366 – How To Create A Business That Runs Itself

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Discussed in the podcast:

00:45 – Is it a business or a job?
01:03 – What a S.Y.S.T.E.M. does for you
02:21 – The essentials of system creation
04:11 – Challenges you can expect
04:56 – Added payoffs

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Transcription:

Hey, James Schramko here, welcome to SuperFastBusiness.com. If you would like to listen to a business-related podcast that’s not full of ads and has no cheesy lines that you think must surely be a parody, then welcome to this podcast. There’s no fluff, no filler, I’m just going to get straight to the point.

Today I want to talk about how to create a business that runs itself. A business is not a real business if you’re doing all of the work and trading the time for the money. That’s actually a job. So how do you scale from a job-like setup to a systemized machine that functions in some parts with minimum input from you? The key to this growth is the creation of systems.

So what are systems for? Ideally, the goal of systems is redundancy, meaning you’re aiming to be needed less in your business while allowing it to expand.

What systems do
Simply put, SYSTEM = Saves You Stress, Time, Energy and Money.

Stress. It allows you to delegate tasks to someone else, taking stress from you.

Time. The time you would have otherwise used doing that task can be invested in doing something where you can deliver more value, or that you enjoy more.

Energy. You can direct your energy to the things only you are qualified to do, because systems make use of other people’s energy.

And Money. It increases the capacity of your business to deliver solutions and thus earn more money.

Systems are essential to the growth of your business. Without them, you’re stuck doing everything yourself, limiting your capacity to serve your customers and setting you up for burnout or failure.

What things should be systemized? If anything is done more than once, you ought to have a system for it. Another word for a system might be a framework. Make your business as systems-oriented as possible, from where files are stored to weekly meetings to how your team communicates with you on a daily basis.

Creating your systems
1. Document everything. Central to creating systems is documentation. Right from the beginning, write down everything you do in your business, taking copious notes, making graphs and mind maps and creating checklists. Evernote is a great place to jot things down. Have a reminders app for checklists, something you can easily refer to on a diagnostic call, or when setting up a live event. You can teach your team to record all their processes using Google Docs.

2. Review. Decide whether a process is essential or not. Be on the lookout for the most productive tasks, document them fully and see whether you can give them to someone else.

3. I, we, you. Transfer tasks to other people using the steps you’ve recorded, and the I, we, you method is this: a) I do it while you observe; b) We do it together; and then c) You do it by yourself, and I’ll watch. Eventually, as your business grows, the leaders in your team can pass on tasks using the same method.

4. Use the right tools. Make sure the tools you use provide the right solution to the problem you’re solving, and that the people using them know how to do it properly. A tool can be capable of amazing things, but it’s useless if not used correctly.

5. Constant evaluation. A regular review of tools and processes is a good way to make sure they still work for the purposes of your business. Ask, for example, “Do we need this tool? Is it the best tool? Do we even know how to use it?” Streamline your processes. See what can be pruned or shortcutted for the same or better results.

The challenges of systems creation. The first challenge is, at the beginning there’ll always be the upfront effort of bringing in your team and training them. But in time, your early hires should be able to recruit and train new people with little input from you.

The second challenge is, the challenge of transferring your ideas and concepts across to other people to the point where they fully get it, with all the content and without needing rework or re-explaining. Good communication and an amount of patience are a must.

The third challenge of system creation is the cost of running a team and supplying the right tools. They can be significant, but your business’s increased capacity to take on profitable work should defray the expenses.

More advantages
Here are some more benefits of having a system. By freeing up your time and bringing in more money, you have the freedom to give more importance to things like lifestyle, relationships and experiences. You have the option to do only the work where you’ll have the most impact, like being the front man for your business or creating content like podcasts.

Because you’re not micro-managing, your team has the chance to grow and stretch, learning to involve their own personalities, and to make their own decisions. Yes, it truly is possible: your team can actually think for themselves.

If you liked this podcast, I’d love it if you could give it a rating on iTunes or Stitcher. If you’d like me to help you with your business, and you want to change your business and your lifestyle for the better, please come along and join SuperFastBusiness.com/membership, where I’m here to coach you through your business challenges.

I’m James Schramko, thank you for listening. I answer questions here, if you’d like to ask me a question relating to this podcast. Until next time, take care.

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