How To Handle Challenges As A 7-Figure Entrepreneur

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The path to success is never easy. And, if you are a high-earning entrepreneur, you know that challenge is to be expected. You have a lot of responsibilities because those at the top have a lot of accountability. Most people think getting customers is a significant issue, but most 7 figure entrepreneurs would have solved that code and graduated to higher value problems. These will include:

Hiring and Building a World ClassTeam

You’re only as strong as your team. Your business will fail without great people. Hiring and keeping top personnel is the finest thing you can do for your company. This means hiring more intelligent people who can make better decisions, execute better than you, and have skills that complement yours.n

This is easier said than done. The reality is that most entrepreneurs are terrible at hiring people who don’t know what they want. They aren’t good interviewers and tend to hire friends or family instead of professional candidates.

What to look for in new hiring includes the following:

Knowledge. The first thing you want to look for when hiring someone is their knowledge of the subject matter. If they don’t have the knowledge they need, they won’t be able to do their job correctly and efficiently.

Experience working in similar positions and environments as yours. The more experience they have working in similar environments and positions, the better they will be at doing their job well, primarily if they have worked in similar positions with companies or businesses comparable to yours.

Look for people who are enthusiastic about what they do. It’s obvious when someone is excited about their work and energetic, positive, and eager to tell you about it. Candidates who exhibit this passion are more likely to give their jobs their all and go above and beyond what is required.

Make sure they’re a good cultural fit. Not everyone will be the right fit for your company, So make sure your candidate’s personality meshes with what you’re looking for in an employee. The most effective method is to have an open dialogue with them about their interests and objectives. If they love what you do, they’ll fit right in.

Systemizing the Business

As you scale your business, keeping track of everything going on can become more challenging. Because there is so much work every day and it might be difficult to keep up with it all, you could even have trouble sleeping at night. That’s why you must systemize your business as much as possible by putting processes in place so that no matter what happens, everything runs smoothly without any hiccups.

Here are some examples of business systems that 7-figure entrepreneurs use:

Customer service system: A system for handling customer service inquiries ensures consistency across your channels (phone, email, and chat). A good customer service system will also include documentation for new hires, so they don’t have to reinvent the wheel each time they receive an inquiry or question from a customer.
Inventory Management Software: For businesses that sell products, inventory management software helps you manage your inventory by tracking the number of items you have in stock, when they were purchased and how much they cost. Additionally, it enables you to identify which products are getting short or require replacement so that you may order more before supplies run out.
Accounting System: The accounting system is the backbone of any organization’s financial activities. It includes payroll, accounts payable, accounts receivable, and budgeting processes. An accounting system helps managers keep track of financial performance over time so they can make informed decisions about spending, hiring, and other activities.
Time management system: A time management system helps you track how much time you spend working on different tasks daily and weekly. It also enables you to prioritize which tasks are more critical than others to stay focused on what needs to be done right now.
Marketing campaign: The marketing campaign is a system comprising all the activities a company carries out to promote its products and services. It is designed to attract potential customers and increase sales. Large companies often carry out marketing campaigns, but smaller businesses can also do them. They can be either one-off activities or ongoing campaigns.

Developing 2nd Tier Leadership

If you’re a 7-figure entrepreneur, you’ve probably led your team personally all this time. It is important to train and develop a new leadership tier such as a CEO or COO to help manage the company and take over you eventually. This allows you to step aside and reclaim your freedom, and set you up for potential acquisitions down the line. Of course, having led the company, you might find that the job is hard to let go of. You’re going to often feel that you’re the best person to do the job and that you can do it far faster than anyone else. And yet, this is not going to be a good idea, because you need to consider being taken out of the business due to illness or important personal commitments.

One way to address this challenge is by developing 2nd tier leadership. It’s not always clear who will fit into the role without you having a good mentor or board of advisors. In fact, without people who have searched for and installed such leaders within companies before, it would be impossible for you to know what they even look like without taking a risk that you’d hire the wrong person.

Developing strong leadership is about having a good leadership development plan. You’ll have to plan a structured program in order to bring your team from the current levels of managerial expertise to becoming people leaders and upgrade them to a higher level of capability. If you are looking for a leadership development program for SMEs, please contact us. At Super Scaling, we help small business owners design programs that support the detection, training and growth of new leaders who can eventually take over the workload from you.

Crafting a Winning Strategy

Creating a successful strategy that enables you to overcome obstacles and continue forward is one of the most crucial things you can do. Your strategy will depend on your goals and the business environment that you are in.

For instance, Apple’s had its well-known strategy for creating improved iterations of devices from the iPod to iTouch to iPhone by selling beautiful design instead of devices filled with complex features. This differentiated them in the market, and led them to establish themselves as a solid market leader today. Likewise, Starbuck’s approach to invest into the sustainable farming of coffee was also a formidable approach that supported its value chain, thereby enabling them to serve up the experience they had in their cafes.

Strategy is not a plan. It is a set of choices that enable you to win in the game of business. In the Super Scaling Inner Circle, we help you to craft strategy that can support your journey as an entrepreneur. And strategic thinking is definitely one of the core capabilities that will improve your chances at winning in the marketplace.

Conclusion

Running a business takes work, but running a successful business takes much more. Unexpected issues challenge many as they try to grow their ventures. But these challenges don’t have to make or break your business. You’ll be better positioned to overcome any obstacles preventing your business development if you know what difficulties you’re likely to encounter and how to address them when they do.

If you need a strategic advisor on your business direction, apply for a short consultation call with us to examine your current situation and identify which of our programs might suit you best.

1 thought on “How To Handle Challenges As A 7-Figure Entrepreneur”

Gary
May 21, 2023 at 2:30 am

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