Business Breakthrow - Grow Business : Rajiv Talreja

    

 How to Build a Business which can Grow without you?

Get out of the rut of firefighting, so the Business owner can play the role of growth and expansion.

Topics

1. 7 Foundational activities to build stable and successful business
2. Your role as a business owner - Don't leave a life of chaos and confusion
3. 3 Key changes to build a business which can Grow without you

Make notes, finish what you start - results happen when you finish, not when you start. Participate fully, be present - physically and mentally, lock yourself in a room - this is your time with your self. Q&A after end - respect everyone's time without ignoring anyone. Training for people who have their own business irrespective of size, sector or scale. Engage: Keep your energy high. 

Deeper reflection of your business.

Rajiv Talreja - Quantum Lean, DreamCraft Events & Entertainment, Dreamcatcher Investments, Karnataka Warriors, Connext, zoozle. Not a start up coach, but business coach. 

Psychology and strategy to build business - interviewed 300 people across India, compiled result in 'Lead or Bleed.' 

7 Foundational activities to build stable and successful business

1. Marketing - Lead Generation: If you business is dependent on word of mouth referral, it is only a bonus and not a marketing strategy. You can't control how many you will get from word of mouth. Grab attention, create curiosity. 
2. Sales - Revenue Generation: Understand requirement of customer, pitch,  negotiate and close the lead. 
1. Note: If both are the same person, there will be cold calling, emails and waking the result is low and slow. So keep marketing and sales separate. The confidence of business man will come down, and think there is not of competition and it is not revenue generating. 
1. 80% effort should be on marketing for value addition -  
2. 20% effort should be on sales for product or service promotion - 
3. Only sales fails, 
4. Example: Assume friend created a whatsapp group of 250 people, 
1. one member start sending pictures of products that they want to sell, after spaming the group, he introduces himself, - Exit, leave, ignore, block is what we may do. Why? Because this person is trying to sell, without establishing relationship, creditability. - Only sales fails. 
2. One member send message to the group - passion, educate, add value. Health, wellness and Nutrition - 8 weeks establish credibility, 
5. response to negative cynical people should be ignore them. Don't lose your campaign, creativity, and knowledge because of them. Doesn't matter where your customer is, go out there and establish your credibility. 
6. This is powerful, effective and ethical way of doing business. 
3. Operations - Value and Happiness: Providing goods and services. Goal of all these operational department is to provide value to the customer and make them happy. Different business have different department across operations. Include Admin., Hygine, customer service - ask what are the activity you do in you business to create and deliver your service/product.
4. R&D - New Product , New Service : This is needed because when you launch ne, you attract new customers, you give yourself an opportunity to create more money from existing customers. 
5. Accounts - Accuracy, Compliance, Reporting : Capture financial data in an accurate manner; follow rules and regulations that we need to follow - registration, licenses, taxes, PF; proper data as decisions without data is a disaster. Cash flow report, profitability report - most important and ignored. 
6. HR - Recruitment, People Development, Happiness:  Hire the right person for the right job at the right time. Quality of recruitment can make or break your business. There should be a training and mentoring system for self and team. Only when skill and development of people grow, capability grow, and only then performance. Think about what makes employee happy - respectful culture at work place, career growth, financial growth, work life balance. Now work is not life, but only part of life. When you are able to take care of this four things, you are taking care of employee happiness. 
1. If all six are not consistent, your income, wealth and growth will not be consistent. These should not be dependent on the business owner. Sitting and doing all by yourself, is the biggest injustice.
2. Understand the problem, don't feel like superhero, trying to do everything.  
3. All have to happen consistently, but one person cannot do all. 
7. Management: This is the job of business owner, not doing any of the above 6. If we are involved in day to day activity, it is crises management. Actual role and true meaning of management is taking up the three responsibility:
1. Provide clarity - Of 
1. Wholistic goals - Only setting a financial target is an incomplete goal - it's a wish. Goals should be provided for :
1. Financial for business
2. Functional for department
3. Individual for every team member - or people will be taking salary home for free
2. Profitable business model - Technology disrupting business, competition, more options in the business. - Vaible/Scalable. 
3. Systems - Steps to be followed by every single department, to achieve the result of that department. 
1. If there is a gap in our skills and knowledge in creating this. Make these three areas your learning goal. 
2. Accelerate Performance - 
1. Hiring the right people, - attitude, skill and knowledge - or you will have headache. You will have to do the work. 
2. Delegate clear roles -  I believe in you, you have the spark in your eye - you cant say this to wrong people. If you expect a fish to fly, the fish will die. 
3. Review performance and give feedback - Removing your frustration on people is not feedback, the purpose is to enhance performance. Now children don't listen to parents abuses. Feedback has to be given with respect and clarity. Don't say you reflect. 
4. Train and develop people - On job related skills and knowledge. Motivation is a temporary solution. 
5. Do salary appraisal scientifically - Not based on the relationship, blackmail or threatening. Everybody knows about your decision. The honest, loyal, committed person feels betrayed. Truth is team is a reflection of your capabilities. Stop blaming your team, start reflecting on your skills, develop it and do the right deal. 
6. Firing the wrong people - Have zero tolerance policy with those lacking integrity. Your plain is hijacked if you have people without integrity. If you keep them, you are a week leader. Lying, stealing, Cheating - zero tolerance. If performance is not upto the mark - provide skill and development training, support them. 
1. Critical people management skill. Till your team size is 30 people you don't need an HR. 
2. If there is a gap in our skills and knowledge in creating this. Make these three areas your learning goal. 
3. Strategic Growth - Explore new:
1.  Markets - 
2.  Partnerships - 
3. Opportunities - 
1. 4 Truths
1. Business stability depend on consistency of 7 function
2. Building business is a team sport
3.  Hiring is an investment, not hiring is an expense. When you don't have the money, hire one person at a time, one department at a time. If you cant afford even one person's salary, means you have not started marketing and sales. First you have to do it. Which department should I hire first? - Eliminate - Management, R&D, Accounts not until you have at least 5 hours of work for the accountant, HR not till your team size is 30. Hire for Marketing, sales and Operations. How do you decide? Based on your skill, capability and interest and can multitask with Management. Decide if your skill, interest and capability is in Marketing, sales or Operations. 
4. People will leave and that's okay. Don't go into a hiring coma. You cant build a big business with small appetite. Your problem is not in people leaving, but in the work being effected. Train your team members on how to leave.  Inform in advance, help get replacement, train, leave with respect, responsibility and integrity. 8/10 will follow, but there would be 2 who will not. Not teaching  your children how to leave is not teaching your children about sex. If you don't teach them, they will be browsing or going out to find about it. 

If a business persons mindset is doing all by self, and not trusting others, you have zero percent chance to be successful. 

In most businesses, most business man is doing too many things - It is called Trap of Self Employment. 

Don't do the job of what your team member is supposed to do and not be paid for it.

Approach of the business owner matters. If not 'Self-Employment is a Trap! '. Don't be unfair to protect your Ego, and understand others care, but can help only to a limited extend. 

Never say money is not everything in life, unless you have money. Don't act like a spiritually evolved person, you are incapable. Spirituality is when you have an abundance of everything.  

Your role as a business owner - Don't leave a life of chaos and confusion

If you are deciding to build a business, don't be in a self-employment trap. 

If employment is a rat race, self-employment is termite fighting. 

Different reason on why business owner get into the trap of self-employment:

1. Business Model Gap : Factors under this are
1. Low Margins - 
2. Slow Payments - 
3. Inconsistent Sales - 
2. Unclear Systems: 
1. marketing, sales, ops depends on owner's effort & intelligence - Owner is the system, is self-employment
2. No clear systems to get predictable results - Trial and error game
3. Ineffective Teams:
1. Lack skills to produce results - Honest, loyal, hardworking 
2. Lack of commitment - 

Analyse your business, and see what is pulling you back from getting into a business and be in a self-employment.

No matter what is the factor, your next step is to learn what you are missing. Modify the business model, to enhance the factor, build systems, learn people management skills. 

3 Key changes to Build a Business to Grow without You:

1. Enhance clarity - before you give to business; about
1. Personal financial goals - Not the amount needed to take care of monthly expenses.
1. Business Pace Programme - 5 uses of money:
1. Spending money on the necessities of your lifestyle
2. Saving money for the future - Or money will not save you in the future.
3. Sending the money to work - Investing money for growth 
4. Spending money on your enjoyment and recreation
5. Spending it in charity and contribution. 
1. Only then you will have balanced relationship with money. have clarity of how much you want in each area.  
2. Business Financial Goals - 
3. Functional goals for all 7 functions
2. Capability enhancement - Clarity gives you direction, now you need to move in that direction and take action. For that you need capability. Learn
1. Creating a profitable Business Model - Build Strategy
2. Designing Functional Systems - Build System
3. Hiring, delegating, training, reviewing, appraising, firing skills - Build Teams.
1. Strategy
2. System
3. Teams
1. Building this is a 3 to 5 year game, there is no quick fix if you have skills
3. Courage enhancement - 
1. To give - Open and fair. You need a big heart for that. If you don't have that you are not smart, but cheap. Give with joy. When you give is when you deserve to receive. 
2. To Make decisions - Perfectionism is not strength it is a weakness, it kills action and progress. You become a control freak. You don't not because you are lazy, but you are scared. Success is a shabby journey. If you cannot handle the shabbiness you cannot handle success. 
3. To Invest - Time and money - You do not have today, to get the time and money you desire to have tomorrow. 

70% depend on courage; 10% on Clarity and 20% on Capability. 

Product great, service great and customer happy, but business not growing - because you have product and service skills but you do not have business skills. 

You may be  good at whatever you do, but that would not mean you are good business owner at that, it means you are good at creating that product or service. Start building your business skills. 

Business is a journey, take it in this direction. There is nothing called easy success, there is no get ich quick schemes. 

Team - System - Strategy - Build it, for that enhance Clarity, Capability, Courage. 

Most important, we have understood, that we need to manage focusing on growth, giving clarity, building team system, strategy. 

Do we have gaps in our skills? Are we able to implement the solutions fully? 

We discussed what today, to learn the how, there are more courses. 

• To learn the skills of the 7 area  - The Business Pace Program  - 24th, 25th and 26 June - 10 am to 7 pm - Online live event; next 9th, 10th and 11th of Sept.  
• Clarity of holistic goals - system for setting scientific goals
• Clarity of a profitable Business Model - 12 strategies for improving your profit margins, dealing with slow payments, improve inconsistency.
• Key changes to make your functions functional.  - 9 steps
• Science of People Management - Sourcing, screening right people, feedback and develop people, scientific appraisal system, steps of firing the wrong people. 
• Specific steps to grow your business - Struggle - survive - Stability - Success. 

Master time, life, stages of scaling your business. 

Pace you get direction, and then if you need a coach, you can get one. 

If you are a business owner, get into pace. 

Q&A

Product is the foundation, without that, there is no business. Code of Honor or Values come through out - It comes under courage. 

To nurture the relationship with me and take my support for your business, here is the best way to stay connected… 

Join the Business P.A.C.E Program – https://bit.ly/PACE_FP 

Create your Business Profile and Get started with generating Leads on https://connext.community

If you are a manufacturer or wholesaler, download and start selling your products on Zoozle. Download the Zoozle App – https://zozl.in/ql

Connect with me on LinkedIn - https://www.linkedin.com/in/rajivtalreja/, Subscribe to my YouTube Channel – https://www.youtube.com/rajivtalrejad

Personally chat with me on Instagram once you follow my handle – https://www.instagram.com/rajivtalreja/ 

Stay connected in all or any of the above methods… Let us Together build a Better and Stronger India by building Successful Businesses. Jai Hind