Scale: Seven Proven Principles to Grow Your Business and Get Your Life Back
Jeff Hoffman, David Finkel
Your concrete road map to rapidly grow your business and get your life back!
Have you ever wanted to grow your business but held back because of fear that it would take over your life? As an owner, it’s all too common to feel you have to choose between your personal life and the success of your business. But the surprising truth is that the only way to truly scale and grow your company is to reduce its reliance on you. This means that, done right, scaling ensures that you can grow your business without sacrificing your life.
Jeff Hoffman, a serial entrepreneur and former CEO in the Priceline.com (Priceline Yardsale) family of companies, and David Finkel, CEO of Maui Mastermind, a business coaching company with thousands of clients worldwide, offer a concrete road map for rapidly growing your business while also gaining more personal freedom.
You’ll not only learn the best strategies to generate growth, but you’ll also get proven insider tips to sustain that growth through sound systems, empowered teams, and intelligent internal controls. Hoffman and Finkel will also show you how to overcome predictable obstacles in any pillar of your business—including sales, operations, and finance—with insight for building better lead-generation systems, managing cash flow, and retaining talent. You’ll learn how to:
• Escape the Self-Employment Trap and build a business, not a job.
• Systematize your business to reduce costs and increase capacity.
• Ensure your company survives the “Hit by a Bus” test.
• Uncover your company’s top leverage points (and execution strategies to implement what you discover).
• Fund your growth with the seven cash flow commandments.
• And much more.
Scale offers a game plan to work less and get your business to produce more. Written by two worldclass entrepreneurs who have started, scaled, and successfully exited from multiple businesses, which collectively have generated tens of billions of dollars in sales, it gives you their bottom-line best ideas to effectively grow your company.
If you have ever felt stuck in your business, not knowing the best way forward, this book is your mustread guide.
approval process Prenumbered invoices (with controlled access) Refining Your Systems and Controls as You Grow Looking back at the three-legged stool analogy we shared at the beginning of this chapter, it’s tempting to think that you can just build that stool once and use it as is forever. But your business and the markets you serve aren’t static; they are in a constant state of flux. This means that over time you’ll need to refine and even redesign your systems and controls too. In fact, the
During his time with Priceline.com, Jeff worked with an experimental service called Priceline Yard Sale, an attempt to bring its unique “name your own price” model to yard sale items. Early on in this project, Jeff and his development team realized that they wanted their customers to get as close as possible to the excitement of winning the lottery or a big roll of the dice in Las Vegas. Knowing that one of their key brand emotions was “excitement” (as in, “I won!”), they intentionally made
reporting to tell you how your sales efforts are going, and filters that allow you to easily pull marketing lists together and make sure leads are properly assigned to various salespeople. This isn’t a technical book about sales databases. We simply want you to realize that your sales database (spreadsheet or CRM solution) is a form of a marketing control that, when used correctly, helps your business ensure that leads are properly captured and followed up with on a timely and effective basis,
clerical, administrative, unskilled laborer, etc.). The next level up is for those steps that need a semiskilled team member to perform them (e.g., paralegal, nurse, journeyman, etc.). Above this is the level of skilled, which requires a basic expert to produce these steps. Finally, the top level of the pyramid is for those steps that require a top expert to produce for the business, which in most small businesses is the owner or one or two key employees. Let’s look at an example of how this
the pyramid—the “Magic 1 Percent.” Fully 50 percent of your results come from these activities. (A time has a relative value of 200 times that of D time.) Most business owners have no clue which of their activities fall into these four categories. How in the world can you create more value in the same or less time if you don’t know what activities constitute A and B time for you? FIGURE 12.1: THE TIME VALUE MATRIX Before we share with you some examples of our ABCD-level activities, understand