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The Double Win Podcast - Episode Summary
Podcast Title
The Double Win Podcast Description The Double Win Podcast, hosted by Michael Hyatt and Megan Hyatt Miller, focuses on achieving work-life balance for ambitious individuals. The podcast aims to provide insights on productivity, wellness, and practical advice through the lens of the nine domains of life: body, mind, spirit, love, family, community, money, work, and hobbies.
Episode Title
5 Building Blocks to a Company That Runs Itself + Q&A with Business Owners Episode Description This episode discusses how business owners can move away from the day-to-day operational grind to focus on what they love, allowing their businesses to grow independently. The hosts, along with two BusinessAccelerator coaches, outline five essential building blocks to create a self-sustaining company.
Key Takeaways
Five Building Blocks
- Mindset
- Ownership mentality is crucial.
- Avoid a victim mentality; challenges should be seen as opportunities.
- Recommended reading: *Mind Your Mindset* and *The Obstacle is the Way* by Ryan Holiday.
- Vision
- Define a clear destination for the business to guide your team.
- Create a compelling vision that describes how your business will improve the world.
- People (Team)
- Surround yourself with a competent team; your dream should require collaboration.
- Hiring the right people enhances the business's capability and growth.
- Culture
- Culture is the invisible force that drives results within an organization.
- Embed core values into the culture to create an ownership mentality among employees.
- Systems
- Establish standardized procedures to avoid reinventing the wheel.
- Focus on automating and systematizing key processes to improve efficiency.
Challenges of Implementing Building Blocks
- Building blocks require time and are part of an ongoing process.
- Mindset and systematization are particularly challenging but crucial for long-term success.
Benefits of a Self-Running Business
- Freedom to step back without losing control or growth.
- Increased personal fulfillment and the ability to invest time in other life domains (health, relationships).
- Opportunities for personal growth and more quality time with family.
Audience Interaction and Q&A Insights
- Business owners often struggle with prioritizing tasks.
- The importance of transparency in profit margins was discussed, emphasizing how it can foster engagement rather than jealousy.
- Various experiences shared highlighted the transformation through coaching and the positive results of making strategic changes based on the building blocks.
Conclusion The episode emphasizes the significance of establishing a business that operates independently from its owner, allowing for personal freedom, fulfillment, and a balanced life. Michael and Megan encourage listeners to take proactive steps towards implementing these building blocks and consider engaging with the Business Accelerator for tailored coaching and support.
Call to Action Listeners are encouraged to visit [businessaccelerator.com/blocks](http://www.businessaccelerator.com/blocks) to book a free business growth coaching call, which includes access to resources and tools designed to facilitate their journey towards a self-sustaining business.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00At Business Accelerator, we answer questions from growth minded business leaders just like you every day. And today's no different. Today on the podcast, we're going to share some of those questions directly with you. I need to fix everything and write every SOP. And how do you decide what to focus on? Michael, in particular, I'm interested in your experience of how as somebody who is a little bit grizzled and has earned some gray hair, honestly, I think the way I have, where do you find the value in a coaching relationship now? It feels like we're missing some kind of communication. How do you communicate your training well and keep them excited about the work?
0:41Hi, I'm Joel Miller, and this is the Business Accelerator podcast. Today, we have a very different kind of show because we're bringing you the audio from a recent online training that we hosted titled Five Building Blocks to a Company that Runs Itself. This was a panel discussion featuring some familiar voices. Michael Hyatt and Megan Hyatt Miller, as well as some new voices you've not heard from before. I'm talking about two of our phenomenal Business Accelerator coaches. First, they're going to talk about those five building blocks, and then they're going to pivot to take questions from business owners like you.
1:18Let's jump right in.
1:25Hello, everybody. Welcome. We are so glad that you're here. I'm Megan Hyatt Miller. I'm the CEO of Full Focus, and we are going to have a great time together today. I'm really excited about this topic. You know, thinking about business owners and what you guys are struggling with, this whole idea of five building blocks that are going to help you design and build a company that runs itself, that can run without your constant involvement, is really exciting. You know, one of the things that we hear constantly from new clients that join our coaching program is they feel like their business is running them, you know, and I bet you guys can relate to that.
2:06So we're going to talk about some ways that you can not do that. And instead that you can intentionally, purposefully build a business that can run without your constant involvement, whether for you that means, gosh, I just love to take a vacation for a week or two or a month and not feel like, you know, people are calling me with emergencies. or maybe you have your sights set on one day selling your business or putting another CEO in place or something like that, regardless of what end of the spectrum you fall on that continuum, this is going to be so helpful for you. So I'm really excited. And today, it's not just going to be me talking to you.
2:43I am joined by three of our coaches, including our founder here at Full Focus, my dad, Michael Hyatt. So welcome, dad. Glad that you're here. as well as John Putnam, who is one of our longstanding clients and coaches as well, presenters often to our team. And Alina Shessler, who is another one of our coaches, all business owners, all know exactly what it's like to be in your shoes. And so, guys, I would just love to have each of you introduce yourself briefly. Dad, I think probably everybody knows you, so I'll let you go last real quick. But John, why don't you get us started? Just tell us a little bit about your professional background.
3:26Absolutely. Great to be with you. Thanks, Megan. Wonderful to be here. So I started my first business out of college with my high school best friend and then started work with a larger startup that was one of our clients. They were more of a global startup and spent a couple of decades launching a financial services company and then closed that to launch a nonprofit ministry for a decade. and I've just handed that off to my successor and on startup number five right now. So very excited, helping families and teams wisely win the unique challenges of wealth and success. I love that. So in other words, we could just say this is not your first rodeo.
4:08And business owners were my primary market as my financial services practice. I've seen this movie through a lot of eyes. I love that. Well, you always have so much wisdom to share, and I know that will be true today, too, so I'm excited to dig in with you. Okay, Alina, let's talk about your background as a business owner. Yeah, so I've spent the last 15 years running our small family business, and over the last five years since I've joined Business Accelerator, our company has tripled in growth. Wow. And we are on track to hit our record sales for the 65 years that we've been in business. I love that.
4:48It's been absolutely amazing. That is fantastic. And of course, we'll unpack some of that as we go along today. But your story is so inspiring. And I bet we have people on with us today that are in a family business or it kind of feels like a family business. And we at Full Focus get questions about that all the time. So I love this, all these different perspectives. So thank you. I can't wait to dig in. All right, Dad, tell us a little bit about yourself in case or somebody on today who is not familiar with you. Well, thank you for having me on. Yeah, I'm excited about this. And I spent most of my career in the book publishing industry.
5:22I started when I was a senior in college at Baylor University and retired from that career track. Back in 2011, I started Michael Hyatt & Company, which is now Full Focus. And so we've been serving business owners. We have the Full Focus Planner, which is about half of our business and then our business coaching. practice business accelerator, which is the other half. So I've actually owned, operated, sold, bought several businesses over the course of my career. And this whole thing about creating a business that doesn't run your life is near and dear to me because it really came out of my own pain and my own practice of being a workaholic.
6:08And I had to face the music on that about 20 years ago and come up with an alternative plan. And that's really much of what this is about today. Yeah, I love that because we're not just talking about, you know, ordinary business success. We're really talking about something here at Full Focus and within our Business Accelerator coaching program that's called the Double Win, winning at work and succeeding at life. You know, if you achieve a ton of success in your business, but it's running your life and it's actually not enhancing the other areas of your life outside of work, we don't consider that a success.
6:40We want more for you. And so we're going to talk about that today. So basically, let me tell you how this is going to work. We're going to do a panel discussion with these three coaches, which is going to be fantastic. You're going to learn a lot that you can apply to your own business. We're also going to have the opportunity to take your questions. And I love that part of our time together. So be thinking if you have questions about how can I build a business that can run without my constant involvement, be thinking about that. And then because we're in this Zoom format, we're actually going to be able to bring you on, let you raise your virtual hand, and I'll be able to call on you, which I love doing it this way.
7:15It's really fun. So we'll be doing that at the end of our time together. And then I'm also going to share an opportunity for you to get a free business insight call where you can really understand more about where you are and what the gap is between where you are and where you want to be with regard to building a business that runs without your constant involvement and some tools that you can use to really close that gap. So we'll get into that. But before we do anything else, I want to just talk about this idea of what it means when we say walk away and watch it grow, because that kind of sounds like magical thinking a little bit.
7:49So dad, you want to just talk about what that means? Yeah, we're talking about a business, not that wouldn't involve some involvement, because probably you're in a business that you like, at least on some days, and you're in it for a reason, but to be tethered to it so that it's dependent upon you is not a good thing. And I can remember not long after I started this company where I was looking in the mirror one morning and I said, man, I left a job, a really good job. And now I've got another job, but I'm working for the worst boss that I've ever worked for. The most demanding, the most unreasonable boss I could imagine.
8:34And that was me. And so I realized that the business was too dependent upon me and that if I was going to really scale the business and if I was going to have a life and be able to give attention to my other priorities, like my health and my most important relationships, that I had to figure out a way to be able to walk away and watch it grow. And again, not like literally I didn't want to retire. I still wanted to be involved in the business. I just didn't want it to require my constant oversight and interaction and me doing all the things for it to survive and thrive. And that's what we've been able to do.
9:08Yeah. And again, I think this is absolutely relevant, whether you just are somebody who wants to take a vacation and be able to unplug maybe for the first time in your life, or you really on the total end of the other end of the spectrum, you want to ultimately prepare your business for some kind of an exit or you want to retire. Wherever you are on this, the principles are the same. It's just kind of about the degree to which you carry them out. So, John, tell me, who are we talking to today? Like, are we only talking to people who are at the end of their career? Like, in your experience working with business owners, who needs this message today?
9:46Well, if your desire is to run a healthy business on the long term, we all need this. And look, I've seen this a lot so many times. Business owners, leaders, they wait till the end. They have this idyllic vision, as Robert Hastings would say in his great story called The Station, that we think when we arrive, that's when it's all going to happen. And we just feel like we just have to really cut it out between now and then and strive and hustle to get it. But the beauty of this is if we can create a business with smart people around us, with these factors that we're going to talk about today. Not only can you capture those moments at the end that we so desire, but you get to capture all these bonus moments along the way with your friends and your family and your hobbies and giving back to your community and having impact.
10:42So whether you're in it for the long haul, you want to sell something in the middle, you're looking for something just so, as Michael, you said, just something that would really make this work well now, it's a great way to have this conversation and dig into it. Fantastic. That makes total sense to me. Alina, as you think about coaching clients who probably come to you and have no desire to ultimately step away for good in their business, what are some of the benefits that you've seen of putting these principles that we're going to talk about today, these building blocks into practice in their businesses?
11:18Yeah, absolutely. The clients that I've been able to work with have been able to get away from the overwhelm. They've been able to take the two and three weeks of vacation completely unplugged. They've seen growth, like record growth in their businesses. It's just been truly amazing on how when they start putting the systems in place and using the tools, how much further they go with all of their goals. It's awesome. It's so neat to see. I love that. So win-win, whichever end of the spectrum you're on, lots of benefits. all the way around. That's fantastic. Okay. Well, dad, let's not waste any more time getting into these building blocks because I know that the folks on the call today are excited to learn these and discover how they can apply them in their business.
12:03So will you walk us through this? Yeah. So as we've thought about it and as several of us have deconstructed our careers, and as we've worked now with thousands of clients, we've kind of boiled it down to these are the five things, the five blocks that you have to have in place if you're going to build a foundation for a business that you can walk away from while it still grows. So a business that will continue to scale with less involvement from you. So the first one and the most important is your mindset. And this is harder than it sounds. And I'm not talking about some, you know, pump yourself up in the morning and, you know, get to it.
12:44But I'm talking about a way of thinking about your business and your life where you take total ownership for everything that happens. So you will not succeed as an entrepreneur if you become the victim. If you see yourself as the victim of what's happening to you, I don't care if it's at a macro level, some new regulation, something that's happening with the economy. If you see yourself a victim, then you're stuck and you will not go any further. Similarly, if you see yourself as the victim of your customers or your vendors or your employees or whatever it is, you're not going to progress beyond that.
13:26And I've been reading this great book. First of all, Megan and I just wrote a book called Mind Your Mindset, The Science That Proves Success Starts With Your Thinking. So let me encourage you to read that. But this is a book that's actually not a new book, but it's blown in my mind how good it is. And I've bought several copies and I'm giving them to everybody I can. It's called The Obstacle is the Way by Ryan Holiday. And this basically is a way of thinking about your life in business where every obstacle, every challenge is not something you should avoid, but actually is a gift that you should embrace.
14:02Because it's almost like the resistance the wind provides when it gives lift to an airplane. It's not something to be avoided. It's something to be embraced. So that's mindset. And we talk a lot about this with our coaching clients and it's critical. In fact, I would say that if you get your mindset right, it solves about 90 % of the problems you'll ever face in business. Number two is vision. You know, without vision, the people parish. And your job as a leader is to clearly define the destination. Where are you taking this group of people? Whether it's a small team or a large team, your customers, where are you taking these people?
14:45And that means that you've got to have a vision for a bigger, better future. And that takes some time in thinking, some time in dreaming, and some time in writing it down. And we've got a whole process for that. I also wrote a book on it. We've got a whole process for that that we use with our coaching clients. But let me just give you one question that'll be hugely helpful to you as you think about vision. And it's this, in 25 years, how will the world be better because you existed? In 25 years, how will the world be better because you and your company existed? Write that out, make it a page.
15:22There's more to vision than that. You need to break it down at an even more granular level. But if you can get that, that is a start. That's the beginning of vision. And it will serve you well because it becomes a filter for opportunities to differentiate or discern between opportunities and distractions. It becomes a recruiting tool for getting the right people on the bus, people that want to go to that destination. It serves everything. And it's the thing around which you align, which brings me to building block number three, which is people or team. If your dream doesn't require a team, your dream isn't big enough.
16:01If your team or if your dream doesn't require a team, then your dream isn't big enough. People are everything. And so you've got to be able to put the right people in the right seats at the right time to be successful. As you've probably figured out already, you can't do it all yourself. and you're not smart enough. I'm sorry, none of us are. You're not smart enough. You don't have enough skills. You don't have enough experience. But that's the great thing about a team is you can get that kind of diversity of experience, diversity of skills, diversity of perspectives, all of which creates the kind of synergy that results in significant, if not exponential, growth.
16:49So being able to have, you know, sound hiring practices, onboarding practices, retention practices, team development practices, all these things are critical because you're only as good as the people that you surround yourself with. And if you don't have great people, you got to get great people. And you may be telling your story, and this goes back to mindset, well, I can't really afford great people. I beg to differ. There are times when people will join smaller companies or different companies and take a cut in salary because money is not the only thing that motivates people. A lot of people are out there looking for meaning and passion and something to give their lives to.
17:32I can remember Steve Jobs trying to recruit John Scully, who was the CEO of PepsiCo. I mean, that was like a big, giant job. And Steve Jobs was trying to recruit him to become the CEO of Apple. And he said, John, you've got a choice. He said, you can either spend the rest of your life making sugar water, or you can come put a dent in the universe. And he left PepsiCo to join Apple. So love that story. Okay. So mindset, vision, people, Culture. Culture is like the water is to fish. It's largely invisible. But it's this invisible force that drives operating results. When you feel like you can't get stuff done, you can't move the needle, you can't advance against your goals, a lot of times that's because the culture is the resistance that you're facing.
18:26And so you've got to be very intentional, particularly the larger you get, to be able to take your values and inculcate those into, install those into your culture so they become the operating system of your organization. And that's how I would describe culture. It's the operating system of your organization. And guess what? It all begins with you. Because more is caught than taught. If you want people to think like owners, you got to own your stuff, your mistakes, your failures. You got to be an owner. I mean, really, more than just owning the assets of the business, but owning everything, including your actions.
19:05So you're going to be contagious. So how you think, how you show up at work, that's going to be contagious. You're going to replicate yourself in the team. So the culture is critically important to get right. And you're going to have to fight like crazy to preserve it as you grow, but it's worth it, but it's everything. Okay. Mindset, vision, People, culture, number five, systems. Now, look, I'm not really a systems guy. You know, I'm the kind of guy that, you know, it's ready, fire, aim. You know, just get me into action and get me to start doing something. It's like most of us, right? We have this action bias.
19:46But here's the thing. If we have to keep reinventing the wheel every time we want to do something in our business, that's going to compress our margins and it's going to add unnecessary complexity to the business. And we've got to be able to automate, systematize, establish standard operating procedures so that we don't have to keep reinventing the wheel and so that we can optimize and become better at what we do. And the way to do that is to have some core systems that run your business that you know are your key systems that are the things that make the difference and deliver ultimately the experience to your customers and clients that cause you to grow.
20:27So those are the five building blocks. Let me review them again. Mindset, vision, people or team, culture, and then systems. And I think they're roughly in that order. Yeah, that's awesome. Obviously, we don't have time today to get deep into those, though if you have specific questions about them, again, we're going to get to the favorite part of today, which will be some Q &A time here in just a few minutes. So be thinking of that, maybe write it down, and then you could raise your virtual hand, and I'll call on you here in just a couple minutes.
21:00Dad, let's talk for a second about just the reality of putting these building blocks in place, because there is work involved. I mean, it would be amazing if we just had a magic wand, and we could instantly put these things in place, and it would just all be better. That's not quite how it works. So how long should a business expect for a process like this, installing these five building blocks to take? Well, let me be honest. You're never really done. Yeah. You know, I think you could probably get most of them in place within a couple of years. You know, maybe even less. If you're like Alina, you're like totally motivated.
21:36You know, you can get them in place a lot sooner. And you probably have some of this stuff in place already. but it's an iterative process because just like vision, for example, the closer you get to the destination, the more you see. In fact, you may crest that one mountain and find out there's an entire mountain range behind it. Now, all of a sudden, the limits of your vision are expanded or systems. You might get those core systems in place, but maybe you've taken on a new business, you bought or sold a business, and those things have to be adjusted. Mindset, that's pretty much a daily thing.
22:08You know, I'm constantly, constantly working on my mindset. And so, yeah, you can get the basics in place quickly, but it's got to be a lifetime of vigilance to keep these in place. And what makes it so tough is that these fall into the bucket of working on the business, not in the business. And unless you have a disciplined process for taking time to work on the business. And one of the ways I've found to do that over the last 22 years is to have a coach and just at least poke my head above the clouds periodically and work on the business. But personal retreats on a quarterly basis or whatever, but just time that you're not so in the weeds that you can't see the forest.
22:55You got to see the forest if you're going to be successful. Yeah. I was thinking about what you were saying and I've been really focused in the last year on my health and improving my health and all of that. And for a long time, I've worked with a personal trainer and it's kind of like part of how quickly and how successfully these building blocks are implemented depends on whether you're going the DIY route and you're just kind of figuring it out as you go through trial and error or you have some expert guidance. So I think that that is very instrumental in what the timeline looks like. It's not really arbitrary.
23:28There are components that can certainly accelerate that, which we'll talk about a little bit more in a couple of minutes. But John, I'd love to hear from you. What do you think has been the hardest part of these building blocks? Which one of these was the most difficult for you personally or that you see that clients tend to struggle with and that once they've overcome, it's a big deal? Well, they say confession is good for the soul, right? Yes, indeed. So look, I love designing systems. strategic, but when it comes to maintaining the systems, well, I mean, I can do it and I do it and I have done it, but that is really a weak spot.
24:10And I really want to have smart people around me that just love to operate systems as well. That one's been my personal biggest challenge. And honestly, and especially I've noticed this recently in recent years is without as much interaction, Michael, you saying just to stick your head up, you know, being a little more isolated mindset has been more to me to really keep that focused and honed in when I can't talk my confusion out loud as much has been a challenge for me just in the last three years with some of the changes we've had in the work environment. John, you know, I bet a lot of people that are on with us today relate to that because I think we've had a lot of very unique challenges for most of us, maybe the first or only second time we're experiencing some of these things in our in our professional life.
24:59And that does present a challenge for the mindset. And I think that's one of the reasons why this can be a hard road to travel on your own, because you're facing things, you know, that are maybe happening for the first time. So Alina, what about you? What's been the biggest challenge for you personally on this list? Mindset for sure. I was that overwhelmed, stressed business owner that did it all. Nobody else is good enough, right? Like I'm going to do it. And once I figured that out, once I got my mind set that I have a team of people that I can trust and delegate to and help, then like, wow, the whole business just grew.
25:40I can't believe it. That's awesome. Okay. But how did you make that shift from, I got to do it all myself to, I have this really capable team and I'm delegating and I'm seeing that showing up in my operating results. Like what was that process like for you? Cause I think that's fun to deconstruct. Yeah, absolutely. Um, well they say it's lonely at the top, right? So who else are you going to talk to? And so by being able to have a coach to work with me and talk through some of the, you know, some of my concerns, um, challenge me on my beliefs. Well, that person can't do that. Well, why not? You know, and kind of like you're saying, deconstruct it.
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26:21Like what's behind that thought? And the more that we talked things out, the more that I was able to use some of the tools that Business Accelerator has, it was like, oh, well, look, look at that happening. And then as you see it like happening a little bit by a little bit, then you're like, you become a believer. And that's really what happened was once you believe everything just kind of grew. Yeah, I love that. And the reason for that, what we know from the research is that our actions follow our thoughts. You know, this isn't some kind of like woo woo thing. The research is very clear that when we have a certain narrative in our head, which can be either empowering or disempowering, then that ultimately predisposes our brain to go look for solutions, actions, etc.
27:07strategies that are in alignment with that belief. And we all know, as people, you guys just said this a couple of minutes ago, who have that action bias, you know, the actions we take ultimately lead to the results we're getting. But the problem is oftentimes we focus on the actions and we don't go upstream far enough to deal with, okay, but what am I thinking that's driving the actions and behaviors in the first place that are maybe not getting me what I want? And that unlocks so much potential. And what I love about having somebody in your corner, a great coach, is that, you know, we talk about this in our book, Mind Your Mindset.
27:39Sometimes you can't think the thoughts that you need to think. It's like they're just not accessible to your own brain. And so somebody else who is an outside observer who has your best interests at heart, they're able to see those things when you're not. And I have found in my own experience as a client and as a coach that that is so valuable. And I think that's what you're getting at, Alina. So thanks for that.
28:09Okay. One last question and dad, I'll direct this to you. When somebody has a business that's able to run without their constant involvement, what does that make possible for them? So much. You know, I think a deep sense of fulfillment and satisfaction, knowing that you're having an impact in the world and making a difference. You know, when you think about it as a business owner, you have the potential to make a big difference in your own life and the life of your family, obviously, but your employees, your teammates, your customers, your clients, vendors, your community. All of that happens when you've got a business that's just working.
28:54I think in addition to that, when it works in the way that we're describing it, it affords you the opportunity to have a much more integrated or balanced life where you've got time to take care of your personal health. You've got time to nurture your most important relationships. For me, just what it's made possible. And I've been at this now a little over 20 years. My career is much longer than that. But having turned a corner about 20 years ago and really thinking this way, it's made possible. I've been married for 45 years and I'm happily married. Gail is my very best friend. We've got five grown daughters.
29:33We have 10 grandchildren. And the grandchildren, with their parents, of course, all live within five minutes of me and all of my daughters live within 30 minutes. So that's pretty exciting. You know, so I love being able to give attention to that kind of stuff or, you know, take a three day weekend, you know, periodically or take that sabbatical where you get away for four weeks. And I've done that every summer for the last 12 years without fail, where I've taken a month off completely unplugged. And we've done some amazing things with our family in those times. So I don't know, that's just kind of a preview.
30:09Does that help at all? Yeah. Yeah. I think that's great. John and Alina, I want to just hear from you guys for a second. You know, if that's kind of the vision of where we want to take people, what is your experience of working with your business accelerator coaching clients as they are walking through this process and then seeing the rewards and the results on the other side of that? So Alina, let's start with you. Yeah. I love seeing the journey that the clients go on. They come in, they're overwhelmed. I just recently had a client that was working 120 hours a week. Like, oh my gosh. Wow. And she, it was like the most amazing story because she finally took a week off completely unplugged, like didn't take her computer with, didn't have her phone.
30:55I mean, how do you do that? Like it's, it's crazy. And I mean, other stories to see them not have to be in the business, right? Because that's where we get stuck is we're in there. It's, oh my gosh, the alarm goes off. I got to go to work again. And you just have this feeling that's just weighing on you. And to see the clients come on, you know, with our next coaching session and celebrate their wins and just be like, hey, I got to go on a three-day weekend and spend time with my grandkids, or I got to spend time with some family and friends I haven't seen in a long time. And even to set bigger goals.
31:32We, you know, we talk about mindset and the fact that they, they didn't think that this was possible and you just start seeing them check off the boxes. So that dream is now more of a reality. I love that because I think sometimes what happens for business owners is their dream becomes their nightmare, you know, and you get several years in and you were all excited about this business at the beginning, but then you're sort of like chained to it. And instead of it being a blessing to you, it can feel like, you know, you're trapped a little bit. And I love that transition that people go through, through the coaching process at Business Accelerator of, in many cases, falling in love with their business again, because they fall in love with the work they do every day.
32:13And they feel like they're able to not be firefighters anymore. So I love that story. John, what about you? What are you seeing with clients who go through this process? Yes. You know, you're just touching on so many great points. It's so common to talk to a business owner who are working long hours. The joy is gone. It feels more like a task now. And to be able to sit down with them and help them focus in on really what their giftedness truly is and what they really desire to do and show them how they can focus on that, how they can put gifted people around them in the seats like a puzzle that complements them.
32:53It's hard for us to believe that someone loves to do the things that we really don't care that much about doing, but they do. And to be able to put that in place. And after a while, they start getting more energy, a little more white space. And then all of a sudden they just say, you know, this is sort of what I imagined this would be like when I started this. But it turned into something very different. But now it's a lot more like what I imagined. I just didn't know how to get there until now. I love that. How rewarding. I mean, I feel like we have the best jobs in the world because we get to wake up every day and see these transformations when, you know, like we've all been there.
33:38You want something. You just don't know how to bridge that gap. And we get to help people bridge the gap every day, which is really cool.
33:52Okay, well, let's go ahead and just summarize what we've talked about. I know you guys are excited to get to the Q &A. That's going to be right around the corner here. So be thinking of those questions. But, you know, today we've talked about five building blocks to help you design and build a company that can run without your constant involvement, as in no more firefighting, no more overwhelm, get the joy back, and get your life back in a lot of cases. And those five building blocks are vision, people, culture, systems, and mindset. Okay, so be thinking about those. And, you know, we talked a little bit about that process, how there's some variance and how long it takes, depending on if you choose to go kind of that DIY route, or you decide to have somebody walk alongside you and help clear the path to make it easier.
34:43And so we talked about at the beginning of our call today that we would be offering you a way to get a free call with one of our business consultants. So I want to just tell you a little bit about that and what you can get out of that and what can be on the other side for you. So first of all, this is a 45-minute session on Zoom. You don't have to travel anywhere to go have this conversation, but we do get to see your face, which we love. And our business consultants are going to go through a process of asking you some diagnostic questions to really help get clear about what are your unique challenges.
35:14Because what I know after working with so many business owners is you guys are all unique. You have lots in common, but you also have unique challenges that you're facing. And we want to get really clear on those because we get clear on the challenges. We can get really clear on the solutions. They're going to help you uncover blind spots. They're going to give you some feedback that maybe you've been missing that's not colored by the same kind of emotional attachment that you have to your company. And, you know, let's face it, sometimes somebody who's outside of our business can see things that we can't see so well.
35:46I mean, that's why we have both focused investing coaching ourselves, because we know how valuable that is. I actually sat yesterday with a coach and got some great insights to some things that we were trying to figure out with our business. And I was just reminded again of how helpful that can be in the process of trying to get a breakthrough. They're also going to provide on this call an overview of our Business Accelerator coaching program and how that could for you be kind of an insurance plan really to navigate this unique time that we find ourselves in with a lot of volatility and uncertainty and all the different things and enable you regardless of all that stuff that's happening externally to thrive and really continue to move toward the future you want regardless of what else is happening.
36:32So I'm going to tell you a little bit about Business Accelerator right now, since we've mentioned it so many times and not told you much. It is our coaching program that is exclusively designed for small business owners. And what it does is it helps you chart a course to grow your business while simultaneously having the margin that you need for your life outside of work. And that is so important for us. You know, regardless of the external pressure you're facing, we can get in this trap of thinking it's just temporary. Once I get this product launched or once I get past this rough patch, then I'll get back to my life.
37:04And before we know it, years have gone by and we don't. But we want to teach you how to scale your business in a smart way so that the success that you attain is truly sustainable. That's something here at Full Focus and within Business Accelerator that we call the double win, winning at work and succeeding at life. So we have been studying for years and years, how can we best leverage coaching to drive business success? And what we've discovered is that the most powerful coaching programs have three ingredients. The first one is proprietary tools and frameworks that do the heavy lifting and make it easier and faster for you to succeed instead of trying to do it on your own.
37:46I mean, that is the slow, painful way. We've all tried it. We've all failed at it. It's difficult, right? But Business Accelerator does this through our group quarterly coaching intensives where you come in once a day. You can also do this virtually, but you have the opportunity to work on your business. Like my dad was talking about, this is so difficult when you feel overwhelmed, everything feels crazy, but we're going to give you an appointment with yourself once a quarter to work on your business so that you're really able to make the progress that you want. And you're really able to get your head above the clouds, look at the future and realign to your course to get there.
38:25Also, you need to have one-on-one coaching support because this is where you get held accountable for achieving your goals. And you're also simultaneously, and this goes right along with goal achievement. You gotta be able to troubleshoot the obstacles that are gonna show up in pursuit of those. I mean, we can just guarantee you're gonna have obstacles that pop up along the way. And you've gotta have some mechanism for getting around those obstacles so they don't stop you in your tracks. And that is a one-on-one coach that's dedicated to you that you're going to be meeting with every other week, who's going to help you stay on track and resolve any issues that come up along the way.
38:59And then lastly, one of my favorite things about Business Accelerator, and this is really rare, honestly, is been there, done that coaches who are successful business owners, just like John and Alina and my dad. These are not armchair quarterbacks. These are people who really understand what it's like to be in the trenches. They don't just have some kind of weekend certification. They know what it's like and they have hard earned wisdom that they can share with you along the way, except they're just a little bit further down the road than you are. And they can see things that are going to derail you.
39:31They can help you be your best self as a leader because they know what it takes. So these three ingredients, proven tools and frameworks, one-on-one coaching support, and been there, done that coaches are from our perspective, the critical ingredients for a powerful coaching program that helps you go further faster. And from my perspective, the best part about having a coach is you don't have to do it by yourself. And like John was talking about earlier, a lot of us have felt pretty isolated over the last few years and facing big challenges. And that is really, really difficult, but you don't have to continue to do that anymore.
40:07If the right coach, you can dramatically increase the odds of making the right decisions at the right time because it doesn't have to depend just on you anymore. So personally, I cannot imagine trying to lead and grow our business without the help of my coach. And dad, I know that's been your experience as well, right? Yeah, absolutely. You know, it just gives an objective third party who doesn't have, as we say in the South, the dog in the hunt. All they're out for is your success. They don't have any other agenda other than for you to win. I mean, that's invaluable. Absolutely. Like I said, I've had a coach for over 20 years.
40:44I wouldn't think of being in business without one. Yeah, absolutely. Okay, so let's talk about how you can learn more about the coaching program and how you can have one of these business insight calls for yourself. Again, totally free. First of all, when you go ahead and book your call, you are going to get and show up for the call. You're going to get access to one of our most popular courses called Full Focus Executive Assistance. This is a$249 value that's going to help you really understand how do you unlock hiring and working with a world-class executive assistant. This is something that we are expert at.
41:21We love our executive assistants. We love helping people get this most important person, this partner hired and on their team. And we demystify all that so that you are really able to free yourself up to make your highest and best contribution, the one that is ultimately going to drive the biggest results in your business while simultaneously being the most rewarding and satisfying for you. So when you book your call with one of our business consultants, you get this course absolutely free when you show up for the call. Again, it's called Full Focus Assistance. I love it. It's such a great resource.
41:53But all you have to do to book your call is just go to businessaccelerator.com slash blocks. Okay, so just businessaccelerator.com slash blocks. Do this for yourself. You know, make a decision for yourself that's really taking a stand for your future. You don't have to do this alone anymore and you don't have to do it the hard way anymore. You can do it with the support you need. And there's nothing to lose by learning a little bit more about the program and about your business and the process and the insights that will ultimately lead you to a breakthrough. So go ahead and book your call, businessaccelerator.com slash locks.
42:38Now, it's time for my favorite part of the whole call, which is the Q &A. So if you guys have not done this on Zoom before, just go ahead and raise your virtual hand. If you just go to the bottom of the toolbar at the bottom of your screen, there's a little smiley face with a plus sign. It says reactions. That will enable you to raise your virtual hand. And then I can call on you. What I love about being in Zoom here is that we can actually bring you on, which is so great. So, okay. Let's see. Okay. Phillip, I see that you have a question. So go ahead and unmute yourself and ask it. Hey, I wanted to say thank you for all the stuff you guys have been putting out.
43:25I've followed Michael for years and years. Great. But my big question is a new business owner, been running about three years. How do you decide what to focus on? Like, I need to fix everything and write every SOP. And so how do I pick what to focus on? That is a great question. And that is a question we get asked all the time. John, I'm going to give that one to you. There are, look, without knowing all the details around this, You know, one of the tools that we use is called the Task Builder and the Vision Compass help us zero in. But, you know, revenue is important. Systems are important. But everything can't have the same weight.
44:15So I would encourage you to write all of these down, prioritize them. They all need to be done. But there are some that need to be done before the others. Cashflow and revenue is important, especially in the early stages of the business. So being able to keep your eyes on the financial wellness of the business is critical to allow you to have the cashflow that you need to do the others. So in early stage, without knowing a lot of the details, I would say, think about that, but also walking through the task filter and not knowing if you have other people around you, knowing where you need to be and if there's any way you could delegate some of these other areas as well is always a big help.
45:03And even finding a contractor, sometimes as much as five or 10 hours a week, because if you're a$200 an hour business owner and that's what your hourly rate looks like, but you've got$25 an hour skilled work to do to be able to find those people that could do that well could really be a leverage for you. Yeah, John, thank you for that. I think that's a great point. And guys, this is why you need a coach, right? Because these are the questions that you're facing every day. Do I prioritize this or that? Everything seems like it's on fire. Which thing do I need to look at? And we have a whole process that we go through where we identify what is most important for you, what's most important personally for you, but also what's most critical for your business.
45:50And then how do we prioritize the things that may be a little bit less urgent, but are really going to be important in the future as time goes on. So I just want to encourage you, Philip and everybody else, go ahead and book your business insight call because part of what you're going to walk out of that call with are insights about your business and your unique challenges. And this would be the perfect thing to talk about with the business consultants when you're on that call. So you can see the QR code right here, or you can just type in your browser, businessaccelerator.com slash blocks. Okay, Sam, go ahead.
46:23Please unmute yourself. Hi, thanks for the opportunity and nice to meet you all. I appreciate it. I have a construction business. I'm originally from Turkey, background construction, and I immigrated to the United States 20 years ago, over 20 years ago. And since then, I'm doing the same thing, home improvement design and construction business. My challenge is I'm a learner. I listen to all your videos and I study all the biographies and I'm still doing it I'm an endless learner I never stop learning my biggest challenge is in the job site I have about 50-60 people working I don't have a problem but in the background in the office I'm having a problem with the system or the system I want to establish the question is most of us know that E-MIT book by Michael Gerber.
47:15Yes. And so building a system works with ordinary people and then his phrase is because people already have that experience or worked in another company, it's hard to fit into that role. So I'm trying to understand why it's not possible and how it's going to work is if I'm like, my business is very successful. I have the highest Google reviews and high-rated company in Connecticut. But I still don't get it. I don't have the best system in the office, but I still don't get it how I have this great reviews, but yet I don't have the system that I want. The system I want is I personally involve with the customer.
48:02I have an excellent relationship with customers. Amazingly. That's great. Like family. They feel like end of the job, I'm like one of their brother, sister or relative. And it goes on and on for a lifetime. But how am I going to have an ordinary person put into this system and just without me appearing to customer? How is that going to fit? How is that going to happen? Yeah, that is a great question. Elena, do you want to answer that? Sure. Let me just clarify a little bit. So it's just a little bit difficult to hear on my end. So I apologize. So are you, like, is the question how to implement systems with individuals that aren't comfortable or not really sure?
48:48So my business, because it's local business, requires a great relationship with customers. Okay. And also a little bit my personality. I'm that kind of person. I build a great relationship with customers. but and and not only sales but business requires in-person interaction with the clients so if if i were to come out of this system and be be in the background and i put ordinary person you know ordinary person can develop skill you all know that ordinary person to that to that position or to into the system take one of the roles let's say five roles under me right so how would it affect me not directly interacting with customers, not directly going to the job site visiting?
49:36How would that affect my business? Because right now I'm the highly rated company in Connecticut, if you look at my Google reviews. But how is it going to affect it? I don't want to lose the rate because everything is my connection with my customers. Yeah. I think this is such a great question, Elena, because I think a lot of business owners find themselves in this track where they've been the primary point of contact for the customers. And it can feel scary to think, how can I transfer that same trust that people have in me to other people on my team so that I can actually scale? Because right now I know I'm the lid on my own success because like, how many people can you talk to?
50:18So yeah, go ahead, Elena. Yeah, absolutely. So what I've done in my business personally and what I've coached other clients to do is to work with their team members and really build out that vision of what you, what it looks like for you and cascading that communication down. So we've worked together to create like what the ultimate relationship looks like, and then we've handed it off. So I would personally go with my teammate and connect with my customer. And then we would work together and say, you know, I have full faith and trust in this individual to take care of you. And this is what the next steps look like.
51:00The more communication that you can give to the customers and your teammates, the better it will be for you. Great. Alina, thank you for that. Dad, I'm going to ask you to comment on that just real quick, too, because I'm thinking of a specific client we had who did this very thing very successfully. And part of what he got out of our program was walking through this process. So you want to talk about that just briefly? Yeah. I mean, you're exactly right, Sam. As long as it all depends upon you, you're the lid on the business. And those relationships are important. They're critical. I know you want them handled well.
51:38But here's the truth. You're special, but you ain't that special. And the truth is there are other people that can not only do your job as well as you can do it, but they can do it better than you can do it. Now, I didn't believe this at first because I thought I was unique. I kind of fancied myself as a unicorn, but then I started finding people like Elena and John and all of our other amazing coaches. And even at our coaching intensives, those quarterly all-day workshops, when I was sitting in the audience and listening to them to present, and this wasn't false humility on my part, I said to my teammates at the table we were said, Nat, I said, they actually present this content better than I do.
52:18And when you get to that point, that is amazing. That's when you get liftoff. So what you've got to do is take your uniqueness, deconstructed, a word that we used a moment ago, what is unique about how you do these relationships, and then you've got to find people that can do that same thing. So it's simple, doesn't make it easy, but it's simple. And that's all you have to do. Thank you so much, Mike. Yeah, such a great question. And this is, again, this is something that we walk our clients through. How do you take something that's in your head that only you can do right now and put that in a format that somebody else can replicate on your behalf, perhaps even better than you?
52:58So our business consultants would love to tell you more about how we do that when you book your business growth coaching call, which you can do at businessaccelerator.com slash blocks. Okay, Bill, go ahead, please. This question, to a certain extent, maybe a little bit targeted at Michael, but I'd be interested in others. I've been an entrepreneur a long time, run several businesses. We sold a business. I lived in Austin for a long time, allowed us to move up here to the mountains. We live in Colorado in a beautiful mountain town. And like most people with a kind of chronic addiction, I started another business because that's what I think people with these kinds of things do.
53:39And the challenge I'm facing is I've sort of separated from my business community when we lived back in Austin. It was a big form of support and mentorship and guidance for me. And now I'm looking to kind of replace that. But I've also done many of the things you're talking about. I've counseled and coached startup entrepreneurs. I've run mentorship programs. I've done these things. So, Michael, in particular, I'm interested in your experience of how, as somebody who is a little bit grizzled and has earned some gray hair, honestly, I think the way I have, Where do you find the value in a coaching relationship now?
54:12I hope that makes sense. I can elaborate on that, but I really am looking for where that guidance and where that value comes from when you're somebody who's kind of been down this road a couple of times. Yeah, great question. You know, the number one thing I'm looking for in a coach is perspective. Because it's very, very difficult to see your own thinking. And usually that requires outside help. And your thinking is the filter that determines the actions you take and your actions determine the results you get. So if your thinking is not right, then you're not going to do, you're not going to take the right action.
54:49You're not going to get the right results. So to have an outside in perspective, I often describe it, and this isn't original with me, but it's like you're trying to read the label on a Coke bottle from inside the bottle. You know, if you get outside the bottle, you could see it. And that's what a coach enables you to do. So even a coach that's not great is better than being left to your own thoughts. But thankfully, we have great coaches who not only can see the thinking, but also have some frameworks and tools that systematize it and simplify it so that it's easier to execute. Does that make sense?
55:23It does. Thank you. You're welcome. Great question, Bill. Okay, Holly, go ahead, please. Thank you. So my big question is, I'm not new to business. I've been in business for about 14 years, but I'm new to having a team. And so I hired my first person two years ago. I just recently hired a personal assistant and I'm the business is flooding in. I need to hire more people. I don't consider myself a great communicator when it comes to training, how to delegate and hand off and do training well. I feel like I'm just struggling with, I feel like I've said what I'd like them to do, tried to make videos or, yeah, just train.
56:12And it feels like we're missing some kind of communication. Like, how do you communicate your training well and keep them excited about the work? Great question. I think a lot of people can relate to that, Holly. Alina, you want to answer? Absolutely. I love our Vision Caster tool that spells out exactly what it is that I want to accomplish and why it's important and all the different information that goes into that training. And when I either delegated out to somebody else to train, they can ask me clarifying questions. Or as I was growing the business and doing all the work and delegating out, they were able to ask me questions to get to be able to understand it better, to create the process to train somebody else.
57:02So it was really that cascading communication. What's up here in my head, how I'm thinking, how the business is going to run. and then why is that important and communicating the why and then I was able to do that a little bit better that's kind of you get in the weeds a bit when you're training because you're focused on the individual pieces versus what are we trying to accomplish right that's exactly what it is it's the individual pieces that feel like I'm dragging people along and I'm so busy trying to just make sure all the work gets done. It's really hard to step back and say, you know, I need all of this together.
57:41You know, Holly, one of the things that we do within Business Accelerator is we introduce you to a concept called the full focus system, which includes this idea of vision, alignment, and execution. And a lot of people get frustrated because the execution on their team with their team is not where they want it to be, but they don't maybe have the skills or the tools to create alignment or to even further upstream than that to articulate a vision. And so part of what we teach our clients how to do is how do you learn to articulate a vision in a simple way? It can't take a lot of time, but in a simple way that sets you up for great alignment that ultimately is a requisite to high quality execution.
58:24And I feel like that's what you're missing. And again, that's a big focus of Business Accelerator. So I would really encourage you to book one of those calls, jump on with one of our business consultants and hear more about how we do that with our clients. Again, guys, we're about to wrap up here in just a second, but you can book your call totally free, no obligation at all, but at businessaccelerator.com slash blocks. Okay, Rishi, go ahead, please. Hi. Hey there. I'm Rishi from India. I have two questions yes one is uh if we are leaving the business for the employees to handle provided we have the right systems and culture and the five blocks are removed what uh michael mentioned question is that we would be exposing that the people the team would know what our profit margins are what are the values won't that create a sense of jealousy with them and if not how do i break that ball my fear is if they know the margins they'll feel like hey why are we not making more money than what we are doing right now that's question one yeah okay go ahead and tell me question two question two is not related to this that is i i have i have the book from michael free to focus and i have learned the concept of read the concept of executive assistant but I can't think of how many tasks or what tasks I can hand over to them that would occupy their day.
59:54I can think of, you know, they can finish off the work in two or three hours at maximum. Awesome. Okay. Those are two great questions. Thank you so much. Dad, I'm going to have you answer both of those. I think those are right up your alley. Okay. My problem with the two questions is always by the time we get to the second one, I can't remember the first one. So the first one is, you know, if you're going to basically have a high degree of transparency, especially around financial results, how do you ensure your team members don't get entitled or jealous about the profit that you're taking home as a business owner?
1:00:27Yeah. So that's, that's a great question. And we get that question a lot, but here's the thing. If you really want to grow your business, you've got to treat your people like owners because they're going to show up in a different way if they feel like they own the business. And I'm not talking about actually having them own the business. I'm talking about treating them like owners so that, for example, in our company at Full Focus, every employee participates in the profit of the company once we achieve a certain threshold. And so when we report to the team on our financial progress, they have a vested interest and they leave that meeting, not jealous, not greedy, but engaged.
1:01:15It's like, okay, how can we make more profit? Because when I win as a business owner, or when Megan wins as a business owner, they win because they've got something at stake. The other thing is when you begin to share, you know, sort of at a high level, kind of the revenue of the business, the expenses, the profit. People that are downstream from you are at a level where they can fix problems and find opportunities if they've got to know the score. Now, just think of any game that you love. I don't know what kind of games you play in India. In this country, we have football, soccer, I'm sure you have, which maybe you call football, basketball, baseball.
1:01:54Nobody likes to play a game if they can't keep score or they don't know what the score is. And so I think that part of what you have to do as a business owner is help people see the scoreboard so that they can feel, so that they'll know when they win. That's the first one. The second one was the second one about you don't have enough to keep somebody busy for more than three or four hours a day. For an executive assistant, yes. Yeah. So just get a part-time one, you know, problem solved. You know, you don't have to have a full-time executive assistant. When I started this business, I started with an executive assistant who was working five hours a week for me.
1:02:33After two weeks, I discovered that I needed her more than five hours a week. And so we went to 10 hours a week. And before long, it was full time. But you don't have to start that way. You can start out part time, keep them busy, and then kind of grow into it. Well, and part of what you're going to learn when you get this executive assistance course that you see on the screen right now, we're going to give you so many ideas for what you could have that person do that you may have never thought about before that would free up your time and enable you to do things that are higher leverage that drive results in your business.
1:03:05So again, I just want to encourage you, book your business growth coaching call, go to businessaccelerator.com slash blocks. You're going to get access to that full focus executive assistance course. When you book your call and you show up for it, that's going to be hugely valuable for you in addition to the insights you're going to have on your business. Dad, do you have any final thoughts as we wrap up here? I can't believe we're out of time already. Yeah, I actually just typed it in the chat because I wasn't sure I was going to be able to say it. But, you know, I just want to encourage you to book the call.
1:03:35You know, there are certain times when you got to ask yourself, why did this come into my life? You know, what was it about this opportunity to come to this panel discussion today that attracted you? What need did you have that you were hoping to resolve? You know, maybe this is God. I mean, maybe this is something else that's bringing this into your life so that you can resolve something that you may have struggled with for months or maybe for years, this may be the answer to your prayer. I don't know. You know, our program is not for everybody, but I will say this, until you have this call, you won't know.
1:04:11It's free. It's only going to cost you 45 minutes of your time, and it just may be the most consequential conversation that you have this year. So, I would urge you to sign up. Awesome. Well, guys, thanks so much for your time, your attention. You have been a great audience. It's been our pleasure to talk to you today and answer your questions. And we can't wait to hear the stories of the insights you get on your business growth coaching call. So again, just go to businessaccelerator.com slash blocks. You'll get that access to full focus executive assistance when you book your call and show up for it.
1:04:47And that is going to be a game changer for you. I know. All right. Thanks so much for your time, everybody. Hope to see you soon. Bye Bye.
From the publisher
So many business owners get caught up in the day-to-day, putting out fires rather than doing the work they love. What if this turned around? What if you could do parts of your job that you love and leave the rest to others? And, what if after all of that, you could watch your business grow? What if the business could run without you showing up for work at all?
These don't have to be hypothetical questions. This could be your life. In today's special episode, Michael Hyatt, Megan Hyatt Miller, and two BusinessAccelerator coaches talk you through the 5 building blocks that help a company run itself.
After that, the panel takes questions from business owners like you. You won't want to miss this.
To sign up for your Business Growth Coaching Call, visit www.businessaccelerator.com/blocks.
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