The Big 'E' Word - How to Build a Better Business

“The entrepreneur builds an enterprise; the technician builds a job.”

- Michael Gerber, author of The E-Myth

The other day, I had coffee with a friend who was contemplating leaving their highly paid job to start their own photography business. His passion was photography and the part-time work he was doing was really starting to add up. We had arranged our coffee so that he could get my advice, as I had gone through the entrepreneurial journey.



The Big 'E' Word



During our conversation, I told him about The E-Myth by Michael Gerber, a book that has had a profound impact on my life. Gerber’s message was so compelling that it completely changed my outlook. If you’re curious, you can watch the summary here.



My message to my friend was simple, I told him that until I read The E-Myth, I considered myself an entrepreneur. After all, I had founded a company, achieved moderate success, and was busy every single day. But what I had really created was a job – a high paying one, but a job nonetheless. It qualified as a job since my daily responsibilities included: client meetings, completing paperwork, managing staff, returning calls, researching products, meeting wholesalers, firefighting, yelling at suppliers, and dealing with a myriad of other details that required my attention.

It was nice to feel needed but after reading The E-Myth, I realized that if I were to leave my business for any length of time, I would return to an empty office and a drained bank account. In other words, if I didn’t grind it out for 10 to 12 hours a day - my mortgage, bills, staff and family would not get paid.

A Lasting Impression

A quote from the book that really hit home was this one:

"“If they don’t fail outright, most businesses fail to fully achieve their potential. That’s because the person who owns the business doesn’t truly know how to build a company that works without him or her…which is the key.”

After reading The E-Myth, I decided that I did not want to be a salesperson (even a good one). I wanted to be known as an entrepreneur. 



From then on, my mission was to help financial advisors build a better business. I wanted to convince them that they were trapped as salespeople and could have a better life doing what they were meant to do. A company should give financial advisors a clear path to simplify the complexities in their businesses and create a better client experience. If I could help advisors become successful in this undertaking, they could make a difference in the lives of thousands. 



If – as an independent financial advisor – you recognize that what you have is a job but you want to be an entrepreneur, you must change your outlook. To help you make you this transition from sales person to entrepreneur, here are three lessons that I’ve learned through my journey:

Stay Simple

Keep you offering simple. If your offering is too broad or you serve too many types of clients, your business will always be reactionary. You will find yourself managing by exception versus planned solutions. This will limit your growth and, more importantly, limit your profits. Always remember: 



Complexity = Overheads

 Simplicity = Profit

Systemize

Your business should be based on a carefully planned system where nothing is left to chance. Document your process so that anyone could step in and follow them seamlessly. Commit at least 50 per cent of your time to the constant refinement of these processes. This not only has the potential to enhance the value of your business when you exit it, but ensure your successor has the ability to continue to grow the legacy you leave. They weren’t kidding when they said practice makes perfect. Think of planning and systemizing your business as an exercise in getting your business to where you truly want it to be.  

Focus on the Wow

In an industry that is saturated with competition - you have to stand out. The way to do this is to provide a level of service that makes your clients say, “WOW!”, after each interaction they’ve had with you. If they have this reaction repeatedly, they will naturally be compelled to tell their friends and family about their experience. Word of mouth is still the best advertisement. Remember that your brand is not a logo but what your clients think about you. Always go the extra mile.



If you haven’t read the book, I strongly encourage it. It can help you unleash your potential, serve clients better, and enjoy the freedom you deserve. 

Are you trapped in the cycle of being a salesperson, or are you building a business that is made to last?