October 1, 2020
A common pattern: you work extremely hard to become an expert in your field. You understand your expertise (“Superpowers”) and figure it’s time to take the leap of faith and start a business. Soon after opening, you bring in client after client, account after account and serve your clients well. The word spreads and now you have more on your plate than you can handle. You’ve hit a fork in the road and have two options – take on more clients and potentially sacrifice the quality of work and your quality of life or hinder your business growth and hit a “ceiling”.
Michael Mancusi, founder of Maximum Security, was smart enough to understand this problem 18 years ago when starting his now 330+ employee company. He concluded that the root of the issue is that entrepreneurs are setting up a business in which they are the only widget maker. What is a widget maker you ask? A widget maker is responsible for delivering of the product or service or series of processes in a business.
What Hinders Business Growth
Most entrepreneurs start their business because they are exceptional at what they do. They set up their business to best display their strengths and focus on the service they provide. This works for a while, but eventually hit a ceiling with their business growth.
When you are the only widget maker you can only take on so many clients or projects at a time. Last time I checked we still only had 24 hours in a day. How can we maximize the amount of money we make by the amount of clients and projects we can handle before hitting that ceiling? Since you are the only one delivering the product or service, your earnings are limited to the amount of time you dedicate towards your business.
Business owners who have hit a ceiling with their business growth have two options: invest more time working but sacrifice their quality of life or hire another widget maker.
Only Widget Maker
Mancusi explained to me that “if you are the only widget maker, your business has less intrinsic value.” This seemed strange to me since I know amazing professionals who work alone, but they are the business. Mancusi explained that “the only reason you had those customers was the relationship you built with them. Once you are gone, the customer is more likely to leave.”
It is hard for many entrepreneurs to hire other widget makers. Many started their business because they were miles ahead of the other professionals in their field and thought they were better off as the only widget maker – so why should they now hire?
Most entrepreneurs started their business alone and grew it without hiring any other widget makers. Because of this, many have a sense of pride in their business and find it hard to give away some control of any aspect of the business, in fear that someone will not or cannot do the same quality job they do.
These fears are rational, but they are also something the most successful entrepreneurs plan for. They understand their other option is hitting that ceiling.
Processes are Business Growth Strategies
Entrepreneurs must strive to create a process-driven business. Even if only in the beginning stage, smart entrepreneurs set up processes for how they do everything. Mancusi believes that “when starting a business, you need to focus on how you will get out.”
As soon as you have processes, your business value immediately rises. With well laid-out processes, entrepreneurs who were once reluctant about hiring professionals will be surprised at how effective they become with the right widget makers by their side.
These processes are not a one-time thing. Your job is not done once you hire other widget makers. You must ensure you are not relying on these widget makers to replace you, but to compliment the work you do. Things happen and disruptions occur. Even if you have the best widget maker, you must guarantee you have a strategy to delegate.
Are you the only widget maker? If so, are you limiting your company’s growth? Giving up any control of your business by hiring other widget makers may be scary, but it is necessary for the company to grow.
Entrepreneurs must make sure they have the processes in place to seamlessly hire other widget makers without sacrificing the quality of the company’s work. Once these processes are in place, a company’s growth potential soars miles above where it was beforehand.
As for Connections4Hire, we are aggressively expanding and looking to hire the right widget makers for the right roles… To be continued.
Not everyone is good at building connections. At Connections4Hire, connecting is our business. You know your business. Connecting is our business.
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