Leverage for Growth Podcast

Episode 109: The 7-Figure Symphony

Episode Date:Jun 26, 2023

Jesse explores the essential elements required to scale a business to the coveted seven-figure mark. Highlighting the need for a psychological shift from a player mindset to a coach mindset, Jesse emphasizes the importance of delegating tasks and empowering a team for success. Additionally, the implementation of formal processes and systems, as discussed in Michael Gerber's book, The E-Myth Revisited, is crucial for increased performance and productivity. By creating systems, entrepreneurs can boost productivity and gain freedom to focus on strategic tasks. Jesse also emphasizes the value of hiring and leveraging the skills of others for wealth creation. These principles apply across various domains, including physical health, personal growth, balance, and business. To achieve growth and success, it's important to move away from a do-it-all mindset and embrace the power of people and systems. Jesse encourages listeners to identify areas where help from others and systems have been lacking and take action to make necessary changes.

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Show Notes

Episode Transcript

Ahem. You are now listening to Leverage for Growth. Hey everybody, this is Jesse P. Gilmore, founder of Niche in Control and creator of Leverage for Growth. Welcome to the Daily Leverage Edition. Today’s topic is this, the seven-figure symphony, orchestrating success through people and systems. Sit back, relax, and welcome to today’s Daily Leverage. So we’ve all heard the phrase, what got you here won’t get you there. It rings particularly true when you are trying to scale your business to that coveted seven-figure. Often, the hustle that initially kickstarted your business is not sustainable or scalable. To reach the next level, we must rely on two crucial elements, people and systems. Let’s explore this. Transitioning from a solo entrepreneur or a small team to a larger, more structured business requires a psychological shift. A study published by the Harvard Business Review. emphasizes the need for leaders to transition from a player mindset to a coach mindset. This shift allows business owners to delegate tasks, empowering their team to achieve more. It’s like being an orchestrator or a conductor of an orchestra, ensuring each instrument is playing in harmony rather than trying to play all the instruments yourself. The second element is Michael Gerber, in his best-selling book, The E-Myth Revisited, emphasizes that successful businesses operate like a well-oiled machine, where each part performs its very specific function. In a study published by the Journal of Business Research, companies that implemented formal processes and systems experienced increased performance and productivity. It’s like a conveyor belt in a factory, each section doing its part. resulting in a finished product. And now creating systems not only boosts productivity, but it can also provide freedom. Tim Ferriss in his book, The Four Hour Workweek, highlights how systems can provide entrepreneurs with the ability to step back, focusing on strategy rather than daily operations. It’s like setting up an automatic bill payment system. Once it’s set up, You no longer need to spend time each month paying bills manually. High performers understand the value of time and focus on tasks that yield the highest return. According to a study by Bell and Blanchflower, self-employed individuals who employ others or are likely to earn significantly more than those who work alone. In essence, hiring people and leveraging their skills is a critical factor in wealth creation. Think of it as investing in a high-yield mutual fund where your investment grows over time due to diversified and managed portfolio. So let’s look at how these principles apply across the domains of body being balanced in business. For body, think of your physical health system. Regular exercise, proper nutrition, adequate rest, these are all parts of the system contributing to your overall health. When it comes to personal growth or being, consider systems for learning and development. It can be like dedicating a specific time for reading or following a structured online course. For balance, it’s about setting clear boundaries between work and personal life. It could be as simple as turning off work-related notifications after business hours. And of course, in business, the value of people and systems cannot be overstated. from daily operations to strategic decision making, people and systems are the backbone of any successful business. So to reach that seven figure mark and beyond, we need to move beyond the do it all hustle mindset. We need to embrace the power of people and systems. Remember, as your business grows, you are no longer just a player, you’re a coach, and your business is not. and adjust a set of random tasks, it’s a well-oiled machine. Embrace these principles and watch your business and life transform. Now it’s time for the daily leverage. So where in your world, whether in life or business, have you been avoiding help from other people and systems? Is it in your life with your health and body? Is it in your life with your spirituality or self-direction? Is it in your relationships with your spouse, partner, or kids? Is it in your business, finances, or team? And once you’ve located where you’ve been lacking, the ability to rely on others and rely on systems, and you know what needs to change, my question to you is this, what are you willing and able to do about it today? That is the end of the Daily Leverage. This is Jesse B. Gilmore. You’ve been listening to Leverage for Growth podcast. If you’re enjoying these Daily Leverage and agency leverage episodes, make sure to subscribe on Apple or Spotify now.