A competition is being planned to identify potential candidates. Content creation was also highlighted as a means to nurture loyal audience and support the business growth journey. Consistency rather than one-off impactful content is emphasized.
Final Thoughts
Overall, the podcast provided several takes on operating a successful and scalable business through strategic planning, questioning norms, developing specialized team members and efficient processes. It discussed Trade Mastermind’s vision and goals for the next year focusing on the aspects needed to multiply sales, profits and scale operations tenfold. Intentional effort and focus on the correct factors seem to be driving their progress exponentially higher.
