I, Carla, have been away for a while… But that’s what happens when you are wedding planning, aren’t a professional wedding planner, and also happen to be the bride.
However, I’m back, and I’ve definitely learned a lot from my hiatus.
One of the lessons I learned is that there are so many moving parts in weddings.
So what does that have to do with business? A lot.
In the Back to Business section, Jeff will talk about the different parts of a business.
In today’s email:
- 🗣 Amazing Announcements, our blogs, and stuff coming your way.
- 💸 Back to Business, Jeff will talk about the 7 elements of a business.
- 💖 Community Corner – Showcasing Mike and
- 🤖 What is a Standard Operating Procedure? When you are running a business with many moving parts, it’s critical that you start documenting all the tasks and processes that run your business. I know it sounds boring, but it’s absolutely necessary if you want to build a business machine. Get our SOP Builder and watch Jeff’s video about it here.
- 💵 What is an Income Statement? We’ve seen one too many entrepreneurs’ eyes glaze over when we start talking about finances. But finances are the blood and oxygen that keep your business alive! So if you’re one of them, start here with a basic lesson of what an income statement is.
Back to Business
What is a business machine?
One of the first words I learned in German was Kurbewelle.
I was working at a Mercedes production facility in Berlin, and the main product when I started was crankshafts, Kurbewelle auf Deutsch.
We made a lot of crankshafts. They all met the exact specifications described in the engine design, which in turn was a part of the whole car.
The company made parts all over the country, and they came together to make cars; the parts all fit, and nobody ever called to say, “hey, this guy Hans wants a car with a crankshaft that is about 2 centimeters longer, so please make one.”
If they had, it would send the whole business, throughout the country, into chaos.
See, Mercedes didn’t just make machines; they operated as a machine.
That is why they could scale, grow and build high-quality cars. They didn’t wing it or figure it out as they went along; they planned and delivered (well, still do, but I am not there, so does it count?).
At SGM, when we talk about building your business machine, that is what we are talking about—not figuring out but delivering the same crankshaft to build the same engine that fits into the same car over and over.
Which is great in theory but still begs the question: what does that machine look like?
And, honestly, we’ve struggled to put together the full definition – it never felt quite right.
After much summer meditating, whiteboard sessions that ate up dozens of pens, and more than a few long naps, we have a model we are very excited to share with you.
It is a 75-step model for creating your business machine. Implementation will take time, but at least you know what you are building, and as you build, all the pieces will eventually fit together.
The core 7 elements are these:
And the rest of the model breaks these down into detailed component parts. Each one of which we are specifying and clarifying so that you can build your machine.
Like a Mercedes.
Just not a car.
Because another important German word I learned was Urlaub.
And this is the key to eventually having the freedom to take a vacation (or decide not to).
I’ll write more about it here and we have some cool stuff planned for next quarter… so stay tuned.
- 🗣 Client Shoutout: Keith Reynolds! Keith promised during our latest Thrivers meeting that he’d share his first virtual roundtable event.
- Register for “Encaptify” Thursday’s (9/22) Roundtable happening at 4PM ET where Encaptiv and Publio will discuss content and event strategies to boost audience engagement and rocket ROI.
- 🍿 Cobra Kai Marketing One of our latest clients shared a great example of a Customer Value Journey being used in the Netflix show Cobra Kai. They described their client transformation “from kids to champions” and who wouldn’t want that? Watch the clip here!
- By the way, the client is from Isabelle’s Lighting, and if you think their insights are illuminary, then you should check out their actual products!
- 📊 Want to Create Amazing Reports and Financial Forecasts? We at Start Grow Manage love using Fathom with our Platinum clients. It connects to QuickBooks and Xero and pulls that information to create all kinds of reports to better understand your business’s financials.